Compare intro rate savings accounts

Enter your balance to see the interest 22 intro rate savings accounts would pay you, and what each asks of you to earn its bonus, so your savings earn more.

New customers get a higher rate for the first few months. Look at the rate after the intro period ends too, since that's what you'll earn for most of the time you have the account.

Written byDavid Boyd

ING Savings Booster
Bonus rateIntro rateEligibility limits
Rate a year, with bonus
5.65%
Base rate
2.50%
Bonus rate
3.15%
Interest a month, at first
$47
Balance limit
None
Your balance in 1 year
$643 interest
Open account See details
Bankwest Easy Saver
Bonus rateIntro rateEligibility limits
Rate a year, with bonus
5.45%
Base rate
5.25%
Bonus rate
0.20%
Interest a month, at first
$45
Balance limit
None
Your balance in 1 year
$620 interest
Open account See details
Bank Australia Bonus Saver
Bonus rateIntro rateEligibility limits
Rate a year, with bonus
5.35%
Base rate
0.10%
Bonus rate
5.25%
Interest a month, at first
$45
Balance limit
None
Your balance in 1 year
$608 interest
Open account See details
ubank Save account
Bonus rateIntro rate
Rate a year, with bonus
5.35%
Base rate
Not published
Bonus rate
5.35%
Interest a month, at first
$45
Balance limit
None
Your balance in 1 year
$608 interest
Open account See details
Revolut Instant Access Savings
No conditionsIntro rate
Rate a year, with bonus
5.30%
Base rate
5.30%
Bonus rate
None
Interest a month, at first
$44
Balance limit
None
Your balance in 1 year
$602 interest
Open account See details
Dnister Bank Max Saver
Bonus rateIntro rateEligibility limits
Rate a year, with bonus
5.25%
Base rate
0.05%
Bonus rate
5.20%
Interest a month, at first
$44
Balance limit
$1,000,000
Your balance in 1 year
$596 interest
Open account See details
MyState Bank Hello Saver account
No conditionsIntro rate
Rate a year, with bonus
5.25%
Base rate
5.25%
Bonus rate
None
Interest a month, at first
$44
Balance limit
None
Your balance in 1 year
$596 interest
Open account See details
Rabobank High Interest Savings Account
No conditionsIntro rate
Rate a year, with bonus
4.15%
Base rate
4.15%
Bonus rate
None
Interest a month, at first
$35
Balance limit
None
Your balance in 1 year
$469 interest
Open account See details
BOQ Specialist 32 Day Notice Account
No conditionsIntro rateEligibility limits
Rate a year, with bonus
4.00%
Base rate
4.00%
Bonus rate
None
Interest a month, at first
$33
Balance limit
None
Your balance in 1 year
$452 interest
Open account See details
First Option Bank Save Account
No conditionsIntro rate
Rate a year, with bonus
3.55%
Base rate
3.55%
Bonus rate
None
Interest a month, at first
$30
Balance limit
None
Your balance in 1 year
$400 interest
Open account See details
IMB Bank Reward Saver Account
Bonus rateIntro rate
Rate a year, with bonus
3.45%
Base rate
0.00%
Bonus rate
3.45%
Interest a month, at first
$29
Balance limit
None
Your balance in 1 year
$389 interest
Open account See details
Regional Australia Bank Savings Account
No conditionsIntro rateEligibility limits
Rate a year, with bonus
3.25%
Base rate
3.25%
Bonus rate
None
Interest a month, at first
$27
Balance limit
None
Your balance in 1 year
$366 interest
Open account See details
CommBank NetBank Saver
No conditionsIntro rateEligibility limits
Rate a year, with bonus
2.30%
Base rate
2.30%
Bonus rate
None
Interest a month, at first
$19
Balance limit
None
Your balance in 1 year
$258 interest
Open account See details
Westpac ESaver
Bonus rateIntro rateEligibility limits
Rate a year, with bonus
1.80%
Base rate
1.25%
Bonus rate
0.55%
Interest a month, at first
$15
Balance limit
None
Your balance in 1 year
$201 interest
Open account See details
Bank of Melbourne Maxi Saver
Bonus rateIntro rateEligibility limits
Rate a year, with bonus
1.70%
Base rate
1.25%
Bonus rate
0.45%
Interest a month, at first
$14
Balance limit
None
Your balance in 1 year
$190 interest
Open account See details
BankSA Maxi Saver
Bonus rateIntro rateEligibility limits
Rate a year, with bonus
1.70%
Base rate
1.25%
Bonus rate
0.45%
Interest a month, at first
$14
Balance limit
None
Your balance in 1 year
$190 interest
Open account See details
St. George Bank Maxi Saver
Bonus rateIntro rateEligibility limits
Rate a year, with bonus
1.70%
Base rate
1.25%
Bonus rate
0.45%
Interest a month, at first
$14
Balance limit
None
Your balance in 1 year
$190 interest
Open account See details
Credit Union SA Netsave Account
No conditionsIntro rate
Rate a year, with bonus
1.25%
Base rate
1.25%
Bonus rate
None
Interest a month, at first
$10
Balance limit
None
Your balance in 1 year
$140 interest
Open account See details
bcu Bonus Saver
No conditionsIntro rateEligibility limits
Rate a year, with bonus
0.05%
Base rate
0.05%
Bonus rate
None
Interest a month, at first
$0
Balance limit
$5,000,000
Your balance in 1 year
$6 interest
Open account See details
P&N Bank Hi Saver Account
No conditionsIntro rateEligibility limits
Rate a year, with bonus
0.05%
Base rate
0.05%
Bonus rate
None
Interest a month, at first
$0
Balance limit
$5,000,000
Your balance in 1 year
$6 interest
Open account See details

