What is the new $250 Power Saving Bonus program?

In Victoria's 2022-23 Budget, the state government announced a once-off $250 payment for all Victorian households that use the Victorian Energy Compare (VEC) website – the Victorian Government’s independent price comparison website – to search for the cheapest electricity deal.

How to apply

You can apply for the new $250 Power Saving Bonus from 1 July 2022 by visiting the Victorian Energy Compare Website.

Victorians who do not have access to an electronic device or the internet can call the VEC helpline on 1800 000 832 or receive support from one of the Community Outreach Partners supporting the new $250 Power Saving Bonus program.

Who is eligible?

All Victorians are eligible for the $250 Power Savings Bonus.

Victorian households will need to:

  • Have a recent residential electricity bill and be the account holder for that bill
  • Visit the Victorian Energy Compare website or engage with an energy affordability service through one of our participating community outreach partners.

Only one Bonus is available per household.

You can register your interest on the Victorian Energy Compare website and enter your details to receive an invitation to apply when the $250 bonus program opens.

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Need somewhere to store cash and earn interest? The table below features savings accounts with some of the highest interest rates on the market.

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Filters
BankSavings AccountBase Interest Rate Max Interest Rate Total Interest Earned Introductory Term Minimum Amount Maximum Amount Minimum Monthly Deposit Minimum Opening Deposit ATM Access Joint Application TagsFeaturesLinkComparePromoted ProductDisclosure
3.70% p.a.
5.15% p.a.
Intro rate for 4 months
then 3.70% p.a.
$844
4 months
$0
$249,999
$0
$1
  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
 Disclosure
4.50% p.a.
4.85% p.a.
Intro rate for 4 months
then 4.50% p.a.
$933
4 months
$0
$99,999,999
$0
$0
  • Bonus variable rate for the first 4 months on balances up to $250k and high variable ongoing rates.
  • No fees and no monthly requirements to earn interest.
  • Easily open an account online in 3 minutes.
Disclosure
4.20% p.a.
4.95% p.a.
Intro rate for 4 months
then 4.20% p.a.
$899
4 months
$250,000
$99,999,999
$0
$0
  • Special offer: Savings Accelerator (Kick Starter offer).
  • For a limited time, new ING customers can get a bonus 0.75% p.a on their savings rate balances of $150,000 up to $500,000 for the first 4 months. T&Cs apply.
  • If your balance is over $500,000 (but less than $5 million) you will earn the ongoing variable rate of 4.20%
 Disclosure
3.05% p.a.
4.85% p.a.
Intro rate for 4 months
then 3.05% p.a.
$736
4 months
$0
$99,999,999
$0
$0
  • Earn 4.85% p.a. for the first 4 months
  • No minimum Balance
  • No monthly deposit or withdrawal required
0.00% p.a.
Bonus rate of 4.85%
Rate varies on savings amount.
4.85% p.a.
$992
–
$0
$99,999
$0
$0
  • Sign up with code SWIPE20 to score $20 after 5 card purchases in your first 30 days. See terms on the app store
  • Deposit $500+ per month from an external source to earn the bonus interest.
  • Tiered rates apply to savings balances.
 Disclosure
  • Bonus variable rate for the first 4 months on balances up to $250k and high variable ongoing rates.
  • No fees and no monthly requirements to earn interest.
  • Easily open an account online in 3 minutes.

More details
Important Information and Comparison Rate Warning

All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of . View disclaimer.

Important Information and Comparison Rate Warning
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