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Bonus saver accounts

See a list of the top bonus saver accounts in Australian banks

Updated: 01.09.2026

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Quick Rates Review

Compare top financial options at a glance. Comprehensive analysis for each listed offer is available further down the page

Institution

Rate (APR/APY)

Sum & Term

Bankwest

2.1% - 5.75%

Flexible Amount

Flexible Term

Rabobank

3.4% - 5.75%

Flexible Amount

Flexible Term

BankSA

1.25% - 5.35%

Flexible Amount

Flexible Term

RACQ Bank

0.01% - 5.25%

Flexible Amount

Flexible Term

Bank of Queensland (BOQ)

0.05% - 5.15%

Up to $5,000,000

Flexible Term

BankVic

0.05% - 5.1%

Up to $5,000,000

Flexible Term

MyState Bank

0.05% - 5%

Flexible Amount

Flexible Term

Virgin Money

0.05% - 5%

Up to $250,000

Flexible Term

St. George Bank

1.1% - 5%

Flexible Amount

Flexible Term

P&N Bank

1% - 5%

Flexible Amount

Flexible Term

AMP Bank

4.85%

Flexible Amount

Flexible Term

Bank Australia

0.1% - 4.85%

Flexible Amount

Flexible Term

Suncorp Bank

0.05% - 4.8%

Flexible Amount

Flexible Term

Westpac Bank

0.1% - 4.75%

Flexible Amount

Flexible Term

Defence Bank

1.25% - 4.75%

Up to $1,000,000

Flexible Term

Commonwealth Bank (CBA)

0.25% - 4.75%

Flexible Amount

Flexible Term

Bank First

0.05% - 4.75%

Flexible Amount

Flexible Term

NAB

0.01% - 4.65%

Flexible Amount

Flexible Term

Beyond Bank Australia

0.01% - 4.65%

Flexible Amount

Flexible Term

G&C Mutual Bank

0.1% - 4.65%

Flexible Amount

Flexible Term

Australian Military Bank

4.6%

Flexible Amount

Flexible Term

Queensland Country Bank

0.15% - 4.4%

Flexible Amount

Flexible Term

Australian Mutual Bank

0.35% - 4.4%

Up to $1

Flexible Term

Virgin Money

0.05% - 4.25%

Up to $250,000

Flexible Term

Bendigo Bank

3.55%

Flexible Amount

Flexible Term

ANZ Bank

1.1%

Flexible Amount

Flexible Term

Geelong Bank

4.35%

Flexible Amount

Flexible Term

Greater Bank

Flexible Amount

Flexible Term

Quick Expert Insights

Interest Rates

Average:1.21%

Range:0.01% - 5.75%

Product Term

Minimum: 0 days

Maximum: 0 days

Limit / Amount

Min Entry:$1

Max Limit:$5,000,000

Analysis of 28 offers shows an average rate of 1.21%, with the absolute market maximum reaching 5.75%. Flexible terms from 0 days are available at , while offers terms up to 0 days . The lowest entry is $1 (via Australian Mutual Bank).

Full Products Review

In-depth analysis of available financial offers. Compare detailed terms and explore expert insights to choose the most suitable option for your needs.

Filter By Institution:

AMP Bank

AMP Bank GO Save

Rate: 4.85%

💰 Fees & Rates

Monthly account-keeping fees: Nil Deposit and withdrawal fees: Nil

📋 Important Terms

No minimum monthly deposit or growth requirements to earn the interest rate No withdrawal limits or penalties Must be linked to an AMP Bank GO Everyday transaction account Accessible exclusively via the AMP Bank GO mobile app Interest is calculated daily and paid monthly

💡 Adviser’s Tip

Olesya Krasavtseva Analytic & Editor at Prostobank Consulting

The AMP Bank GO Save account is a highly competitive "no-strings-attached" savings product, offering a strong variable rate of 4,85% without the typical requirements found at Big Four banks. Unlike bonus savings accounts from CBA or Westpac, which often mandate monthly deposits or restrict withdrawals to maintain high rates, this account provides total flexibility. Its main advantage is the lack of "hoop-jumping," while its primary disadvantage is the absence of a desktop web portal and branch support. It is an excellent choice for mobile-first savers who want a high yield on their emergency fund without worrying about meeting strict monthly conditions.

