Important disclosure

Bank of Melbourne

Incentive Saver Account

Real Time Rating™

  • Bonus interest with conditions
  • Intro offer rate
  • App banking
  • Online banking

special

Add an extra 0.10% p.a. to your variable bonus rate for the first 3 months when you open online

Offer available from 17/03/2023 for a limited time only. New Incentive Saver customers only. Offer may be varied or withdrawn at any time.

2024 Award Winner

Maximum rate

5.25%

p.a

intro 3 months then 5.15%*

Base rate

1.85%

p.a

Real Time Rating™
Tags
  • Bonus interest with conditions
  • Intro offer rate
  • App banking
  • Online banking
Maximum rate

5.25%

p.a

intro 3 months then 5.15%*

Base rate

1.85%

p.a

Pros and cons

For Incentive Saver Account

Benefits

  • Maximum interest rate ranked in the best 20% (conditions may apply)
  • Ongoing bonus interest (conditions apply)
  • Special intro rate
  • No ongoing account fees
  • No minimum balance
  • Winner of Best Savings Account Regular Savers, RateCity Gold Awards 2024

Drawbacks

  • Intro rate limited to 3 months

Bank of Melbourne Rate Savings account overview

For Incentive Saver Account

Account Details

Maximum rate

5.25%

p.a

intro 3 months then 5.15%*

Minimum age restrictions

Base rate

1.85%

p.a

Maximum age restrictions

Maximum rate condition

*Grow your balance by at least $50 each month (...

Minimum opening deposit

$0

Interest calculation method

Whole Balance

Target Market Determination

Visit Bank of Melbourne to view Target Market Determination.

Features

Joint application available

Is online only

Methods of Access

Internet facility

ATM access

Phone facility

Eftpos facility

Branch access

App

App only

Fees

Eftpos fee

$0

ATM withdrawal fee

$0

Overseas eftpos fee

$0

Internet transaction fee

$0

Over the counter deposit fee

$0

Phone transaction fee

$0

Over the counter withdrawal fee

$0

Specials
  • Other Add an extra 0.10% p.a. to your variable bonus rate for the first 3 months when you open online
    Offer available from 17/03/2023 for a limited time only. New Incentive Saver customers only. Offer may be varied or withdrawn at any time.

Promoted savings accounts

Promoted

Macquarie Savings Account

Real Time Rating™
  • Intro offer rate
  • App banking
  • Online banking
  • Linked account required

2024 Award Winner

Maximum rate

5.35%

p.a

Base rate

4.75%

p.a

Promoted

High Interest Savings Account

Real Time Rating™
  • Intro offer rate
  • Online banking

2024 Award Winner

Maximum rate

5.75%

p.a

Base rate

4.40%

p.a

Promoted

Reward Saver

Real Time Rating™
  • Bonus interest with conditions
  • Intro offer rate
  • App banking
  • Online banking

*Deposit at least $50 and make and no withdrawals per month

Maximum rate

5.25%

p.a

Base rate

Not Applicable

Promoted

Westpac Life - 18 to 29 years old

Real Time Rating™
  • Bonus interest with conditions
  • App banking
  • Online banking
  • Linked account required

2024 Award Winner

*Make a deposit and make 5+ purchases on your Westpac Choice account each month

Maximum rate

5.20%*

p.a

Base rate

2.00%

p.a