For savings accounts, the main thing you probably want to pay attention to is the special rate, which for this savings account is a competitive 2.00%. And this moves up to 2.30% if you have more than $100,000 in your account.
There are a couple of conditions to meet to score this rate though; the first is to make at least one deposit a month, the second is to not make any withdrawals in the month. Easy.
Unlike many savings accounts, the Bank of Melbourne Incentive Saver comes with ATM access, with unlimited free transactions at network ATMs. But while this is a handy feature, keep in mind that one of the bonus rate conditions is not making any withdrawals from the account. So if you do visit the ATM, your interest rate will drop to 0.80% for that month.
The savings account also comes with no fees at all, no upfront fees when opening the account, no ongoing fees and no sneaky fees for phone or internet banking. The only money coming out of this account is the money you take out of it.
You’re also able to bank the way you like with the Bank of Melbourne Incentive Saver Account, whether this is via internet, phone or in-branch. It also lets you connect your account with BPAY.
Who it's good for:
The Bank of Melbourne Incentive Saver Account is best for someone who is looking to make consistent deposits without making any withdrawals, although with ATM access included, if you do need to dip into your savings, doing so is hassle free.
It’s not really a catch, but to avoid the account reverting to the 0.80% interest rate, just make sure not to touch the money you put in there and make at least one deposit a month.