📍 View official contacts for AMP Bank

ANZ Bank

ANZ Online Saver

Rate: 1.1%

💰 Fees & Rates

$0 monthly account service fee
$0 internet banking transaction fees
$0 electronic transaction fees
No minimum balance fees

📋 Important Terms

Available to Australian residents aged 12 or older
Requires Australian residential address
Must be linked to an eligible ANZ transaction account
Variable interest rate applied to full balance monthly
No minimum deposit or balance requirements
Allows savings goal tracking tools

💡 Adviser’s Tip

Olesya Krasavtseva Analytic & Editor at Prostobank Consulting

This is a straightforward online savings account similar to basic high-interest savings products offered by Canadian Big Five banks like RBC or Scotiabank, though typically simpler in structure. Its main advantage is the combination of no fees and a guaranteed variable interest rate with no balance requirements. However, the interest rate is relatively modest compared to more aggressive savings products in the market. It is best suited for everyday savers who want a low-maintenance, flexible account to store funds while earning some interest.

📍 View official contacts for ANZ Bank

Australian Military Bank

Online Saver

Rate: 4.6%

💰 Fees & Rates

No monthly account keeping fees Free online and mobile banking access

📋 Important Terms

Bonus interest rate applies to balances over 0 dol when no withdrawals are made during the month Interest is calculated daily and paid monthly Available as an online-only account for personal use

💡 Adviser’s Tip

Olesya Krasavtseva Analytic & Editor at Prostobank Consulting

The Online Saver offers a highly competitive bonus rate of 4,60%, outperforming many standard savings products from the "Big Four" (CBA, NAB, ANZ, Westpac) that often require a minimum monthly deposit. The main advantage is the high yield for disciplined savers, while the primary disadvantage is the total loss of bonus interest if even one withdrawal is made. This product is best suited for individuals who want to park their savings without the need for frequent access.

📍 View official contacts for Australian Military Bank

Australian Mutual Bank

Savings Motivator Account

Rate: 0.35% - 4.4%

Sum: $1

💰 Fees & Rates

Annual fee: 0 dol Monthly account keeping fee: 0 dol Electronic transaction fees: 0 dol

📋 Important Terms

To earn the bonus interest rate of 4,05% p.a., you must make a monthly deposit and no withdrawals Standard base interest rate is 0,35% p.a. Minimum opening deposit of 1 dol Interest is calculated daily and paid monthly Account access via Online Banking, Mobile App, and BPAY

💡 Adviser’s Tip

Olesya Krasavtseva Analytic & Editor at Prostobank Consulting

The Savings Motivator Account offers a competitive combined rate of 4,40% p.a., which is comparable to the bonus saver products from the "Big Four" (CBA GoalSaver or NAB iSaver). Its primary advantage is the exceptionally low entry barrier of 1 dol, making it accessible for any budget. However, the main disadvantage is the significant drop to a 0,35% p.a. base rate if the strict monthly deposit and "no withdrawal" conditions are not met. This product is best suited for disciplined savers who are building an emergency fund or a specific goal and can commit to a one-way flow of funds.

📍 View official contacts for Australian Mutual Bank

Bank Australia

Bonus Saver

Rate: 0.1% - 4.85%

💰 Fees & Rates

Monthly account fee: $0 Deposit fee: $0 Domestic online transfer fee: $0

📋 Important Terms

Earn maximum bonus interest by depositing at least $100 and making no withdrawals each month. Balances up to $100000 earn 4,85% p.a., with tiered rates for higher balances. Protected by the Australian Government guarantee up to $250000. Applicants must be 18 years or older to apply online.

💡 Adviser’s Tip

Olesya Krasavtseva Analytic & Editor at Prostobank Consulting

The Bonus Saver account from Bank Australia is an excellent tool for disciplined savers, rewarding consistent monthly deposits with a high interest rate. Its main advantage is the very competitive maximum rate of 4,85% p.a. without any monthly account fees. The primary drawback is the strict condition requiring no withdrawals in a month to earn the bonus rate; otherwise, the rate drops to a minimal base of 0,10%. Compared to bonus saver accounts from the Big Four (Commonwealth Bank, NAB, ANZ, Westpac Bank), this account offers a strong rate and aligns with ethical banking principles, whereas the major banks often have similar restrictive conditions but may offer slightly different rate tiers. This account is best suited for individuals who can commit to regular savings without needing to access their funds frequently.

