A reward saver account is a savings account that offers some kind of special reward, usually in the form of extra interest. These are commonly called bonus savings accounts.
These accounts will reward you with a higher interest rate when you meet certain requirements. Often this involves depositing a certain amount of money into the account each month and restricting withdrawals.
Some accounts will offer additional rewards as well as extra interest. For example, they may offer cash back or points which you can use towards discounts at partner brands.
Note that if you're looking for reward points, such as Velocity Points or Qantas Points, these are offered with rewards credit cards not savings accounts.
We currently don't have that product, but here are others to consider:
How we picked theseThe Finder Score is a simple score out of 10. The higher a savings account's score, the better we think it is for the average customer.
We score each savings account in our database of hundreds based on a data-driven methodology with 2 main criteria: Does the account offer a high interest rate? And is it easy for savers to actually earn that rate?
This is an extra interest rate that's offered to new customers for a short period of time on top of the ongoing standard variable rate. It's usually only available for the first 4-5 months after opening the account, and there are usually no conditions to meet to get this.
It acts as an incentive or a reward for switching your savings to the new account - which is why it's for new customers only.
After the introductory period ends you'll get the standard ongoing rate. These are usually quite decent, especially considering there are no conditions to meet, however they're certainly not as high as what you could get with an ongoing bonus rate.
This is extra interest that's available every month when you meet the account conditions. The monthly bonus interest acts as a reward for showing good savings habits.
The most common conditions you'll see include depositing a certain amount of money each month (such as $1,000), restricting withdrawals and growing your balance. These do change between accounts, so make sure you choose one with conditions that you can easily meet.
If you don't meet the conditions one month you won't get the reward of bonus interest, and will instead only earn the standard ongoing rate. Be aware that these rates are often very low, sometimes even 0% p.a.
Some savings accounts may offer cash back as a one-off special offer when you first open the account. For example, you might get a one-off reward of $50 cash when you first open the account.
These aren't always available, so if you're looking for an account it could be worth keeping your eye out for any special cash back reward offers before you switch.
Finder data found the average Aussie has $33,872 in cash savings. Australian men have an average of $44,269 in cash savings, while women hold an average of $23,750.
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