Bonus Rate Savings Accounts
Bonus Rate Savings Accounts are designed to reward savers who are committed to adding to their savings on a regular basis, usually monthly. The reward offered by the banks is a Bonus Interest rate that is added to your standard variable rate each month you meet the Bonus Rate conditions.
Two Bonus Rate conditions are common to the majority of the Bonus Rate Savings Accounts:
- Make a minimum deposit into your account each month, the amount of this deposit ranges from $10 up to $300.
- Make no withdrawals from your savings account during the month
Each month you meet these conditions your account will receive the bonus interest rate on top of the standard variable rate. Some Bonus Interest savings Accounts feature a ceiling amount above which the bonus amount is no longer paid, these ceiling amounts range from $250,000 up to $5 million.
A selection of Bonus Rate Savings Accounts are featured in the comparison table below along with our monthly interest calculator which is designed to help you assess the savings accounts based on how much interest you will earn each month given the amount you choose to deposit.