📍 View official contacts for Bank Australia

Bank First

Bonus Saver

Rate: 0.05% - 4.75%

💰 Fees & Rates

Annual fee: $0 Monthly account keeping fee: $0 Other fees and charges may apply

📋 Important Terms

Earn bonus interest when you make at least one deposit of a minimum of $1 and no withdrawals are made during the month. No minimum first deposit required to open the account. Interest is calculated daily and applied monthly.

💡 Adviser’s Tip

Olesya Krasavtseva Analytic & Editor at Prostobank Consulting

The Bonus Saver account from Bank First rewards consistent savings habits with a highly achievable minimum deposit threshold. The standout advantage is the requirement of depositing just $1 per month to trigger the bonus interest, making it highly accessible compared to other banks. The primary drawback is that any withdrawal during the month completely strips the bonus rate, reverting it to a negligible 0,05%. When compared to bonus saver accounts from the Big Four (Commonwealth Bank, NAB, ANZ, Westpac Bank), Bank First provides a very competitive rate with much lower minimum deposit requirements. This product is best suited for disciplined savers who can separate their spending money from their savings and avoid monthly withdrawals.

📍 View official contacts for Bank First

Bank of Queensland (BOQ)

Smart Saver Account

Rate: 0.05% - 5.15%

Sum: $5,000,000

💰 Fees & Rates

Monthly account keeping fees: $0
Transaction fees within Australia: $0

📋 Important Terms

Exclusive mobile app savings account intended for individuals aged 36 years and older.
Comes bundled with a myBOQ Everyday transaction account and cannot be accessed via standard desktop Online Banking.
To unlock the maximum interest rate, users must deposit a minimum of $1,000 electronically from an external Australian bank and make 5 or more eligible transactions (Visa purchases, ATM withdrawals, direct debits, or BPAY) using the linked Everyday account each calendar month.
Failing to meet the monthly criteria reverts the interest yield to the 0.05% p.a. base rate across all tiers for the following month.
Interest tiers apply to the combined balance of up to 9 sub-accounts: 5.15% p.a. on balances up to $250,000, and a flat 0.05% p.a. base rate on balances from $250,000 to $5,000,000.
Interest is calculated daily and paid into the savings account on the first day of the following month.

💡 Adviser’s Tip

Olesya Krasavtseva Analytic & Editor at Prostobank Consulting

The main advantage of the Smart Saver account is its highly competitive top-tier yield of 5.15% p.a. on liquid balances up to a generous $250,000 cap, featuring zero monthly maintenance fees, transaction round-ups, and the ability to run 9 separate savings goals. The primary disadvantage is the strict app-only operating system that separates it from classic online banking, combined with a severe rate drop to 0.05% p.a. if monthly deposit or transaction thresholds are missed, plus total yield dilution on any capital exceeding $250,000. In comparison to standard savings products from Canada Big Five institutions like RBC or TD Bank—which generally cap everyday liquid yields between 1.00% and 2.25% p.a. and often impose higher balance requirements to waive transaction fees—this account offers far greater earning potential for liquid capital. This product is best suited for tech-savvy Australian savers aged 36 and over who maintain consistent electronic income deposits, perform regular debit transactions, and want to optimize high liquid yields on cash tranches strictly below $250,000.

📍 View official contacts for Bank of Queensland (BOQ)

BankSA

Maxi Saver

Rate: 1.25% - 5.35%

💰 Fees & Rates

$0.00 account-keeping fee
$0.00 fee for staff-assisted services via branch and telephone
Fees and charges may apply separately on the mandatory linked transaction account

📋 Important Terms

Maximum promotional interest rate of 5.35% p.a. is available for the first 6 months only
The 5.35% p.a. rate consists of a 1.25% p.a. standard variable rate, a 3.65% p.a. introductory fixed rate, and a 0.45% p.a. online bonus rate
Online bonus rate of 0.45% p.a. is available for a limited time for new individual accounts opened online (joint accounts are ineligible for the online bonus component, capped at 4.90% p.a.)
Reverts to the standard variable rate (currently 1.25% p.a.) after the initial 6-month period expires
Requires a linked eligible BankSA transaction account (such as Complete Freedom) in the exact same name and registration for Internet and Phone Banking
Special promotional offer: Get a $50 cash bonus if you open a new Complete Freedom account alongside the savings account by 8 June 2026 and deposit $50 within 10 days
Interest is calculated on the total balance with no maximum deposit caps or monthly deposit conditions required to earn the promotional rate
Protected by the Australian Government Financial Claims Scheme up to $250,000 per account holder

