10 of the Best Bonus Interest Savings Accounts in Australia

Top bonus saver accounts (Money.com.au picks)

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 on accounts with no age restrictions, 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.

1. Rabobank High Interest Savings Account - up to 5.65% p.a. for four months

Base rate: 3.95% p.a.

Bonus interest: 1.70% p.a. (four months only)

Maximum rate: 5.65% p.a.

Maximum balance for bonus rate: $250,000

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 is 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.

2. ING Savings Accelerator - up to 5.65% p.a. for four months

Base rate: 4.60% p.a.

Intro bonus interest: 1.05% p.a. (four months only)

Maximum rate: 5.65% p.a. (four months only)

Min-max balance for bonus rate: $150,000 - $500,000

Bonus interest conditions: The bonus conditions are reasonably straightforward but, at the same time, not particularly easy to achieve. You'll get the top bonus interest rate for the first four months, but only on balances above $150,000 and up to $500,000.

Why we chose it: It's the top bonus rate available on our database right now. For savers with larger balances in that sweets spot of $150k-$500k, this gives it a slight edge over UBank who also have a generous bonus intro offer. The ongoing rate is pretty good too, with a higher maximum balance allowance versus the bonus intro rate.

What to watch out for: The headline bonus rate on this account is not for an average saver. You'll need to have that higher balance above $150k to take full advantage. Even then, the top rate expires after four months. Think strategically about how to approach this offer.

3. UBank High Interest Savings Account - up to 5.60% p.a. for four months

Base rate: 0.00% p.a.

Ongoing bonus interest: 4.85% p.a.

Intro bonus interest: 0.75% p.a. (four months only)

Maximum rate: 5.60% p.a. (four months only)

Maximum balance for bonus rate: $1,000,000

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: It's the top bonus rate available on our database right now. 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.

4. Bankwest Easy Saver - up to 5.50% p.a. for four months

Base rate: 4.50% p.a.

Bonus interest: 1.00% p.a. (four months only)

Maximum rate: 5.50% p.a. (four months only)

Maximum balance for bonus rate: $250,000.99

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.

5. Judo Bank Personal Savings Account - up to 5.35% p.a. ongoing

Base rate: 0.05% p.a.

Bonus interest: 5.30% p.a.

Maximum rate: 5.35% p.a.

Maximum balance for bonus rate: $250,000

Bonus interest conditions: All you need to do here to earn the bonus interest is deposit at least $300 into the account every month. You can make withdrawals and there is no requirement to grow your balance each month. The top bonus rate of interest applies on balance up to $250,000.

Why we chose it: This account offers a compelling combination of a high bonus interest rate and a low bar for qualifying. If you’re only willing to make a minimum amount of effort to get bonus interest, this account is worth considering.

What to watch out for: The base interest rate is very low indeed, so failing to meet the bonus conditions will mean earning very little interest. Making an automated $300 payment into the account might be worth thinking about.

6. Move Bank Growth Saver - up to 5.40% p.a. ongoing

Base rate: 0.10% p.a.

Bonus interest: 5.30% p.a.

Maximum rate: 5.40% p.a.

Maximum balance for bonus rate: $25,000

Bonus interest conditions: You'll need to deposit at least $200 and make no withdrawals each month.

Why we chose it: For lower account balances, this is a pretty good bonus rate and the minimum monthly deposit requirement is modest. It may be suitable for small-mid size savings goals, like travel or a small home reno.

What to watch out for: The maximum balance is low by bonus saver standards, as is the base interest rate if you miss out on the bonus interest.

7. ING Savings Maximiser - up to 5.25% p.a. ongoing

Base rate: 0.01% p.a.

Bonus interest: 5.24% p.a.

Maximum rate: 5.25% p.a.

Maximum balance for bonus rate: $100,000

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).

8. Rabobank Premium Saver Account - up to 5.15% p.a. ongoing

Base rate: 0.60% p.a.

Bonus interest: 4.55% p.a.

Maximum rate: 5.15% p.a.

Maximum balance for bonus rate: $250,000

Bonus interest conditions: Must deposit $200 into the account each month and is only available on balances up to 250,000.

Why we chose it: Compared to other high interest savings accounts, this offer has a fairly high bonus interest rate and an okay base rate. If your looking for something relatively easy, this is another good low-effort savings account.

What to watch out for: It could be worthwhile setting up a monthly automated payment to ensure that you don't miss out on the bonus interest. the offer only applies to balances up to $250,000.

