What is a reward-saver account?
This is a high-yield savings account that offers a bonus interest rate for which you must meet certain criteria:
- have a certain account balance
- top up your account a certain number of times or amount
- no withdrawals from the account for a certain time
Do Australian banks set no withdrawal criteria on savings accounts?
Banks generally allow withdrawals from savings accounts, but some financial institutions may limit the number of transactions you can make in a month.
Do I need a current account in the same bank to open a reward-saver account?
Banks usually do not make such requirements, although it depends on the individual bank.
Calculate income on a savings account for 1 year (example):
| Amount, $ | Rate, % | % income |
| 12 000 | 0,10% | 12,00 |
| 12 000 | 0,10% | 12,00 |
| 12 000 | 0,10% | 12,00 |
| 22 000 | 3,20% | 704,00 |
| 22 000 | 3,20% | 704,00 |
| 22 000 | 3,20% | 704,00 |
| 54 000 | 3,90% | 2 106,00 |
| 54 000 | 3,90% | 2 106,00 |
| 54 000 | 3,90% | 2 106,00 |