💡 Adviser’s Tip

Olesya Krasavtseva Analytic & Editor at Prostobank Consulting

The main advantage of the BankSA Maxi Saver is its highly competitive introductory yield of 5.35% p.a. for the first 6 months, which does not impose complex monthly deposit requirements or withdrawal penalties like typical bonus saver accounts. The primary disadvantage is the massive drop in earnings after half a year, when the yield plunges to a lackluster standard variable rate of 1.25% p.a. When compared to online savings products at Canada Big Five banks—such as the Scotiabank Momentum PLUS Savings Account or the RBC High Interest eSavings Account, which offer short-term promotional boosts but typically require long-term funds lock-up or strict transaction limitations to maintain peak yields—BankSA grants complete liquidity and uncapped savings flexibility during the introductory phase. This account is best suited for individuals or new-to-bank savers who have a lump sum ready to park for exactly 6 months to maximize short-term earnings, or those looking to secure the $50 cash incentive before the June 2026 deadline, provided they are prepared to move their capital once the base rate applies.

📍 View official contacts for BankSA

BankVic

Bonus Saver

Rate: 0.05% - 5.1%

Sum: $5,000,000

💰 Fees & Rates

$0 account keeping fees

📋 Important Terms

Total maximum variable interest rate is 5.10% p.a., combining a variable standard rate of 0.05% p.a. and a variable bonus rate of 5.05% p.a.
To earn the monthly bonus interest, you must deposit at least $100 per calendar month and make no withdrawals
The monthly bonus interest calculation runs from the close of the last day of the prior month to the close of the last day of the current month
If withdrawal or deposit conditions are not met, only the base rate of 0.05% p.a. applies for that month
Bonus interest rate is capped at a maximum balance of $5,000,000
No minimum ongoing balance is required to keep the account active
Funds can be accessed at any time online and in branch, though any withdrawal forfeits the bonus interest for that month

💡 Adviser’s Tip

Olesya Krasavtseva Analytic & Editor at Prostobank Consulting

The main advantage of the Bonus Saver account is its highly competitive peak variable interest rate of 5.10% p.a., which applies to substantial balances up to $5 million without requiring any locked-in investment terms. The primary disadvantage is the binary condition for earning the bonus yield, where even a single minor withdrawal or a failure to make the $100 monthly deposit crashes the interest rate to a virtually non-existent base rate of 0.05% p.a. Compared to high-interest savings accounts at Canada Big Five banks like RBC or TD, which usually pay a flat, tiered standard rate or run brief promotional offers, BankVic demands absolute transactional discipline but rewards consistent savers with a much higher ongoing yield ceiling. This product is best suited for goal-oriented savers, professionals building emergency reserves, or entities with stable cash inflows who can automate a monthly $100 deposit and avoid dipping into their savings pool.

📍 View official contacts for BankVic

Bankwest

Easy Saver

Rate: 2.1% - 5.75%

💰 Fees & Rates

$0 monthly maintenance or account-keeping fees
Transactional fees may apply in accordance with the Easy Saver Product Schedule

📋 Important Terms

Requires a mandatory linked fee-free Bankwest Easy Transaction Account
Initial 4-month promotional tiered variable introductory rates apply exclusively to new account holders: 5.75% p.a. on balances up to $250,000.99, and 4.80% p.a. on the portion of the balance over $250,001
Ongoing tiered standard variable rates apply after 4 months: 5.00% p.a. on balances up to $250,000.99, and 2.10% p.a. on the portion of the balance over $250,001
Introductory offer is restricted to one account per customer (no joint accounts available) and is invalid if the customer held an Easy Saver account with an introductory rate that expired within the last 2 years
Interest is calculated daily using the part-balance tiered method and paid out monthly
Allows unlimited penalty-free transfers between the Easy Saver and the linked Easy Transaction Account at any time
Defaults to digital eStatements via the app and online banking, with optional paper configuration

