Reward Saver Account

A reward saver account is one where you contribute a specific amount of money each week into a savings account. Typically you cannot withdraw from the account, or their is a limit to how much, or how often you can withdraw. If you stick to the rules of the reward account the bank will in turn reward you for the consistent saving with a high interest rate.

This style of account typically yields the highest return. They occasionally even offer better interest than term deposits, which are thought of as the highest interest rate accounts.

Setting Up a Reward Saver Account

Setting up a reward saver account is just like setting up any sort of savings or every day account. If you find one that interests you, go into a branch and talk to the bank about setting one up.

Am I locked in?

You are not locked in like with a term deposit, however, to receive your interest for any given month you typically cannot withdraw any money. So I would only start this sort of an account if you can see it like you would a term deposit. It is untouchable (at least for the period you plan to save for).

Can I afford to save every week?

Saving is crucial; we all know this. However, you need to be able to survive, and sparing money to save is tough. That being said, usually to receive the high interest in a reward saver you only have to contribute a nominal fee, mostly around $50 a month. So it isn't too hard to maintain.


As always working out what to do with your money is tough. Always weigh up the options vigorously. Look at what you goals are and go from there. Good luck.