Do savings accounts offer cash bonuses?

No, high interest savings accounts rarely offer cash bonus or cashback deals to new customers. However, they do offer something else instead: more interest. These accounts are called introductory saver accounts (or honeymoon savers). These accounts offer a higher, special interest rate to new customers for a certain amount of time, usually 3–5 months, as an incentive to switch and open an account.

Is the bonus rate on a savings account a special offer?

The bonus rate on a savings account is different to time-limited special offers banks use to entice customers. The bonus rate on a savings account is the maximum rate of interest you can earn if you meet the bank's criteria. This usually involves depositing a certain amount each month or depositing more than you withdraw.

How many bank accounts can you open?

You can open as many bank accounts as you like. Or rather, as many as each bank will let you open. There are no real limits with a bank account, unlike with credit cards and loans. But if you're planning to open multiple transaction accounts to take advantage of cash bonuses or other special offers the banks are way ahead of you. These offers always limit the number of bonuses available per customer.

The best bank account sign up bonuses & offers 2025

1 - 12 of 180

Product	Finder Score	Maximum Variable Rate p.a.	Base interest rate	Intro/Ongoing	Government Guarantee	Monthly Max Rate Conditions
Rabobank High Interest Savings Account	Finder score 8 Great	Maximum Variable Rate p.a. 5.45%	Standard Variable Rate p.a. 4.00%	Intro/Ongoing 4 months	Government Guarantee	Monthly Max Rate Conditions Balances up to $250,000	Earn a high interest rate of 5.45% for the first 4 months and then 4% thereafter, with $0 account keeping fees and no monthly balance requirements.	Go to site View details Compare	loading Fetching your data...
Suncorp Bank Growth Saver Account	Finder score 8.7 Great	Maximum Variable Rate p.a. 4.80%	Standard Variable Rate p.a. 0.35%	Intro/Ongoing Ongoing	Government Guarantee	Monthly Max Rate Conditions Grow balance by $200 each month (excl. interest) Only 1 withdrawal No balance limit on earning interest	Get a solid interest rate on your entire balance, with minimal conditions in order to get the max rate. This account doesn’t offer card access but you can make 1 withdrawal per month & grow your net balance by $200 (excl. interest) to earn the max rate.	Go to site View details Compare	loading Fetching your data...
Bank of Queensland Simple Saver Account	Finder score 8.5 Great	Maximum Variable Rate p.a. 4.55%	Standard Variable Rate p.a. 4.55%	Intro/Ongoing Ongoing	Government Guarantee	Monthly Max Rate Conditions Balances up to $5,000,000	Open up to 9 accounts to take control of your savings and don't worry about meeting fiddly conditions or paying frustrating fees.	Go to site View details Compare	loading Fetching your data...
St.George Incentive Saver	Finder score 9.1 Excellent	Maximum Variable Rate p.a. 5.00%	Standard Variable Rate p.a. 0.40%	Intro/Ongoing Ongoing	Government Guarantee	Monthly Max Rate Conditions Grow balance $50 ($0.01 if under 21) Balance up to $249,999.99	Extra 0.10% p.a. for 3 months for new customers who apply online, balances under $250k.	Go to site View details Compare	loading Fetching your data...
Macquarie Savings Account	Finder score 8.8 Great	Maximum Variable Rate p.a. 5.10%	Standard Variable Rate p.a. 4.75%	Intro/Ongoing 4 months	Government Guarantee	Monthly Max Rate Conditions Balances up to $250,000	Earn 5.1% p.a. for the first 4 months then 4.75% p.a. ongoing with no conditions to meet. Earn the ongoing rate on balances up to $1 million.	Go to site View details Compare	loading Fetching your data...
ING Savings Maximiser Most Loved	Finder score 9.7 Excellent	Maximum Variable Rate p.a. 5.40%	Standard Variable Rate p.a. 0.05%	Intro/Ongoing Ongoing	Government Guarantee	Monthly Max Rate Conditions Deposit $1,000 5 transactions Grow your balance Balances up to $100,000	Go to site View details Compare	loading Fetching your data...
Newcastle Permanent Smart Saver Account	Finder score 7.7 Great	Maximum Variable Rate p.a. 4.25%	Standard Variable Rate p.a. 0.05%	Intro/Ongoing Ongoing	Government Guarantee	Monthly Max Rate Conditions Grow balance No more than 2 withdrawals	Go to site View details Compare	loading Fetching your data...
ING Savings Accelerator ($150,000 - $500,000) Most Loved	Finder score 8.5 Great	Maximum Variable Rate p.a. 5.15%	Standard Variable Rate p.a. 4.45%	Intro/Ongoing 4 months	Government Guarantee	Monthly Max Rate Conditions Welcome rate applies up to $500K	Ideal for higher balances, savers can earn up to 5.15% for the first 4 months and up to 4.45% thereafter. There are no conditions and $0 account-keeping fees.	Go to site View details Compare	loading Fetching your data...
Bank of Queensland Future Saver Account - 14 to 35 years	Finder score 9.4 Excellent	Maximum Variable Rate p.a. 5.25%	Standard Variable Rate p.a. 0.05%	Intro/Ongoing Ongoing	Government Guarantee	Monthly Max Rate Conditions Deposit $1,000 5 eligible transactions Balances up to $50,000	Go to site View details Compare	loading Fetching your data...
BCU Bonus Saver	Finder score 2.2 Basic	Maximum Variable Rate p.a. 4.75%	Standard Variable Rate p.a. 0.25%	Intro/Ongoing 4 months	Government Guarantee	Monthly Max Rate Conditions N/A	Go to site View details Compare	loading Fetching your data...
IMB Reward Saver Kick Start	Finder score 9.3 Excellent	Maximum Variable Rate p.a. 5.00%	Standard Variable Rate p.a. 0.00%	Intro/Ongoing Ongoing	Government Guarantee	Monthly Max Rate Conditions Deposit $20+ each month No withdrawals	You can open this account if you are aged 13 to 17, or if you're a student, trainee or apprentice aged 18 to 30.	Go to site View details Compare	loading Fetching your data...
First Option Bank Kids Bonus Saver	Finder score 9.3 Excellent	Maximum Variable Rate p.a. 5.30%	Standard Variable Rate p.a. 0.05%	Intro/Ongoing Ongoing	Government Guarantee	Monthly Max Rate Conditions Deposit $5 each month No withdrawals Balances up to $5,555	Go to site View details Compare	loading Fetching your data...

