Savings Account Bonus Rate Conditions Explained
Why the advertised rate requires monthly conditions — and how to reliably qualify.
Why savings accounts have conditions
Most high-interest savings accounts advertise a headline rate that is only paid when you meet a set of monthly conditions. This is called a bonus rate — the rate you earn on top of a much lower base rate (often 0.01–0.50% p.a.).
Banks use conditions to attract engaged customers who deposit regularly, use linked transaction accounts, and keep balances growing. If you miss the conditions, you earn the base rate for that month — sometimes effectively zero.
The most common reason rates drop
Making a withdrawal from a NAB Reward Saver, not growing the balance in an ANZ Plus account, or missing the $1,000 deposit into an ING Savings Maximiser — any of these drops your rate to the base for that month. The fix is to understand your account's specific conditions and set up a reminder or automatic transfer.
Conditions compared — all major accounts
| Account | Max rate | Conditions | Withdrawals? | Difficulty |
|---|---|---|---|---|
| Rabobank HISA | 5.90% intro (4m), then 4.00% | None after intro — rate applies automatically | Allowed | Easy |
| ubank Save | 5.85% intro, 5.10% ongoing | Grow combined Save balances each month | Allowed (balance must still grow) | Easy |
| ING Savings Maximiser | 5.50% p.a. | Deposit $1,000+ AND make 5+ card purchases per month | Allowed | Moderate |
| Suncorp Growth Saver | 5.50% p.a. | Net balance grows by $200+ (interest excluded) | Max 1 per month | Moderate |
| ANZ Plus Growth Saver | 5.10% p.a. | Grow balance by $100+ net of interest per month | Allowed (balance must still grow by $100+) | Easy |
| CommBank GoalSaver | 5.00% p.a. | Deposit any amount + end month with higher balance | Allowed (balance must be higher at month end) | Easy |
| NAB Reward Saver | 5.00% p.a. | 1 deposit by second last banking day of month + no withdrawals | None allowed — any withdrawal = 0.01% base | Restrictive |
| Great Southern Goal Saver | 5.10% p.a. | Receive $500+ into linked Everyday Edge + 5 Visa Debit purchases from Everyday Edge | Allowed | Moderate |
Rates verified May 2026. Compare all savings accounts →
Tips for reliably earning the bonus rate
Set up an automatic transfer
For deposit-based conditions (ING, NAB, CommBank), set a monthly automatic transfer from your everyday account. Even a small amount satisfies the deposit condition — NAB only requires one deposit of any amount.
Route your salary through it
For ING Savings Maximiser, having your salary credited to the linked Orange Everyday account automatically satisfies the $1,000 deposit condition. The 5 card purchases are easy to meet with day-to-day spending.
Keep a separate spending account
For no-withdrawal accounts like NAB Reward Saver, keep an everyday transaction account for spending and only move money into the savings account. Treat it as a locked savings pool.
Check the calendar cutoff
NAB Reward Saver requires a deposit by the "second last banking day" of the month — not month end. This is typically the 28th or 29th. NAB provides a calendar tool to find the exact date each month.
No-condition alternatives
If managing monthly conditions feels like too much work, two accounts pay competitive rates with no ongoing conditions:
- Rabobank HISA — 4.00% p.a. ongoing, no conditions, no balance cap up to $250,000
- Macquarie Savings Account — 4.75% p.a. ongoing (after 4-month intro), no conditions, up to $2,000,000
You give up 0.75–1.50% p.a. compared to the best conditional accounts, but the simplicity means you'll never accidentally drop to 0.01%.
FAQs
Why did my savings account rate drop to 0.01%?
Most high-interest savings accounts pay a bonus rate only when monthly conditions are met. If you missed a condition — didn't deposit enough, made a withdrawal, or didn't make the required card purchases — your rate reverts to the base rate for that month. The base rate is often 0.01% p.a. (NAB, ING) or similarly low. Check your account's conditions and which one you missed.
What are the most common savings account conditions?
The most common conditions are: (1) deposit a minimum amount each month (e.g., $1,000 for ING, $200 net growth for Suncorp); (2) make a minimum number of card purchases (e.g., 5 purchases for ING and Great Southern Bank); (3) make no withdrawals (NAB Reward Saver); (4) grow your balance by a set amount (ubank, ANZ Plus, CommBank GoalSaver). Most accounts require 1–3 conditions to be met each calendar month.
Which savings accounts have the easiest conditions?
Rabobank High Interest Savings Account has no ongoing conditions — the 4.00% ongoing rate applies automatically after the 4-month intro period ends. Macquarie Savings Account also has no conditions after the intro period (4.75% p.a. ongoing). Among conditional accounts, CommBank GoalSaver is relatively easy — just deposit any amount and end the month with a higher balance than the start.
Does making a withdrawal disqualify me from the bonus rate?
It depends on the account. NAB Reward Saver requires zero withdrawals in the month — any withdrawal drops you to 0.01% base rate. Suncorp Growth Saver allows a maximum of one withdrawal while still qualifying. ING Savings Maximiser, CommBank GoalSaver, and ubank Save all allow withdrawals as long as the balance-growth or deposit conditions are met.
If I miss the conditions one month, do I lose the rate permanently?
No. Bonus rate conditions reset each calendar month. If you miss the conditions in May, you earn the base rate for May but can qualify again in June by meeting the conditions that month. There is no penalty beyond losing that month's bonus interest.
Related
- Term deposit vs savings account — when a fixed rate makes more sense
- Best Savings Accounts 2026 — top picks ranked by rate and conditions
- Compare all savings accounts
This page is for general information only. Conditions and rates are subject to change. Confirm current conditions with each bank before opening an account. Rates verified May 2026.