💡 Adviser’s Tip

Olesya Krasavtseva Analytic & Editor at Prostobank Consulting

The main advantage of the Easy Saver account is its incredibly strong short-term earning potential, combining a top-tier 5.75% p.a. introductory rate with an excellent, condition-free 5.00% p.a. ongoing standard rate on the first quarter-million dollars, providing high liquidity with zero deposit or withdrawal penalties. The primary disadvantage is the severe tiered drop-off for higher balances, where any capital exceeding $250,000.99 falls dramatically to a 2.10% p.a. yield ongoing, combined with the structural requirement of managing a secondary linked clearing account. Compared to flexible digital savings accounts at Canada Big Five institutions—such as the RBC High Interest eSavings or TD ePremium Savings Account, which frequently pay flat baseline rates under 2.00% p.a. and impose administrative transaction fees for moving cash out—Bankwest delivers vastly superior interest benchmarks with total transactional freedom. This product is best suited for retail investors and everyday savers looking to maximize their immediate interest yield on up to $250,000 over a 4-month introductory horizon while retaining instant, digital mobile access to their cash reserves.

📍 View official contacts for Bankwest

Bendigo Bank

EasySaver

Rate: 3.55%

💰 Fees & Rates

Monthly service fees: $0
Branch withdrawals: 2 free branch withdrawals per month
Digital transactions: $0 (unlimited free transactions via e-banking or the Bendigo Bank app)

📋 Important Terms

Must be an Australian citizen or resident to apply
New customers signing up via the app require an Australian Driver's licence or Australian Passport for identity verification
Earns a straightforward ongoing variable base interest rate of 3.55% p.a. regardless of savings balance or transaction volume
Interest is calculated daily and paid monthly
Joint or business accounts cannot be opened via the mobile application and require visiting a physical branch

💡 Adviser’s Tip

Olesya Krasavtseva Analytic & Editor at Prostobank Consulting

The main benefit of this high-yield savings tool is its straightforward, no-strings-attached reward structure, which delivers a highly competitive ongoing variable rate of 3.55% p.a. without forcing savers to satisfy aggressive monthly deposit targets or introductory conditional criteria. The primary disadvantage is the friction surrounding real-world cash logistics, as the account caps out at just two free branch withdrawals per month before charging potential over-the-counter handling penalties. Compared to standard liquid storage vehicles managed by Canada's traditional Big Five institutions, which commonly restrict high interest tiers to short-lived introductory promo windows or relegate base growth rates below the 1.50% p.a. benchmark, this account offers exceptional ongoing utility. This product is best suited for self-directed retail savers and digital-first consumers who want a reliable, zero-maintenance cash reservoir to build wealth seamlessly while retaining constant, unpenalized electronic access to their capital.

📍 View official contacts for Bendigo Bank

Beyond Bank Australia

Purple Bonus Saver Account

Rate: 0.01% - 4.65%

Commonwealth Bank (CBA)

GoalSaver

Rate: 0.25% - 4.75%

💰 Fees & Rates

Monthly account fee: 0 AUD Assisted withdrawal fee: 0 AUD Paper statement fee: 2,50 AUD

📋 Important Terms

Must be 18 years or older to apply online To earn bonus interest, the balance must be higher at the end of the month than at the start Must make at least one deposit of any amount per calendar month

💡 Adviser’s Tip

Olesya Krasavtseva Analytic & Editor at Prostobank Consulting

The GoalSaver account rewards disciplined financial habits, highlighted by a competitive 4,75% p.a. maximum rate. Its main advantage is the lack of withdrawal penalties, provided the overall monthly balance still grows. The significant disadvantage is the punishingly low 0,25% p.a. base rate if the growth conditions are missed. When evaluated against bonus savers from NAB or Westpac, GoalSaver is straightforward but requires strict monthly tracking. It is ideal for consistent, goal-oriented savers who can reliably grow their balance every single month.