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How the Finder Score helps you find a better savings account

The Finder Score is a simple score out of 10. The higher a savings account's score, the better we think it is for the average customer.

We score each savings account in our database of hundreds based on a data-driven methodology with 2 main criteria: Does the account offer a high interest rate? And is it easy for savers to actually earn that rate?

Read the full Finder Score breakdown

1 - 8 of 8

Product	Monthly fee	Govt. Guarantee	Own network ATM fee	Card type
Suncorp Bank Everyday Options Account Apple Pay Google Pay	Monthly fee $0	Government Guarantee	Own network ATM fee $0	Card type Visa	Eligible Visa Debit cardholders can get cashback when using their card to shop at partner retailers. You can link up to 9 sub-accounts to your Everyday Options Account to help you manage your budget and different expenses.	Go to site More info Compare	loading Fetching your data...
St.George Complete Freedom Account Apple Pay Google Pay Samsung Pay	Monthly fee $0	Government Guarantee	Own network ATM fee $0	Card type Visa	Get $40 cashback on groceries when you spend $160 on your digital Visa Debit card within 60 days at Woolworths or Coles. New customers only. (T&C’s apply).	Go to site More info Compare	loading Fetching your data...
ING Orange Everyday Account Apple Pay Google Pay	Monthly fee $0	Government Guarantee	Own network ATM fee $0	Card type Visa	1% cashback on utility bills (T&Cs apply) Access unlimited rebates on all international transaction fees when the account conditions are met.	Go to site More info Compare	loading Fetching your data...
HSBC Everyday Global Account Finder AwardApple Pay Google Pay10 Currencies	Monthly fee $0	Government Guarantee	Own network ATM fee $0	Card type Visa	Earn 2% cashback on tap and pay purchases.	More info Compare	loading Fetching your data...
Virgin Money Go Account Apple Pay Google Pay Samsung Pay	Monthly fee $0	Government Guarantee	Own network ATM fee $0	Card type Visa	Earn Virgin Money Points as you spend with your debit card	More info Compare	loading Fetching your data...
NAB Classic Banking with Platinum Visa Debit Card Apple Pay Google Pay Samsung Pay Garmin Pay	Monthly fee $10	Government Guarantee	Own network ATM fee $0	Card type Visa	Complimentary travel insurance and cashback on tap and go purchases	More info Compare	loading Fetching your data...
Australian Military Bank Military Rewards Account Apple Pay Google Pay Samsung Pay Garmin Pay	Monthly fee $4	Government Guarantee	Own network ATM fee $0	Card type Visa	Earn 1% cashback on tap and go purchases under $100, up to the value of $25 a month	More info Compare	loading Fetching your data...
Macquarie Bank Transaction Account Finder AwardApple Pay Google Pay	Monthly fee $0	Government Guarantee	Own network ATM fee $0	Card type Mastercard	Earn 2.5% p.a. interest on your transaction account balance.	More info Compare	loading Fetching your data...

