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. UBank High Interest Savings Account - up to 6.25% p.a. for four months

Base rate: 0.00% p.a.

Ongoing bonus interest: 5.35% p.a.

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

Maximum rate: 6.25% 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

2. Revolut Instant Access Savings - up to 6.25% p.a. for three months

Base rate: Up to 5.30% p.a.

Bonus interest: 0.95% p.a. (three months only)

Maximum rate: 6.25% p.a.

Maximum balance for bonus rate: up to $50k

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 depending on the account tier.

What to watch out for: There's a fee between $5.99 to $99.99 per month, with the price depending on the account tier (Plus, Premium, Metal or Ultra). 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

3. ING Savings Booster Account - up to 6.25% p.a. for four months

Base rate: 2.50% p.a.

Ongoing bonus interest: 3.15% p.a.

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

Maximum rate: 6.25% 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 one of the top rates 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.

See ING's offer here

4. Rabobank High Interest Savings Account - up to 6.15% p.a. for four months

Base rate: 4.15% p.a.

Bonus interest: 2.00% p.a. (four months only)

Maximum rate: 6.15% 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 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

5. Bankwest Easy Saver - up to 6.00% p.a. for four months

Base rate: 5.25% p.a.

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

Maximum rate: 6.00% 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

6. RACQ Bank Bonus Saver Account - up to 6.00% p.a. ongoing

Base rate: 0.01% p.a.

Bonus interest: 5.99% p.a.

Maximum rate: 6.00% p.a.

Maximum balance for bonus rate: $99,999

Bonus interest conditions: To earn the bonus interest you must deposit at least $100 each month into the Bonus Saver Account and make no debit transactions during a calendar month.

Why we chose it: This account allows savers to access a fairly high bonus rate on an ongoing basis. Meeting the bonus rate conditions is relatively simple.

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.

7. MyState Bank Hello Saver Account - up to 5.65% p.a. for four months

Base rate: 5.25% p.a.

Bonus interest: 0.40% p.a.

Maximum rate: 5.65% p.a.

Maximum balance for bonus rate: $500,000

Bonus interest conditions: Bonus interest is available on balances up to $500,000 for the duration of the four month introductory period.

Why we chose it: This account offers a fairly high bonus rate of interest (relative to other savings accounts at least) with minimal conditions to earn the bonus interest. Plus, it has a relatively high ongoing variable rate to fall back on once the introductory period is over.

What to watch out for: The intro period will go by quickly, so if you want your savings to be earning a market leading interest rate you will need to have an exit strategy ready to switch.

8. 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.

9. Rabobank PremiumSaver Account - up to 5.65% p.a. ongoing

Base rate: 0.80% p.a.

Bonus interest: 4.85% p.a.

Maximum rate: 5.65% p.a.

Maximum balance for bonus rate: $250k

Bonus interest conditions: The closing balance on the last business day of each month must be at least $200 greater than the balance at the start of the month.

Why we chose it: Compared to other high interest savings accounts, this offer has a fairly high bonus interest rate and relatively easy conditions that doesn't penalise savers for withdrawing from their balance. 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.

10. IMB Reward Saver Account - up to 5.60% p.a. for four months

Base rate: 0.00% p.a.

Ongoing bonus interest: 3.45%

Intro bonus interest: 2.15% 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: Available on balances up to $1,000,000 for four months when you deposit $50 or more a month and make no withdrawals.

Why we chose it: This account offers a fairly high bonus rate of interest (relative to other savings accounts at least) with relatively easy to follow conditions. The max balance of $1,000,000 may be appealing for savers with a high balance.

What to watch out for: The intro bonus interest only lasts for four months, before it drops down to the ongoing bonus interest revert rate. The conditions will require some discipline and if you miss out on the bonus rate in a given month, there's no base rate.

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.

46% of Australians listed saving for a holiday among their top savings goals for 2026, according to a Money.com.au nationally representative survey of 1,000 Australians conducted in October 2025. This is 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. UBank High Interest Savings Account - up to 6.25% p.a. for four months

2. Revolut Instant Access Savings - up to 6.25% p.a. for three months

3. ING Savings Booster Account - up to 6.25% p.a. for four months

4. Rabobank High Interest Savings Account - up to 6.15% p.a. for four months

5. Bankwest Easy Saver - up to 6.00% p.a. for four months

6. RACQ Bank Bonus Saver Account - up to 6.00% p.a. ongoing

7. MyState Bank Hello Saver Account - up to 5.65% p.a. for four months

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

9. Rabobank PremiumSaver Account - up to 5.65% p.a. ongoing

10. IMB Reward Saver Account - up to 5.60% 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

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