📍 View official contacts for Commonwealth Bank (CBA)

Defence Bank

iSaver

Rate: 1.25% - 4.75%

Sum: $1,000,000

G&C Mutual Bank

Bonus Saver

Rate: 0.1% - 4.65%

Geelong Bank

Affinity Saver Account

Rate: 4.35%

Greater Bank

Bonus Saver

Rate: 4%

MyState Bank

Bonus Saver Account

Rate: 0.05% - 5%

NAB

NAB Reward Saver

Rate: 0.01% - 4.65%

💰 Fees & Rates

Monthly account fee: 0 AUD

📋 Important Terms

Variable base rate of 0,01% p.a. applies as a minimumVariable bonus rate of 4,64% p.a. is earned by making at least one deposit on or before the second last banking day of the monthNo withdrawals are permitted during the month to qualify for the bonus rateBonus interest is earned on the entire balance with no upper limitIncludes Saving Spaces for goal tracking in the NAB app

💡 Adviser’s Tip

Olesya Krasavtseva Analytic & Editor at Prostobank Consulting

The NAB Reward Saver's primary advantage is the competitive 4,65% p.a. total interest rate that applies to the entire balance without a restrictive cap, which is a significant edge for high-balance savers. However, its main disadvantage is the strict requirement to avoid all withdrawals while maintaining a monthly deposit; failure to meet these conditions drops the yield to a negligible 0,01% p.a. Compared to the Commonwealth Bank GoalSaver or Westpac Life, NAB's lack of a balance limit for bonus interest is superior. This product is best suited for disciplined savers who do not require immediate access to their funds and want to maximize returns on large savings pools.

📍 View official contacts for NAB

P&N Bank

Hi Saver Account

Rate: 1% - 5%

Queensland Country Bank

Bonus Saver account

Rate: 0.15% - 4.4%

Rabobank

High Interest Savings Account

Rate: 3.4% - 5.75%

RACQ Bank

Bonus Saver Account

Rate: 0.01% - 5.25%

St. George Bank

Maxi Saver

Rate: 1.1% - 5%

Suncorp Bank

Growth Saver

Rate: 0.05% - 4.8%

💰 Fees & Rates

No monthly account keeping fee.
Unlimited fee-free Suncorp Bank transactions to and from other Suncorp Bank accounts.
No minimum deposit required to open.
If bonus interest conditions are not met, only the standard variable rate applies.

📋 Important Terms

Bonus interest is earned only for calendar months when the net balance increases by at least $200, excluding interest.
You can make no more than one withdrawal during the month and still qualify for bonus interest.
Interest is calculated daily and paid at the end of the calendar month.
Rates are variable and effective from 26 March 2026, subject to change without notice.
Account can be opened online, in Internet Banking, or in the Suncorp Bank App.

💡 Adviser’s Tip

Olesya Krasavtseva Analytic & Editor at Prostobank Consulting

The main advantage is the high bonus rate for a no-fee savings account, especially for disciplined savers who can add at least $200 per month and avoid extra withdrawals. The main drawback is that the bonus rate is conditional, so the return drops sharply if you miss the monthly deposit and withdrawal rules. Compared with Big Five savings accounts, this is most attractive for customers who want a simple high-interest parking place for cash rather than a full-featured relationship product. It suits goal-based savers who can automate deposits and keep transactions minimal.

📍 View official contacts for Suncorp Bank

Virgin Money

Virgin Money Grow Saver

Rate: 0.05% - 5%

Sum: $250,000

💰 Fees & Rates

Monthly Account Keeping Fee: Free
BPAY, Pay Someone, Card Transactions: Free
Domestic ATM Withdrawal Fee: Free (Virgin Money does not charge a fee, but ATM operators may)

📋 Important Terms

Bonus Interest (2.75% p.a.): Requires at least 1 deposit and no more than 1 withdrawal per month
Notice Interest (2.20% p.a.): Requires enabling the Lock Saver Feature (32-day notice period for withdrawals)
Maximum Balance: No limit for earning interest, but Government Guarantee applies up to $250,000
Under 18s: Automatically receive the 2.75% p.a. bonus interest without meeting monthly deposit/withdrawal criteria
Lock Saver Eligibility: Available only to customers aged 18 years and over

💡 Adviser’s Tip

Olesya Krasavtseva Analytic & Editor at Prostobank Consulting

The Virgin Money Grow Saver is a sophisticated long-term savings tool that offers a top-tier rate of 5.00% p.a., significantly outpacing the standard savings accounts of Canada's "Big Five" (RBC, TD, BMO, Scotiabank, CIBC), which often require fixed-term GIC commitments for similar yields. The primary advantage is the "Lock Saver" feature, which provides a high interest premium in exchange for a 32-day liquidity notice, encouraging disciplined capital growth without the rigidity of a term deposit. However, the main disadvantage is the strict withdrawal limit; exceeding one withdrawal per month collapses the rate to a negligible 0.05% base interest. This product is best suited for Australian savers building a dedicated emergency fund or house deposit who can tolerate a one-month delay in accessing their cash.

