The 'steep penalty' behind the attractive bonus savings account rates

By Esther Han, Consumer Affairs Editor
Updated September 9 2016 - 11:18am, first published August 14 2016 - 12:15am
Since becoming an apprentice carpenter, Sydneysider Sean Hourigan has found it harder to earn the bonus interest each month but is still getting a decent rate. Photo: James Brickwood
Since becoming an apprentice carpenter, Sydneysider Sean Hourigan has found it harder to earn the bonus interest each month but is still getting a decent rate. Photo: James Brickwood
If life intervenes, "bonus" account holders could be penalised with 0 per cent interest.
If life intervenes, "bonus" account holders could be penalised with 0 per cent interest.

If you have a "bonus" savings account that rewards you with extra interest if you meet the conditions each month, now is the time to reassess whether it's working for you.

Subscribe now for unlimited access.

$0/

(min cost $0)

or signup to continue reading

See subscription options

Get the latest Gloucester news in your inbox

Sign up for our newsletter to stay up to date.

We care about the protection of your data. Read our Privacy Policy.