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Cash bonus offers. If you meet the criteria you can get cash in your bank account when you open it. Cash bonuses are normally around $50–$100 at most.
Cashback. Some accounts let you earn cashback based on money you spend. This is normally limited to 1–2% of what you spend. It may be capped at a set amount or limited to specific types of transaction.
Points. Credit cards often come with reward points based on how much you spend. But sometimes debit cards and even transaction accounts let you earn points.
Introductory savings rates. Savings accounts may come with a special, higher interest rate for the first few months. After that, the account interest rate will be smaller.
Fee waivers. Banks often waive application or annual fees on bank products for a limited time.
Interest-free periods. Balance transfer credit cards typically offer interest-free periods. This means you can move outstanding balances to the new card and get a break from interest charges while you pay it off.
Complimentary travel insurance. Many credit cards have complimentary travel insurance. But sometimes you can get this with a transaction account and debit card too.

Bonus offers are for transaction accounts, not savings accounts

Banks use special offers and deals on transaction accounts and linked credit or debit cards. This is to encourage people to sign up and spend using the accounts.

These offers are much rarer on savings accounts because these accounts are aimed at building up savings over time and earning interest.

Cashback vs cash bonuses

Cash bonuses

A one-off deposit of cash in your account after you open it. This is usually no more than $100.
You have to meet criteria, such as making a certain number of transactions or depositing a certain amount into the account each month.
You may need to keep the account open for a few months before you get the cash.

Cashback

A bank account cashback is more of an ongoing perk than a one-off payment.
You can earn a percentage of your spending back, usually 1–2%.
Cashback applies to a specific type of spending. For example, a 1% cashback on your utility bills or 2% for every purchase you make via tap and pay.

What other special offers can I get from a bank?

Credit card offers

Plenty of banks have introductory credit card offers. This includes $0 annual fees, long interest-free periods and the ability to earn bonus points.

Home loan cashback

Some lenders offer generous cashback to entice borrowers to refinance their home loans. You can get up to $4,000 with a home loan cashback. This can offset any switching fees. You need to open a bank account with the same bank or lender to qualify.

Frequently asked questions

No, high interest savings accounts rarely offer cash bonus or cashback deals to new customers. However, they do offer something else instead: more interest. These accounts are called introductory saver accounts (or honeymoon savers).
These accounts offer a higher, special interest rate to new customers for a certain amount of time, usually 3–5 months, as an incentive to switch and open an account.
You can open as many bank accounts as you like. Or rather, as many as each bank will let you open. There are no real limits with a bank account, unlike with credit cards and loans.
But if you're planning to open multiple transaction accounts to take advantage of cash bonuses or other special offers the banks are way ahead of you. These offers always limit the number of bonuses available per customer.

Thank you for your feedback!

To make sure you get accurate and helpful information, this guide has been edited by Jason Loewenthal as part of our fact-checking process.

Written by

Alison Banney

Editorial Manager, Money

Alison is an editor at Finder and a personal finance journalist with over 10 years of experience, having contributed to major financial institutions and publications such as Westpac, Money Magazine, and Yahoo Finance. She is frequently quoted in media outlets like SmartCompany and SBS, offering expert insights on superannuation and money management. Alison holds a Bachelor of Communications in Public Relations and Journalism from the University of Newcastle, and has earned three ASIC RG146 certifications in superannuation, securities and managed investments and general financial advice, ensuring her expertise is fully aligned with ASIC standards. See full bio

Alison's expertise

Alison has written 639 Finder guides across topics including:

Superannuation
Savings accounts, bank accounts and term deposits
Budgeting and money-saving hacks
Managing the cost of living

Co-written by

Richard Whitten

Money Editor

Richard Whitten is Finder’s Money Editor, with over seven years of experience in home loans, property and personal finance. His insights appear in top media outlets like Yahoo Finance, Money Magazine, and the Herald Sun, and he frequently offers expert commentary on television and radio, helping Australians navigate mortgages and property ownership. Richard holds multiple industry certifications, including a Certificate IV in Mortgage Broking (RG 206) and Tier 1 and Tier 2 certifications (RG 146), as well as a Graduate Certificate in Communications from Deakin University. See full bio

Richard's expertise

Richard has written 608 Finder guides across topics including:

Home loans
Property
Personal finance
Money-saving tips

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New bank account sign up bonuses & offers

Many banks have special offers for new customers who open accounts, including cashback, bonus offers and fee waivers.