📍 View official contacts for Virgin Money

Virgin Money

Virgin Money Boost Saver

Rate: 0.05% - 4.25%

Sum: $250,000

💰 Fees & Rates

Monthly account keeping fees: Free
Notice period cost: No direct fee, but 32 days of interest is not earned at the Notice rate during the unlock period

📋 Important Terms

Base Rate: 0.05% p.a.
Monthly Criteria for 3.90% Bonus: Deposit $1,000+ into linked Go Account and make 5+ settled debit card purchases, direct debits, or BPAY payments
Lock Saver Feature: Additional 0.30% p.a. for users 18+ who enable a 32-day notice period for withdrawals
Balance Limit: Maximum $250,000 per customer eligible for bonus rates
Age Exception: Customers aged 14–17 receive bonus interest automatically without meeting monthly criteria

💡 Adviser’s Tip

Olesya Krasavtseva Analytic & Editor at Prostobank Consulting

The Virgin Money Boost Saver offers a highly competitive variable rate that exceeds many standard savings products from Canada's Big Five (RBC, TD, BMO, Scotiabank, CIBC), which often require high minimum balances or long-term GIC commitments for similar yields. Its primary advantage is the innovative "Lock Saver" feature that rewards disciplined saving with a premium rate, alongside a robust points-earning ecosystem through the linked Go Account. The main disadvantage is the complexity of the monthly requirements; failing to meet the deposit or transaction quotas results in a negligible base rate of 0.05%. This product is best suited for disciplined Australian savers who maintain regular monthly cash flow and can manage a 32-day liquidity delay in exchange for maximized returns.

📍 View official contacts for Virgin Money

Westpac Bank

Westpac Life Goal Savings Account

Rate: 0.1% - 4.75%

💰 Fees & Rates

Account-Keeping Fee (Life account): 0 AUD Westpac Choice linked account fee: 5,00 AUD per month Online, Telephone, and Branch staff assisted withdrawals: 0 AUD

📋 Important Terms

Age requirement: 18 years or older Must hold a linked Westpac everyday account (like Westpac Choice) in the same name To earn the 4,65% p.a. bonus interest: You must make at least one deposit each month, ensure your balance is higher at the end of the month than at the start, and never let the balance drop below 0 AUD Promotional offer: Get 50 AUD cashback when you open a new Choice account with an eligible savings account and deposit 50 AUD within 10 days (offer ends 8 June 2026 for new customers)

💡 Adviser’s Tip

Olesya Krasavtseva Analytic & Editor at Prostobank Consulting

The Westpac Life account is a behavioral savings tool designed to build financial discipline. Its primary advantage is the ability to compartmentalize funds into up to 6 distinct "Savings Goals" within one account while earning a competitive 4,75% p.a. total rate when conditions are met. The main drawback is the strict bonus criteria—if you withdraw more than you deposit in a single month, your rate plummets to a negligible 0,10% p.a. Compared to the goal-oriented savings accounts of Commonwealth Bank, NAB, and ANZ, Westpac offers excellent app integration for visualizing targets. It is best suited for diligent savers who can commit to consistently growing their balance month over month without needing frequent withdrawals.

📍 View official contacts for Westpac Bank

Author: Prostobank Consulting

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Watch our expert video reviews to navigate Australian banking with ease.

Contacts of companies offering the financial services:

AMP Bank

Address: 2-12 Macquarie St

Contact: 131 267

Web: www.amp.com.au

SWIFT: AMPBAU2S

Stock: AMP

ANZ Bank

Address: 833 Collins Street

Contact: 13-13-14

Web: www.anz.com

SWIFT: ANZBAU3M

Stock: ANZ

Australian Military Bank

Address: 45 Clarence St

Contact: 1300 13 23 28

Web: www.australianmilitarybank.com.au

SWIFT: AUMLAU21

Australian Mutual Bank

Address: 59 Buckingham St

Contact: 13 61 91

Web: australianmutual.bank

SWIFT: CUSCAU2S

Bank Australia

Address: 222 High Street

Contact: 132 888

Web: bankaust.com.au

SWIFT: CUSCAU2S

Bank First

Address: 117 Camberwell Rd

Contact: 1 300 654 822

Web: www.bankfirst.com.au

Bank of Queensland (BOQ)

