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 in May 2025. 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.
1. ING Savings Maximiser - up to 5.40% p.a. ongoing
- Base rate: 0.05% p.a.
- Bonus interest: 5.35% p.a.
- Maximum rate: 5.40% 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).
2. Bankwest Easy Saver Plus - up to 5.15% p.a. for four months
- Base rate: 3.85% p.a.
- Bonus interest: 1.30% p.a.
- Maximum rate: 5.15% p.a.
- 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.
3. Rabobank High Interest Savings Account - up to 5.15% p.a. for four months
- Base rate: 3.70% p.a. ongoing
- Bonus interest: 1.45% p.a.
- Maximum rate: 5.15% 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 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.
4. Macquarie Savings Account - up to 5.10% p.a. for four months
- Base rate: 4.75% p.a.
- Bonus interest: 0.35% p.a.
- Maximum rate: 5.10% p.a.
- Maximum balance for bonus rate: $250,000
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.
5. UBank High Interest Savings Account - up to 5.10% p.a. ongoing
- Base rate: 0.00% p.a.
- Bonus interest: 5.10% p.a.
- Maximum rate: 5.10% p.a.
- Maximum balance for bonus rate: $100,000
Bonus interest conditions: You need to have a linked Spend account and deposit $500+ per month into any Spend, Bills, or Save accounts from an external source.
Why we chose it: This account is somewhat unusual in that you can earn the bonus savings rate without needing to grow your balance. On most accounts with an ongoing bonus rate, you’ll need to have a higher balance at the end of the month than the balance you started with that month. This makes this account slightly more flexible than many of its competitors.
What to watch out for: If for any reason you don’t deposit $500 or more in a month to get the bonus interest, you will earn zero interest.
6. Credit Union SA Netsave Account - up to 5.00% for four months
- Base rate: ** 1.25% p.a.
- Bonus interest: 3.75% p.a.
- Maximum rate: 5.00% p.a.
- Maximum balance for bonus rate: None specified
Bonus interest conditions: Bonus savings rate applies for the first four months for new accounts only.
Why we chose it: If you have a short-term savings goal or are happy to move your money around frequently to chase bonus interest, this is a good option to have in the mix.
What to watch out for: Beyond the first four months, there is little to be very excited about. The ongoing rate is very ordinary.
7. Newcastle Permanent Online Savings Account - up to 5.00% for three months
- Base rate: 1.00% p.a.
- Bonus interest: 4.00% p.a.
- Maximum rate: 5.00% p.a.
- Maximum balance for bonus rate: None specified
Bonus interest conditions: Available for the first three months only on new accounts.
Why we chose it: This is another bonus interest savings account that may suit savers who move their money around frequently to take advantage of bonus rates. The rate for the first three months is not bad at all.
What to watch out for: When the bonus offer expires, the rate you’ll be left with is not particularly competitive.
8. BCU Bank Boss Saver Account - up to 5.00% ongoing
- Base rate: ** 0.45% p.a.
- Bonus interest: 4.55% p.a.
- Maximum rate: 5.00% p.a.
- Maximum balance for bonus rate: $100,000
Bonus interest conditions: To get the bonus savings rate, you’ll need to deposit at least $500 each month from an external bank account into any eligible Access Account and make five or more card purchases using your linked Access Account.
Why we chose it: The top rate here is relatively competitive and the eligibility criteria are achievable if you decide to make BCU your main hub for day-to-day banking.
What to watch out for: While this is not a bad offer, the conditions are very similar to ING’s Savings Maximiser and that account has a higher max rate. BCU Bank has branches in northern New South Wales, so if that’s convenient for you, that’s something it offers that ING doesn’t.
9. Incentive Saver from Bank SA, Bank of Melbourne or St. George Bank - up to 5.00% for three months
- Base rate: 0.40% p.a.
- Bonus interest: 4.60% p.a. in total
- Maximum rate: 5.00% p.a.
- Maximum balance for bonus rate: $250,000
Bonus interest conditions: Okay, get your abacus out! To earn 4.50% p.a. in bonus interest you’ll need to grow your account by at least $50 a month (for customers 21 or over) or $0.01 a month (for customers under 21), excluding interest. In addition, for the first three months only, you can earn an extra 0.10% p.a. but only if you open your account online.
Why we chose it: Complexity aside, this is a very respectable top interest rate.
What to watch out for: You’ll only have three months with the very top rate, and limited flexibility if you want to earn the bonus interest on an ongoing basis.
Rates and product info are correct as at 2 May 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 $100,000. 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.
10. Rabobank Premium Saver Account - up to 4.80% p.a. ongoing
- Base rate: 0.90% p.a.
- Bonus interest: 4.10% p.a.
- Maximum rate: 4.80% p.a.
- Maximum balance for bonus rate: $250,000
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.
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.
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 was not 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
