Bonuses and freebies are almost always popular – who doesn’t want to get something for nothing? Even some savings accounts offer special opening bonuses, allowing new users to get the most out of these accounts within the first few months of depositing their savings.
Compare savings account opening bonuses
Many savings account opening bonuses come in the form of high bonus interest rates on your savings. These higher rates allow you to maximise the interest you earn on the savings you deposit upon opening the account, so you can quickly grow your wealth.
It’s important to keep in mind that these high bonus interest rates won’t last forever. The opening bonuses for many savings accounts are available for a limited time only, commonly between three and six months of opening the account. After this introductory period expires, the savings account’s interest rate will revert to the base rate, which is typically much lower than the bonus rate.
Selected banks and financial institutions offer other opening bonuses with their savings accounts, such as bonus reward points for your credit card, or even cash bonuses, though these tend to be promotional offers with extremely limited availability.
Other savings account bonuses
Some savings accounts have bonus rates that don’t expire a pre-set number of months after opening the account, and could theoretically last indefinitely. For these accounts, receiving their high bonus interest rates typically depends on you fulfilling certain terms and conditions around how you use the account, such as:
- Making a minimum number of deposits per month.
- Making a minimum number of deposits per month, or depositing savings of a minimum value in the account each month.
- Making no withdrawals, or less than the maximum number of withdrawals per month.
- Making regular use of a linked transaction account with the same bank or finance institution.
As long as you can keep fulfilling your savings account’s bonus conditions, you can keep earning the bonus rate of interest on your savings.
Other savings account features to compare:
The opening bonus is just one feature to compare when trying to choose a savings account.
Depending on your household budget, and how you plan to use your savings account, there are other features and benefits worth comparing and considering:
- ATM and EFTPOS access can be helpful if you want to be able to access your savings while out and about.
- Branch access means you can have a face-to-face meeting with your local bank manager to discuss your savings plans, for that personal touch.
- Internet and BPAY facilities can allow you to manage your savings and finances quickly and simply at the touch of a button.
- Fees are worth considering when comparing savings accounts – high fees could end up costing you more than you earn in interest on your savings.
It’s important to remember that not every savings account will be ideally suited to every household’s finances. Comparing a range of different savings account options and carefully considering not only their bonus interest rates, but their other features and benefits, can help you to select a savings account that will help you to reach your financial goals.