Rates are variable and can change at any time. Balances are estimates before tax, at today's rates, with interest added monthly at the rate for the balance at the time. Some banks pay a balance band's rate only on the part of the balance inside it, and an introductory rate ends after its set time.

Intro rate savings accounts at a glance

Worked out from the 22 accounts from 22 banks we compare on this page.

Typical top rate

3.35%

Half the accounts pay between 1.70% and 5.25% at their best.

Typical base rate

1.25%

What you earn without meeting any bonus conditions.

With an intro rate

22 of 22

accounts pay a higher rate for the first few months only.

Bonus conditions

8 with conditions14 without

How top rates are spreadNumber of accounts in each band. The most common is 5–6%.

The short version

Intro rates are higher rates for new customers, usually for three to six months.
After that the rate drops to the standard rate.
Look at the rate after the intro period, since that's what you'll earn most of the time.

How intro rates work

Banks offer new customers a higher rate for the first few months, usually three to six. After that, the account drops to its standard rate, which can be much lower.

An intro rate can be worth having for money you're saving for a short time. For longer savings, compare the ongoing rate, and set a reminder for when the intro period ends.

Pros

A boost to your interest for the first few months.
Useful for parking money you'll need soon.
Often no conditions during the intro period.

Cons

The rate falls when the intro period ends.
Usually only for new customers to that bank.
Moving your money to chase the next offer takes effort.

Alternatives

A savings account with no conditions, which pays the same rate whatever you do.
A bonus saver, which can pay a high rate for as long as you meet the conditions.
A term deposit, which locks your rate for a set time. It suits money you won't need, and protects you from rate cuts.

How to open one

Most banks let you open an account with an intro rate online in about ten minutes.

Have your ID ready. A driver's licence or passport, and your tax file number so you're not taxed at the top rate on the interest.
Link an everyday account. Most savings accounts move money through a linked transaction account, often with the same bank.
Set up a regular transfer. An automatic transfer on payday makes saving the default, and helps meet any deposit condition.
Set a reminder. Note the date the intro rate ends, so you can check whether to stay or move.

Questions people ask

What happens when the intro rate ends?

The account switches to its standard rate, which can be much lower. Nothing else changes, so you can keep the account or move your money.

Is my money safe in a savings account?

Savings with an Australian bank, building society or credit union are covered by the government's Financial Claims Scheme, up to $250,000 per person per bank. Check that the provider is an authorised deposit-taking institution.

Can my savings rate change?

Yes. Savings rates are variable, so the bank can change them at any time, usually after Reserve Bank moves. Check your rate every few months.