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High Interest Savings Accounts

Bonus Interest

10 Of The Best Bonus Interest Savings Accounts in Australia

See our picks of the best bonus saver accounts for Australians looking for a savings boost.

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Sean Callery Editor Money.com.au
Money.com.au's Senior Finance Writer, Jared Mullane

Expert savings guide written by Sean Callery and fact checked by Jared Mullane. Updated 24 Feb 2026.

Sponsored

Top Offer for up to $1m

Ubank logo thin

Up to

5.35%

p.a. Welcome Bonus Rate for up to 4 months, then 4.60% p.a. Everyday Bonus Rate.

Ubank Save Account

Earn bonus interest on total savings up to $1M. Sign up with EASY30 and spend to score $30.*

*View Terms

Bonus $30

offer

Top Intro Offer

Rabobank Logo Thin

Up to

5.35%

p.a. for 4 months, then up to 3.70% p.a. variable

Rabobank High Interest Savings Account

No account fees. No min balance. 3.70% ongoing rate after intro period for balances up to $250k.

View More

Popular Choice for $150k+

ING Logo Thin

Up to

5.40%

p.a. for 4 months (on balances up to $500k), then up to 4.35% p.a. for balances up to $5m.

ING Savings Accelerator

No monthly deposit requirements. Higher rates for bigger balances. Fee free.

View Details

Top Ongoing Rate Offer

Macquarie Bank Logo Thin

Up to

4.85%

p.a. for 4 months, then ongoing 4.50% p.a. variable

Macquarie Savings Account

Earn interest without monthly criteria. High ongoing rate after intro period. $0 fees.

View Details

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. ING Savings Accelerator - up to 5.40% p.a. for four months

  • Base rate: 4.35% p.a.
  • Intro bonus interest: 1.05% p.a. (four months only)
  • Maximum rate: 5.40% 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.

2. Rabobank High Interest Savings Account - up to 5.35% p.a. for four months

  • Base rate: 3.70% p.a. ongoing
  • Bonus interest: 1.65% p.a. (four months only)
  • Maximum rate: 5.35% 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.

3. UBank High Interest Savings Account - up to 5.35% p.a. for four months

  • Base rate: 0.00% p.a.
  • Ongoing bonus interest: 4.60% p.a.
  • Intro bonus interest: 0.75% p.a. (four months only)
  • Maximum rate: 5.35% 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 Plus - up to 5.20% p.a. for four months

  • Base rate: 4.25% p.a.
  • Bonus interest: 0.90% p.a. (four months only)
  • Maximum rate: 5.20% 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. ING Savings Maximiser - up to 5.00% p.a. ongoing

  • Base rate: 0.01% p.a.
  • Bonus interest: 4.99% p.a.
  • Maximum rate: 5.00% 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).

6. MyState Bank Hello Saver - up to 4.85% p.a. for four months

  • Base rate: 4.50% p.a.
  • Bonus interest: 0.35% p.a. (four month only)
  • Maximum rate: 4.85% 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.

7. Bank SA/Bank of Melbourne/St.George Maxi Saver - up to 4.85% p.a. for six months

  • Base rate: 1.00% p.a.
  • Intro bonus interest: 3.40% p.a. (six months only)
  • Online bonus interest: 0.45% p.a.
  • Maximum rate: 4.85% p.a.
  • Maximum balance for bonus rate: No max

Bonus interest conditions: If you sign up online, you get an extra 0.45% p.a. on top of the base rate. Plus, al accounts are eligible for bonus interst for the first six months. There are no ongoing conditions beyond those.

Why we chose it: For the first six months, this is a pretty good rate if you have opened the account online. The bonus interest eligibility criteria are straightforward.

What to watch out for: After six months – even with the online bonus interest – the interest rate falls dramatically.

8. Up Grow & Flow Savings Account - up to 4.85% p.a. ongoing

  • Base rate: 1.50% p.a.
  • Bonus interest: 3.35% p.a.
  • Maximum rate: 4.85% p.a.
  • Maximum balance for bonus rate: $250,000

Bonus interest conditions: You get the bonus 'Grow' rate if you don’t withdraw or spend from the account for the month.

Why we chose it: Very respectable top bonus rate, if you are happy to park money in the account and not touch it.

What to watch out for: There's little margin for error here. If you withdraw any funds at all, the interest rate on offer drops significantly.

9. MOVE Bank Growth Saver - up to 4.75% ongoing

  • Base rate: 0.10% p.a.
  • Bonus interest: 4.65% p.a.
  • Maximum rate: 4.75% p.a.
  • Maximum balance for bonus rate: $25,000

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.

