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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| Bank | Savings Account | Base Interest Rate | Max Interest Rate | Total Interest Earned | Introductory Term | Minimum Amount | Maximum Amount | Linked Account Required | Minimum Monthly Deposit | Minimum Opening Deposit | Account Keeping Fee | ATM Access | Joint Application | Tags | Features | Link | Compare |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
4.40% p.a. | 5.75% p.a. Intro rate for 4 months then 4.40% p.a. | $980 | 4 months | $0 | $250,000 | $0 | $0 | $0 | Featured |
| |||||||
0.55% p.a. Bonus rate of 4.95% Conditions apply. | 5.50% p.a. | $1,128 | – | $0 | $100,000 | $1,000 | $0 | $0 | |||||||||
1.20% p.a. Bonus rate of 4.20% Conditions apply. | 5.40% p.a. | $1,107 | – | $0 | $250,000 | $1,000 | $0 | $0 | Featured |
| |||||||
4.75% p.a. | 5.35% p.a. Intro rate for 4 months then 4.75% p.a. | $1,001 | 4 months | $0 | $249,999 | $0 | $0 | $0 | Featured |
| |||||||
0.50% p.a. Bonus rate of 4.85% Conditions apply. | 5.35% p.a. | $1,097 | – | $1 | $50,000 | $500 | $1 | $0 |
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0.10% p.a. Bonus rate of 5.00% Conditions apply. | 5.10% p.a. | $1,044 | – | $0 | $250,000 | $200 | $0 | $0 | No monthly fees |
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0.05% p.a. Bonus rate of 4.95% Conditions apply. | 5.00% p.a. | $1,023 | – | $1 | $250,000 | $20 | $0 | $0 |
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0.05% p.a. Bonus rate of 5.45% Conditions apply. | 5.50% p.a. | $1,128 | – | $0 | $50,000 | $1,000 | $0 | $0 | For customers aged 14-35 years | ||||||||
0.05% p.a. Bonus rate of 5.30% Conditions apply. | 5.35% p.a. | $1,097 | – | $0 | $250,000 | $1,000 | $0 | $0 |
Image by Wee Ping Khoo via Unsplash
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