What conditions do I need to meet for the bonus?

Common conditions are a minimum monthly deposit, no withdrawals, and a set number of card transactions from a linked account. The exact rules vary by bank.

What happens if I miss the conditions one month?

You earn only the base rate for that month, which is usually much lower. It typically doesn’t affect other months, and the bonus returns in any month the conditions are met.

Is the base rate much lower than the bonus rate?

Often, yes. On many bonus savers the base rate is a small fraction of the headline rate, so the bonus does most of the work. The base rate is the worst case.

Is there a limit on the balance that earns the bonus?

Some accounts cap the balance eligible for the bonus rate. Above the cap, the extra interest doesn’t apply.

Are bonus saver accounts guaranteed?

Deposits with an Australian authorised deposit-taking institution are protected by the Financial Claims Scheme up to $250,000 per account-holder, per institution.

Compare Bonus Rate Savings Accounts

The advertised rate on a bonus saver is a base rate plus a bonus you earn only in months you meet the conditions, typically a minimum deposit, a set number of card transactions, and no withdrawals. Miss one and you drop to the base rate, which is often close to nothing, so read the base rate column as carefully as the headline. Rates here reach up to 6.00% with RACQ Bank's Bonus Saver Account.

Rates checked against every provider’s own published data on 19 Oct 2026

			Actions
RACQ Bank	Max rate6.00%	Base rate0.01%	Interest earnings$617	Compare RACQ Bank Bonus Saver Account	Our Bonus Saver Account rewards members for saving by providing bonus interest when you deposit at least $100 and make no debit transactions during the month.
ING	Max rate5.74%	Base rate0.01%	Interest earnings$589	Compare ING Savings Maximiser	High variable interest rate. And no fees or penalties on withdrawals.
Judo Bank	Max rate5.55%	Base rate0.05%	Interest earnings$569	Compare Judo Bank Personal Savings Account	A High Interest at-call savings account with bonus interest rates if monthly criteria is met.
MOVE Bank	Max rate5.55%	Base rate0.10%	Interest earnings$569	Compare MOVE Bank Growth Saver
Bank of Melbourne	Max rate5.39%	Base rate0.01%	Interest earnings$553	Compare Bank of Melbourne Incentive Saver	An account that rewards you with bonus interest for regular saving to help you save faster.
BankSA	Max rate5.39%	Base rate0.01%	Interest earnings$553	Compare BankSA Incentive Saver	An account that rewards you with bonus interest for regular saving to help you save faster.
St.George Bank	Max rate5.39%	Base rate0.01%	Interest earnings$553	Compare St.George Bank Incentive Saver	An account that rewards you with bonus interest for regular saving to help you save faster.
BankVic	Max rate5.30%	Base rate0.05%	Interest earnings$543	Compare BankVic Bonus Saver	Reach your savings goals faster by earning bonus interest
Hume Bank	Max rate5.29%	Base rate0.01%	Interest earnings$542	Compare Hume Bank Reward Saver	Long Term savings account with bonus for each month you deposit $10 without any withdrawals
ANZ Plus	Max rate5.25%	Base rate0.10%	Interest earnings$538	Compare ANZ Plus ANZ Plus Growth Saver	Get an ANZ Plus Growth Saver account to help smash your savings goals
Bank Australia	Max rate5.25%	Base rate0.10%	Interest earnings$538	Compare Bank Australia Bonus Saver	A savings account which helps you reach your financial goals faster by rewarding you with bonus interest when you deposit at least $100 and make no withdrawals each month.
Bankwest	Max rate5.25%	Base rate0.10%	Interest earnings$538	Compare Bankwest Hero Saver	A savings account that rewards you for growing your balance
Defence Bank	Max rate5.25%	Base rate0.50%	Interest earnings$538	Compare Defence Bank iSaver	An introductory bonus rate on new accounts for the first six months up to $250,000.
MOVE Bank	Max rate5.25%	Base rate0.10%	Interest earnings$538	Compare MOVE Bank Bonus Saver
MyState Bank	Max rate5.25%	Base rate0.00%	Interest earnings$538	Compare MyState Bank Bonus Saver	Enjoy bonus interest when you deposit $20 or more in to your Bonus Saver Account and make 5 or more eligible VISA Debit card transactions from your linked account each month. Take your money out as…
Qudos Bank	Max rate5.25%	Base rate0.10%	Interest earnings$538	Compare Qudos Bank Bonus Saver	Boost your savings when you make no withdrawals in a calendar month. Start building a strong financial future with no minimum deposit.
Suncorp Bank	Max rate5.25%	Base rate0.10%	Interest earnings$538	Compare Suncorp Bank Growth Saver Account	A higher interest savings account that rewards you with Bonus Interest for regular savings.
NAB	Max rate5.24%	Base rate0.01%	Interest earnings$537	Compare NAB NAB Reward Saver	Grow your savings faster with bonus interest for regular deposits and no withdrawals.
Defence Bank	Max rate5.20%	Base rate0.10%	Interest earnings$533	Compare Defence Bank Max E Saver	Max eSaver is a straightforward, fuss-free bonus savings option that simply does what it says: maximises your savings in an easy online account.
Dnister	Max rate5.20%	Base rate0.05%	Interest earnings$533	Compare Dnister Max Saver	Maximise your savings!

