10 Of The Best Bonus Interest Savings Accounts in Australia

We trawled through hundreds of options and narrowed down what we believe are the best bonus savings rates available. These are the highest bonus rates we could find publicly, but they are not product recommendations. Make sure you check the account details carefully, particularly the bonus conditions, and ensure it's right for you before you consider applying.

Bonus interest conditions: The variable bonus rate is available for the first four months on balances up to $250,000, for new customers only.

Why we chose it: The bonus interest on this account it's one of the top savings rates available in Australia right now. The relatively high base rate is another plus. It means if you stick around after the bonus period, you will still do okay. On some bonus saver accounts, you’ll earn next to nothing as a base rate.

What to watch out for: The four month intro bonus period will fly by. While the base rate is a decent fallback, if you want to keep earning a market-leading rate of interest you’ll need an exit strategy.

Bonus interest conditions: You need to have a linked Spend account and grow your combined balance across all your Save accounts (excluding accounts that are linked as offsets at the end of the month) by at least $1 each month, excluding interest earned. If you switch a Save account to an offset account or close it during a month, interest is not payable on that account for that month.

Why we chose it: This account is somewhat unusual in that it combines intro bonus interest for the first four months (no hoops to jump through) with ongoing bonus (some hoops). For serious savers, growing your balance by at least $1 per month for the ongoing bonus won't be a problem. It also means you have the flexibility to make withdrawals, as long as you replenish them plus a bit on top.

What to watch out for: Ultimately there's not much room for error here. If for any reason you don’t meet the criteria to get the bonus interest, you will earn zero interest after the first four months.

Bonus interest conditions: Variable introductory rate for the first four months for new accounts only. Not available if you’ve had the introductory rate on an Easy Saver Account in the last two years.

Why we chose it: As bonus interest savings accounts go, this is a very decent rate with a generous maximum balance. There’s a lower (but still okay) rate once you tip over $250,001. The ongoing rate, which kicks in after the first four months, is respectable.

What to watch out for: The four-month expiry on the top rate is the obvious caveat here. You’ll also need to have a linked Easy Transaction Account from Bankwest which may be of little value if you only plan to avail of the bonus offer.

Bonus interest conditions: Available on balances up to $100,000 if you also have an Orange Everyday account and each month, deposit at least $1,000 from an external source to an eligible personal ING account in your name, make 5+ settled eligible ING card purchases and grow your Savings Maximiser balance (excluding interest earned).

Why we chose it: This account offers a very high bonus rate of interest (relative to other savings accounts at least) on an ongoing basis. In other words, if you meet the bonus conditions every month, you will earn the top rate for as long as ING is offering it. If you have a longer-term savings plan, this could be appealing.

What to watch out for: The conditions will require some discipline and if you miss out on the bonus rate in a given month, the base rate is low. The max balance of $100,000 will limit the appeal for savers with a high balance (e.g. those saving for a home deposit).

Bonus interest conditions: Bonus interest rate applies when you make a minimum deposit of $200 and no withdrawals within a calendar month (prior to 5pm on the last day of the calendar month).

Why we chose it: It's a decent rate, with a low bar in terms of how much you need to deposit each month to get the bonus interest.

What to watch out for: Not being able to make withdrawals without losing your bonus interest could be a pain. The max balance on the top rate of interest will restrict some savers.

Bonus interest conditions: You must grow your balance by at least $200 each month (excluding interest).

Why we chose it: This account strikes a decent balance between high ongoing rate and bonus conditions that won’t require too much effort. Most serious savers will be putting away the $200+ a month necessary to trigger the bonus interest.

What to watch out for: If your savings habits are less predictable (e.g. you save $500 one month and nothing the next), this might not be ideal. The bonus conditions require consistency.

Bonus interest conditions: Only available on your first savings account, on balances up to $250,000.00 for four months. The welcome rate is variable and may change during the four-month period.

Why we chose it: This is one of the best combinations of bonus offer and ongoing base rate, making it an option worth considering if you have a long-term savings goal.

What to watch out for: The ongoing rate after the bonus period is not bad but it’s still less than you could be earning by moving your cash elsewhere.

Bonus interest conditions: To get the bonus savings rate, you’ll need to deposit $2000+ into your SpendME account and grow the balance of your HomeME savings account each month (not including interest added by ME).

Why we chose it: The top rate here is relatively competitive and the eligibility criteria are achievable if you decide to make ME Bank your main hub for day-to-day banking.

What to watch out for: While this is not a bad offer, it's not best-in-market and the bonus criteria are fairly strict. You'll really need to commit to meeting them consistently.

Bonus interest conditions: You'll need to deposit $500 into a linked Everyday Edge Account each month and make five purchases each month using your Everyday Edge Visa Debit card.

Why we chose it: The bonus rate on this account is very respectable indeed and there's no time limit on it. You also won't be penalised for making withdrawals or failing to grow your balance in the month, so it's flexible too.

What to watch out for: Unless you are prepared to commit to banking with Great Southern Bank for your day-to-day spending, meeting the bonus criteria will be tricky. The maximum balance is also on the lower side.

Bonus interest conditions: There's a bit to unpack here, but here we go... To qualify for the 'Grow' or 'Flow' interest rate in a calendar month, you need to make at least five qualifying debit card purchases using your Up, 2Up, Essentials or 2Up Essentials debit card, Apple Pay™, Google Pay™ or other digital wallets in the same month. ATM transactions or transfers are not included. On top of that, for the 'Grow' bonus interest rate on balances up to $250k, you can't make any withdrawals in the month from your Save account.

Why we chose it: If you can get your head around the complicated bonus criteria, there is ultimately a decent bonus rate available on this account.

What to watch out for: The bonus conditions are very complicated indeed.

Rates and product info on the accounts mentioned above are correct as at 1 October 2025 and are subject to change. To be included for consideration in our top list of bonus savers, the account must be offered by an Authorised Deposit-taking Institution (ADI) and the account must not have maximum age restrictions, or eligibility restrictions based on the applicant’s profession or where they live in Australia. The account must offer the top bonus rates on balances starting from $0 and at least $25,000. Our list of top bonus savings rates is sorted based on the maximum variable interest rate. Where two accounts have the same maximum rate, we’ve put the account with the higher base rate first. If both max and base rate are the same, we sort products alphabetically by provider name.

If you are disciplined with how you save and use your money, and are keen to get the highest savings rate you can, a bonus saver is worth considering.

A bonus interest savings account will generally give you access to higher rates than you would with a standard savings account. This could add up to hundreds of dollars per year in interest for an average saver in Australia.

The main drawback is that you won’t simply be able to deposit your money and sit back. You’ll need to be confident that you can meet the bonus conditions on an ongoing basis. Or if it’s an intro rate, you’ll need to be prepared to move your money again if you want to stay on a market-leading rate.

With an ongoing base rate of interest, you won’t need to worry about jumping through hoops. But chances are you won’t be earning the absolutely top rate available. Ultimately it will come down to what lengths you are prepared to go to earn the bonus interest. The criteria are generally relatively achievable, but not everyone will have the discipline to take full advantage.