Address: 100 Skyring Terrace

Contact: 1300 55 72 72

Web: www.boq.com.au

SWIFT: QBANAU4B

Stock: BOQ

BankSA

Address: 97 King William St

Contact: 13 13 76

Web: www.banksa.com.au

SWIFT: SGBLAU2S

Stock: WBC

BankVic

Address: 107 Victoria St

Contact: 13 63 73

Web: bankvic.com.au

Bankwest

Address: 300 Murray St

Contact: 13 17 19

Web: www.bankwest.com.au

SWIFT: BKWAAU6P

Stock: CBA

Bendigo Bank

Address: The Bendigo Centre

Contact: 1 300 361 911

Web: www.bendigobank.com.au

SWIFT: BENDAU3B

Stock: BEN

Beyond Bank Australia

Address: 100 Waymouth St

Contact: 13 25 85

Web: www.beyondbank.com.au

SWIFT: CUSCAU2S

Commonwealth Bank (CBA)

Address: 1 Harbour St

Contact: 13 22 21

Web: www.commbank.com.au

SWIFT: CTBAAU2S

Stock: CBA

Defence Bank

Address: 31 Queen St

Contact: 1 800 033 139

Web: www.defencebank.com.au

G&C Mutual Bank

Address: 201 Elizabeth Street

Contact: 1 300 364 400

Web: www.gcmutualbank.com.au

SWIFT: CUSCAU2S

Geelong Bank

Address: 107 Gheringhap Street

Contact: 1300-361-555

Web: geelongbank.com.au/savings-loans/home-loans/1-2-home-loan/?gclid=EAIaIQobChMI54i5ytaa_wIVi9SyCh2KPAJ_EAAYAiAAEgL0v_D_BwE

Greater Bank

Address: 103 Tudor Street

Contact: 13 13 86

Web: www.greater.com.au

SWIFT: ASLLAU2CGBS

MyState Bank

Address: 137 Harrington St

Contact: 13 80 01

Web: mystate.com.au

SWIFT: MSBBAU3S

Stock: MYS

NAB

Address: 800 Bourke Street

Contact: 13 22 65

Web: www.nab.com.au

SWIFT: NATAAU33

Stock: NAB

P&N Bank

Address: 556 Wellington St

Contact: 13 25 77

Web: www.pnbank.com.au

SWIFT: PNBLAU2P

Queensland Country Bank

Address: 333 Ross River Rd

Contact: 1 800 075 078

Web: www.queenslandcountry.bank

SWIFT: QCCNAU41

Rabobank

Address: 201 Sussex Street

Contact: 1 800 025 484

Web: www.rabobank.com.au

SWIFT: RABOAU2B

RACQ Bank

Address: 2649 Logan Rd

Contact: 13 19 05

Web: www.racq.com.au

SWIFT: QTMBAU41

St. George Bank

Address: 275 Kent Street

Contact: 13 33 30

Web: www.stgeorge.com.au

SWIFT: SGBLAU2S

Stock: WBC

Suncorp Bank

Address: 80 Ann Street

Contact: 13 11 55

Web: www.suncorpbank.com.au

SWIFT: METWAU4B

Stock: SUN

Virgin Money

Address: 100 Skyring Terrace

Contact: 13 81 51

Web: virginmoney.com.au

Stock: BOQ

Virgin Money

Address: 100 Skyring Terrace

Contact: 13 81 51

Web: virginmoney.com.au

Stock: BOQ

Westpac Bank

Address: 275 Kent Street

Contact: 13 20 32

Web: www.westpac.com.au

SWIFT: WPACAU2S

Stock: WBC

Find bank, branch or ATM

Locate the nearest financial services, interactive maps, and contact details across Australia.

Amount, $	Rate, %	Income, $
15 000	0,10%	15,00
15 000	0,10%	15,00
15 000	0,10%	15,00
27 000	3,40%	918,00
27 000	3,40%	918,00
27 000	3,40%	918,00
74 000	4,00%	2 960,00
74 000	4,00%	2 960,00
74 000	4,00%	2 960,00