10. Bank Australia Bonus Saver - up to 4.75% p.a. for three months

  • Base rate: 0.10% p.a.
  • Ongoing bonus interest: 4.35% p.a.
  • Intro bonus interest: 0.40% p.a. (three months only)
  • Maximum rate: 4.75% p.a. (three months only)
  • Maximum balance for bonus rate: $100,000

Bonus interest conditions: You'll need to depositing at least $100 each month and make no withdrawals each month.

Why we chose it: The intro rate is decent, as is the ongoing bonus rate. The minimum deposit required for the bonus interest is very achievable.

What to watch out for: This is a pretty complicated account setup and you'll need to be paying attention to get the most from it. In particular, factoring in both an intro rate and an ongoing bonus rate is more effort than some savers will have the appetite for.

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

clock svg

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.

file-check

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.

moneyLogo

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.

moneyLogo

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 Money.com.au

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

Accelerate your savings with a great rate

Sponsored

We've assembled some of the best to help you save.

POPULAR CHOICE

ING

Up to

5.40%

p.a. for 4 months (on balances up to $500k), then up to 4.35% p.a. for balances up to $5m.

ING Savings Accelerator

Enjoy a high ongoing rate with no monthly deposit requirements. Plus, be rewarded as your balance grows with higher rates for bigger balances.

Limited Intro

Offer

ubank

Up to

5.35%

p.a. Welcome Bonus Rate for 4 months, then 4.60% p.a. Everyday Bonus Rate

Ubank Save Account

Earn bonus interest rate on total savings up to $1M. Welcome Bonus Rate payable for up to 4 months and for new customers only. Bonus criteria apply. Sign up with EASY30 and make 5 eligible card purchases in your first 30 days to score $30. For offer terms see the App Store. Rates subject to change. For full rate info see ubank.com.au. Products issued by Ubank, part of NAB. Info is general. Consider if it’s right for you. TMDs at ubank.com.au/tmd.

Top Intro Offer

Rabobank

Up to

5.35%

p.a. for 4 months, then up to 3.70% p.a. variable

Rabobank High Interest Savings Account

Earn a bonus variable rate for the first 4 months on balances up to $250,000, with a high ongoing rate thereafter. No account keeping fees or min balance, with interest paid monthly. Intro rate for new customers only.

FOR EVERYDAY SAVERS

Judo Bank

Up to

5.10%

p.a. on balances up to $250k when you deposit $300/month.

Judo Bank Personal Savings Account

Ideal for goal-driven savers who can deposit $300 per month. No linked accounts required. No minimum card purchases. No withdrawal penalties. No balance growth requirements.

TOP BONUS OFFER

ING

Up to

5.00%

p.a. variable with bonus interest on balances up to $100k

ING Savings Maximiser

Earn bonus interest when you also hold an Orange Everyday and each month meet the eligibility criteria and grow your nominated Savings Maximiser Balance (excluding interest). Available on one account.

For young savers

IMB Bank

Up to

4.75%

p.a. variable when monthly criteria are met

IMB Bank Reward Saver Kickstart Account

Available for 13-17 year olds and students, trainees or apprentices up to 30 years on balances up to $100k. Deposit $20 per month and make no withdrawals to qualify. See website for T&Cs

TOP ONGOING RATE

Macquarie Bank Logo

Up to

4.60%

p.a. for 4 months, then ongoing 4.25% p.a. variable

Macquarie Savings Account

Earn interest without needing to meet any monthly criteria. Get a bonus variable welcome rate for 4 months up to $250k on your first account, with a great variable ongoing rate on balances up to $1m thereafter.

TOP BONUS UP TO $1m

IMB Bank

Up to

4.50%

p.a. variable on balances up to $1m with $50 min monthly deposit and no withdrawals

IMB Reward Saver Account

Earn up to 4.75% bonus interest for the first four months when you deposit $50 a month and make no withdrawals.

NO MAX BALANCE

Suncorp Bank logo

Up to

4.55%

p.a. variable with bonus interest, or 0.05% p.a. standard variable rate

Suncorp Bank Growth Saver Account

Earn bonus interest with no maximum balance or account keeping fees when you grow your savings by $200 or more each month (excluding interest) and make no more than one withdrawal.

No Max

Balance

Sean Callery Editor Money.com.au

Written by

Sean Callery

Sean Callery is the Editor of Money.com.au. He has over 15 years of international experience. He is qualified with a Certificate IV in Finance and Mortgage Broking (FNS40821) and is compliant to provide general advice in Tier 1 General Insurance (RG 146) products.

Money.com.au's Senior Finance Writer, Jared Mullane

Reviewed by

Jared Mullane

Jared Mullane is a finance writer with more than a decade of experience at some of Australia’s biggest finance and consumer brands. His areas of expertise include energy, home loans, personal finance and insurance. Jared is qualified with a Certificate IV in Finance and Mortgage Broking (FNS40821).

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