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. ING Savings Booster Account - up to 6.00% p.a. for four months

Base rate: 2.25% p.a.

Ongoing bonus interest: 5.40% p.a.

Intro bonus interest: 0.60% p.a. (four months only)

Maximum rate: 6.00% p.a. (four months only)

Maximum balance for bonus rate: $500,000

Bonus interest conditions: To access the full bonus interest you must have an active Orange Everyday account and grow your savings by at least $100 each month.

Why we chose it: It's the top rate available on our database right now and the ongoing bonus interest rate is still relatively high. In order to unlock the full savings potential you'll have to take advantage of the combined four month introductory interest (no hoops to jump through) and the ongoing bonus interest (some hoops). But transferring $100 a month into the account to earn the ongoing bonus interest will be pretty easy for serious savers.

What to watch out for: You can't really go wrong here. Just stay on top of the required monthly $100 deposit to earn the bonus interest and watch out for the $500,000 maximum balance, otherwise the interest drops to the base rate.

2. Rabobank High Interest Savings Account - up to 5.90% p.a. for four months

Base rate: 4.00% p.a.

Bonus interest: 1.90% p.a. (four months only)

Maximum rate: 5.90% 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.

See Rabobank's offer here

3. UBank High Interest Savings Account - up to 5.85% p.a. for four months

Base rate: 0.00% p.a.

Ongoing bonus interest: 5.10% p.a.

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

Maximum rate: 5.85% 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 one of the most competitive bonus rates available on our database, plus the difference between the intro rate and the ongoing bonus interest is pretty minimal. 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.

See Ubank's offer here

4. Bankwest Easy Saver - up to 5.75% p.a. for four months

Base rate: 5.00% p.a.

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

Maximum rate: 5.75% 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. For a limited time Bankwest is offering the chance to win an interesting rate of 11.50% p.a. for four months to 150 new account holders.

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.

See Bankwest's offer here

5. Move Bank Growth Saver - up to 5.65% p.a. ongoing

Base rate: 0.10% p.a.

Bonus interest: 5.55% p.a.

Maximum rate: 5.65% 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.

6. ING Savings Maximiser - up to 5.50% p.a. ongoing

Base rate: 0.01% p.a.

Bonus interest: 5.49% p.a.

Maximum rate: 5.50% 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).

7. Revolut Ultra Instant Access Savings - up to 5.50% p.a. for three months

Base rate: 5.05% p.a.

Bonus interest: 0.45% p.a. (three months only)

Maximum rate: 5.50% p.a.

Maximum balance for bonus rate: up to $100k

Bonus interest conditions: The bonus rate is only applicable during the first three months.

Why we chose it: This has pretty good rates compared to other offers and the eligibility conditions are simple. Account holders also have access to a suite of benefits, including earning points on eligible spend, unlimited airport lounge access, and free premium subscriptions to services like Super Duolingo or Financial Times.

What to watch out for: There's a monthly fee of $99.99 per month. This account will likely better suit people with a big savings balance so that the price of the account balances out the interest earnings amount.

See Revolut's offer here

8. MyState Bank Hello Saver - up to 5.40% p.a. for four months

Base rate: 5.00% p.a.

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

Maximum rate: 5.40% p.a.

Maximum balance for bonus rate: $500,000

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.

9. Rabobank Premium Saver Account - up to 5.40% p.a. ongoing

Base rate: 0.65% p.a.

Bonus interest: 4.75% p.a.

Maximum rate: 5.40% 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.

10. Bank of Queensland Smart Saver Account - 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: $250,000

Bonus interest conditions: The bonus interest is available for members aged 36 years old and over who bundle a high interest savings account with their Everyday Account. To earn the bonus interest you must deposit at least $1,000 each month into the linked Everyday Account and make five or more eligible transactions.

Why we chose it: This account allows savers to access a fairly high bonus rate on an ongoing basis. Meeting the bonus rate conditions could be relatively simple if your using the linked Everyday Account as your regular transaction account and getting your wages paid directly into it.

What to watch out for: The base interest rate is fairly low, so you will be earning very little interest if you skip the monthly conditions.

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, growing your balance each month or meeting certain age requirements, like for kids savings accounts. 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.

Research* from Money.com.au shows the majority of Australians with a savings account (56%) fail to earn the bonus interest on their savings every month, potentially causing them to miss out on a significant amount of interest.

Among them, 29% earn their bonus rate in most months of the year but not all (7–11 months), while 13% only qualify for less than half the year (fewer than six months). A further 14% admit they don’t know the bonus rate eligibility criteria for their savings account.

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.

To put into perspective the margins involved, the table below shows the estimated interest earned over a 12-month period with a hypothetical ongoing savings rate and bonus savings rate account. In this example, missing the bonus rate more than once would mean earning less interest over 12 months compared to the account with a lower rate and no conditions.

Scenario	Initial savings amount
Bonus savings account (5.65% max / 0.10% min)	$10,000
Ongoing savings rate (5.10%)	$10,000
Scenario	Bonus interest earned 12/12 months
Bonus savings account (5.65% max / 0.10% min)	$579.86
Ongoing savings rate (5.10%)	$522.09
Scenario	Bonus interest earned 11/12 months
Bonus savings account (5.65% max / 0.10% min)	$531.16
Ongoing savings rate (5.10%)	$522.09
Scenario	Bonus interest earned 10/12 months
Bonus savings account (5.65% max / 0.10% min)	$482.68
Ongoing savings rate (5.10%)	$522.09
Scenario	Bonus interest earned 9/12 months
Bonus savings account (5.65% max / 0.10% min)	$434.43
Ongoing savings rate (5.10%)	$522.09

Scenario	Bonus savings account (5.65% max / 0.10% min)	Ongoing savings rate (5.10%)
Initial savings amount	$10,000	$10,000
Bonus interest earned 12/12 months	$579.86	$522.09
Bonus interest earned 11/12 months	$531.16	$522.09
Bonus interest earned 10/12 months	$482.68	$522.09
Bonus interest earned 9/12 months	$434.43	$522.09

Estimated interest earned figures are based on a starting balance of $10,000 held for 12 months with compounding interest. For simplicity, the examples assume no additional deposits or withdrawals. The interest earned calculations assume the maximum bonus rate is earned only in the months where bonus conditions are met, with the minimum ongoing rate applying in all other months. Rates are assumed to remain unchanged for the full 12-month period and are provided for illustrative purposes only. Scenarios assume missed bonus months are spread evenly throughout the year. *Based on a survey commissioned by Money.com.au and carried out by Pureprofile in 2025, with a nationally representative sample of more than 1,000 Australians by gender, age, and location.

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. ING Savings Booster Account - up to 6.00% p.a. for four months

2. Rabobank High Interest Savings Account - up to 5.90% p.a. for four months

3. UBank High Interest Savings Account - up to 5.85% p.a. for four months

4. Bankwest Easy Saver - up to 5.75% p.a. for four months

5. Move Bank Growth Saver - up to 5.65% p.a. ongoing

6. ING Savings Maximiser - up to 5.50% p.a. ongoing

7. Revolut Ultra Instant Access Savings - up to 5.50% p.a. for three months

8. MyState Bank Hello Saver - up to 5.40% p.a. for four months

9. Rabobank Premium Saver Account - up to 5.40% p.a. ongoing

10. Bank of Queensland Smart Saver Account - up to 5.40% p.a. ongoing

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

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