What is a bonus saver account?

A bonus saver account pays a low base rate plus a much higher bonus rate when you meet certain conditions each month. Done consistently, they’re among the highest-yielding at-call accounts. The trade-off is discipline: the bonus is all-or-nothing in most months.

The monthly bonus conditions

Typical conditions include depositing a minimum amount, growing your balance, making no withdrawals, and/or completing a set number of card transactions from a linked account. The exact rules vary by bank, and small differences decide whether the high rate is realistic for a given saver.

What happens if you miss the conditions

A missed condition means only the base rate for that month, which can be a small fraction of the bonus. One slip doesn’t usually affect other months, but it does reset that month’s interest to the base. Your funds remain protected by the Financial Claims Scheme up to $250,000 per account-holder, per institution.

How bonus saver accounts compare

How the conditions fit a saver’s habits decides the rate realistically earned, along with any balance cap and the base rate as a fallback. Accounts can be compared side by side, alongside high interest savings accounts, and the full market is on the savings accounts hub.

Glossary

The key terms you’ll meet when comparing these products, reading product disclosures or talking to a provider.

Term	What it means
At-call	A savings account you can withdraw from at any time, with no fixed term.
Balance cap	A maximum balance above which the bonus rate no longer applies.
Base rate	The standard ongoing interest rate that applies regardless of whether you meet any conditions.
Bonus rate	Extra interest paid on top of the base rate when you meet the account’s monthly conditions.
Compound interest	Interest calculated on your balance plus previously earned interest, so savings grow faster over time.
Financial Claims Scheme (FCS)	A government guarantee protecting deposits up to $250,000 per account-holder per authorised deposit-taking institution.
Introductory rate	A higher rate offered for a limited period, often three to five months, before reverting to a lower ongoing rate.
Linked account	An everyday account tied to your saver, often used to meet transaction conditions for the bonus rate.
Variable rate	An interest rate the bank can change at its discretion, up or down, over time.

Term

What it means

At-call

A savings account you can withdraw from at any time, with no fixed term.

Balance cap

A maximum balance above which the bonus rate no longer applies.

Base rate

The standard ongoing interest rate that applies regardless of whether you meet any conditions.

Bonus rate

Extra interest paid on top of the base rate when you meet the account’s monthly conditions.

Compound interest

Interest calculated on your balance plus previously earned interest, so savings grow faster over time.

Financial Claims Scheme (FCS)

A government guarantee protecting deposits up to $250,000 per account-holder per authorised deposit-taking institution.

Introductory rate

A higher rate offered for a limited period, often three to five months, before reverting to a lower ongoing rate.

Linked account

An everyday account tied to your saver, often used to meet transaction conditions for the bonus rate.

Variable rate

An interest rate the bank can change at its discretion, up or down, over time.

Common questions

Rates and fees are sourced from each provider’s CDR Product Reference Data as of the date shown. This page is general advice only, not personal advice. CompareThat is not a bank. Payment can change where a product appears, never which products we show.