These savings accounts offer high interest rates with minimal conditions or restrictions, making it easier for you to earn the most interest possible.
7+
Great
These savings accounts have quite competitive interest rates and relatively minimal conditions and restrictions.
5+
Standard
Usually these savings accounts offer average or slightly above average rates and require you to meet several conditions before you can get the maximum rate.
0+
Basic
These accounts have poor interest rates and make it much more difficult to qualify for the maximum interest rate.
Saving for a car, holiday, house or rainy day takes time, and patience. Reward Saver savings accounts give you an incentive to keep saving so you can go on that holiday, finally renovate the bathroom or simply have peace of mind. You get rewarded with more interest when you don’t touch your savings and make at least one deposit every month.
The other type of high interest savings account pays you bonus interest for a limited period of a couple of months before a lower rate kicks in. Introductory bonus interest rate savings accounts pay more than reward saver savings accounts, but only for the introductory bonus interest period.
Most Authorised Deposit-taking Institutions (ADIs) such as banks and credit unions offer a Reward Saver savings account, there are even accounts actually called ‘Reward Saver’. We compare these Reward Saver savings accounts on finder.com.au.
Customers aged 25+ can earn an ongoing variable 5.05% p.a. each month you deposit at least $1,000 into your linked Virgin Money Go Transaction Account and make 5+ transactions. The 5.05% p.a. is made up of the Base Rate of 0.05% + Bonus Rate of 5% p.a., and is available on balances up to $250,000.
You can earn an additional 0.3% p.a. (up to a total of 5.35% p.a.) when you enable the optional Lock Saver Feature which requires you to provide 32 days' notice to make a withdrawal.
More rewarding than the reward saver savings accounts
Reward saver savings accounts from ME Bank and Bankwest offer more than the Reward Saver savings accounts from Westpac, NAB, Teachers Mutual Bank and IMB.
Bankwest Hero Saver. The Bankwest Hero Saver rewards you with 4.6%
p.a. when you deposit more than $200 each month and make no withdrawals. This is an online savings account from Bankwest and you do not need to open a Bankwest transaction account when you apply for the Hero Saver.
ME Online Savings Account.The ME Online Savings Account rewards you with 4.25%
p.a., one of the highest rates on the market. You need to open a ME Everyday Transaction Account too, which is free, and make at least one Tap & Go Mastercard contactless payment each month to get the bonus interest.
Other reward saver savings accounts
These accounts also give you more interest when you meet monthly conditions.
ANZ Progress Saver. The ANZ Progress Saver rewards you with 4.25%
p.a. Interest when you deposit more than $10 every month and make no withdrawals. You must link the Progress Saver to a ANZ Everyday transaction account.
Bank Australia My Saver. The MySaver is a high interest savings account for under 25s, get rewarded with 5.1%
p.a. Interest when you make no withdrawals and deposit more than $10 every month.
Bank Australia Bonus Saver. Get rewarded with 5.1%
p.a. Interest when you deposit more than $100 each month and make no withdrawals.
BankSA Incentive Saver. Earn up to 5.15%
p.a. when you make a deposit and no withdrawals every month. The Incentive Saver comes with a debit card.
Bankwest Smart eSaver.For balances up to $500,000.99, make no withdrawals to get rewarded with 2.45%
p.a. from Bankwest. You must have a Bankwest transaction account to get the bonus interest.
Commonwealth Bank Goalsaver Account. Commbank reward you with 4.5% p.a. interest when you increase your balance by $0.01 each month and make no more than 1 withdrawal. The bonus interest rate applies to balances up to and including .
CUA eSaver Reward Account. Link a CUA transaction account to the eSaver Reward Account to earn 2.1%
p.a. interest on balances up to $100,000.
Easy Street Bonus Saver Account.Get rewarded with 5.1%
p.a. interest on balances up to $3,000,000 when you make no withdrawals and deposit $50 or more every month.
Heritage Bank Target Bonus. Bonus interest of 4.4%
p.a. awarded each month when you make no withdrawals and at least one deposit.
HSBC Flexi Saver. For balances up to $5,000,000, get rewarded with 4.25%
p.a. interest when you grow your account balance by $300 every month.
IMB Reward Saver. Make no withdrawals and deposit $50 or more every month to get 3.25%
p.a. On your IMB Reward Saver savings account balance.
ING Savings Maximiser. Link the Savings Maximiser to an ING Orange Everyday Transaction Account and make a deposit of $1,000 or more every month plus make 5+ card purchases a month to get rewarded with 5.5%
p.a. interest on your Savings Maximiser balance.
P&N SwiftSaver Account. Get 4.55%
p.a. When you deposit $10 or more and make no withdrawals.
People's Choice Bonus Saver Account. Get 4.4%
p.a. on your People's Choice Bonus Saver balance when you deposit $50 or more and make no withdrawals.
RAMS Saver Account. There's no need to link a RAMS transaction account, RAMS give you 1.4%
p.a. when you deposit $200 every month and make no withdrawals. Applies to balances up to $500,000.
St.George Incentive Saver. Just make one deposit and no withdrawals to get rewarded with 5.15%
p.a. bonus interest from St.George.
You can understand why financial institutions will give you more for an introductory rate, it won't last, the base variable rate of interest applies when the introductory period is finished.
There's no rule that says you can't switch accounts once the introductory period is finished. Open a new bonus intro rate savings accounts so you can keep getting the most from your money. It only takes ten minutes to compare and apply for a high interest savings account.
Frequently Asked Questions
A rewards savings account is a savings account that provides higher interest rates as a reward for meeting certain criteria, such as making a minimum deposit each month and avoiding withdrawals. This incentivises saving by offering a bonus interest rate.
Yes, you can withdraw money from an incentive saver account, but doing so may result in losing the bonus interest for that month, depending on the terms and conditions of the account you've chosen. These accounts typically reward you with a higher interest rate if you do not make any withdrawals during the month.
A saver account works by encouraging regular saving through a base interest rate, with the opportunity to earn additional interest if certain conditions are met. These conditions may include regular deposits and no withdrawals within a specific period.
The interest rate for incentive saver accounts varies by bank and current market conditions. These accounts usually offer a base interest rate plus a bonus rate, which can range from 0.5% to over 4% per annum, depending on the terms and conditions.
Need some more assistance?
There are Reward Saver savings account for kids. These accounts can help juniors learn about saving through online tools and make saving for a goal an engaging and rewarding experience.
There's no limit to the amount of times you can switch savings accounts. If you find a better rate with another financial institution it's easy to apply and open an account online.
There are some providers which let you open a savings account without needing a linked transaction account, some financial institutions will want you to open a bank account too when you switch savings accounts. Savings accounts that don't need a linked transaction account.
All Authorised Deposit-taking Institutions (ADIs) are covered by the government guarantee on deposits of up to $250,000. All products listed on finder.com.au are ADIs.
How the Finder Score helps you find a better savings account
The 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?
Shirley Liu is Finder's global program manager. She was previously the publisher for banking and investments and has also written comparisons for energy, money transfers, Uber Eats and many other topics. Shirley has a Master of Commerce and a Bachelor of Media, Journalism and Communications from the University of New South Wales. She is passionate about helping people find the best deal for their needs. See full bio
See some of the best savings accounts in Australia right now with high interest rates and no fees, plus tips to help you find the best savings account for you.
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