9. MyState Bank Hello Saver - up to 5.15% p.a. for four months

Base rate: 4.75% p.a.

Bonus interest: 0.40% p.a. (four month only)

Maximum rate: 5.15% p.a.

Maximum balance for bonus rate: $100,000

Bonus interest conditions: The bonus rate applies on eligible balances for the first four months. You don't need to jump though any hoops.

Why we chose it: This is one of the better rates available, with a relatively small gap between the base and bonus rate. In other words, when the bonus rate expires, the interest you'll be earning won't fall off a cliff.

What to watch out for: The max balance of $100,000 for the top bonus rate is relatively modest by today's standards. The rate that applies to any savings above $100k is pretty ordinary.

10. Macquarie Savings Account - up to 4.85% p.a. for four months

Base rate: 4.50% p.a.

Bonus interest: 0.35% p.a. (four months only)

Maximum rate: 4.85% p.a.

Maximum balance for bonus rate: $250,000

Bonus interest conditions: The bonus rate is only applicable during the first four months and can't be used in any other Macquarie savings accounts.

Why we chose it: This has pretty good rates compared to other offers. There's a small gap between the bonus and base rate so there won't be too much change to the amount of interest being earned, once the welcome offer expires.

What to watch out for: The four month introductory period will go by quickly. Even though the base rate is a good fall-back, you may like to consider some better long-term offers.

What is bonus interest?

Bonus interest is a top-up on the base rate offered on some high interest savings accounts for eligible customers. There are two main types of bonus interest you may be able to earn: intro bonus interest and conditional bonus interest.

Intro vs conditional bonus

Intro bonus interest

Available for a limited time for new customers when they open their account initially. Offers are generally for three or four months after which a much lower rate usually kicks in. Not dissimilar to a term deposit in terms of the time-limited nature of the rate available.

Conditional bonus interest

Some bonus saver accounts offer ongoing bonus interest if you meet certain conditions. This usually involves needing to deposit a minimum amount each month, not making any withdrawals or growing your balance each month. On other bonus saver accounts, you may also require a linked transaction account and make a minimum number of transactions per month to qualify for the bonus interest on your savings.

There is usually also a limit on what balance you can earn the top bonus interest rate on – generally either up to $100,000 or $250,000 depending on the provider. On youth savings accounts with bonus interest, the max balance is typically lower.

Should I chase bonus interest or stick with a high base rate?

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.

New research from Money.com.au reveals that 46% of Australians listed saving for a holiday among their top savings goals for 2026, followed by saving for retirement (35%) and saving to buy a home (26%).

Fewer Australians are prioritising investing (23%), paying off their mortgage sooner (13%), home renovations (10%) or saving for children (5%).

A cautionary tale on earning bonus interest

Sean Callery, Editor

"Back when I was saving for a house deposit, I had a sizable balance in my bonus saver account. To earn the bonus interest, I wasn't allowed to make any withdrawals. That was all well and good, up until the time I had a fat-fingered moment while using the mobile banking app and accidentally transferred money out of the wrong account. That one withdrawal cost me around $300 in bonus interest for that month. I pleaded with my bank to overlook the error and honour the bonus interest, but to no avail. An expensive lesson learned. These accounts can be great, but the margin for error is usually fine."

Sean Callery, Editor

10 Of The Best Bonus Interest Savings Accounts in Australia

Top bonus saver accounts (Money.com.au picks)

1. Rabobank High Interest Savings Account - up to 5.65% p.a. for four months

2. ING Savings Accelerator - up to 5.65% p.a. for four months

3. UBank High Interest Savings Account - up to 5.60% p.a. for four months

4. Bankwest Easy Saver - up to 5.50% p.a. for four months

5. Judo Bank Personal Savings Account - up to 5.35% p.a. ongoing

6. Move Bank Growth Saver - up to 5.40% p.a. ongoing

7. ING Savings Maximiser - up to 5.25% p.a. ongoing

8. Rabobank Premium Saver Account - up to 5.15% p.a. ongoing

9. MyState Bank Hello Saver - up to 5.15% p.a. for four months

10. Macquarie Savings Account - up to 4.85% p.a. for four months

What is bonus interest?

Intro vs conditional bonus

Intro bonus interest

Conditional bonus interest

Should I chase bonus interest or stick with a high base rate?

A cautionary tale on earning bonus interest

Accelerate your savings with a great rate

POPULAR CHOICE

Top Intro Offer

TOP BONUS OFFER

For young savers

TOP ONGOING RATE

FLAT RATE OFFER

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