Many savings accounts offer bonus interest to help you save money, which is a rate on top of the base interest rate.
Bonus interest provides an incentive for savers but also usually comes with conditions and restrictions to qualify for the bonus interest. This can include having to deposit a certain amount of money in the account each month, having a limited amount in the account at all times or making no withdrawals.
Bonus interest is also used as a marketing strategy to lure customers to sign up to the account but offers the bonus interest for a limited time. You can still benefit from this but make sure you check the base rates and bonus interest conditions when comparing savings accounts.
The table to the right displays some of today’s highest interest rates for online savings accounts.