Bank of Melbourne Incentive Saver Account

0.80% p.a.(for $0 and over)

2.00% p.a. (for $0 to $100,000)

 

Bank of Melbourne Incentive Saver Account Review

Rates and fees information correct as at 19 December 2018.

Review published: 7 June 2018

What's hot:

  • Up to 2.45% special rate (if balance grows by $50 in the month)

  • No fees

What's not:

  • 0.80% interest rate (if conditions aren’t met)

Mozo snapshot:

With Bank of Melbourne Incentive Saver Account you can earn a 2.00% interest rate on balances up to $100,000, 2.30% on balances between $100,000 and $250,000 and 2.45% on balance over that, as long as you grow your balance by at least $50 in a month (or by $0.01 if you're under 21). The account also comes with no fees, as well as features such as BPAY and ATM access. Although keep in mind that if you don’t meet the monthly criteria for the special rate, the interest rate does drop to 0.80%.

Key features:

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% for balances up to $100,000. And this moves up to 2.30% if you have more than $100,000 in your account and 2.45% once your balance climbs above $250,000.

To be eligible for this rate, you'll need to grow your balance by just $0.01 if you're under 21 and by $50 a month if you're over 21. 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. 

Any catches?

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.

How are Bank of Melbourne savings accounts rated by the Mozo community?

Product Type Overall Rating Price Features Service Convenience Trust
8.1

Based on 164
Bank of Melbourne savings accounts reviews

7.5 7.3 8.5 8.2 8.2

Read Bank of Melbourne savings account reviews by the Mozo community

Latest reviews of Bank of Melbourne Incentive Saver Account

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Bank of Melbourne Incentive Saver Account savings account review

Overall rating   8 / 10

Excellent

Westpac is a reliable bank. They have very good security and very good online service.

Full review

Westpac is a reliable bank. They have very good security and very good online service.

    Price   8 / 10

    Features   9 / 10

    Customer service   8 / 10

    Convenience   8 / 10

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Less

Mary anne, Queensland, reviewed 16 days ago

Bank of Melbourne

Bank of Melbourne Incentive Saver Account savings account review

Overall rating   10 / 10

The best Bank

I will stay with this bank forever, I love it!

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I will stay with this bank forever, I love it!

    Price   6 / 10

    Features   7 / 10

    Customer service   9 / 10

    Convenience   6 / 10

    Trust   10 / 10

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Tamaea, Victoria, reviewed over 2 years ago

Bank of Melbourne

Bank of Melbourne Incentive Saver Account savings account review

Overall rating   7 / 10

A good account for somebody Hoping to save

Great bank account, just wish the interest rate was slightly higher.

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Great bank account, just wish the interest rate was slightly higher.

    Price   9 / 10

    Features   5 / 10

    Customer service   10 / 10

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Jack, Victoria, reviewed over 2 years ago

Bank of Melbourne

Bank of Melbourne Incentive Saver Account savings account review

Overall rating   9 / 10

Great services

Good service

Full review

Good service

    Price   5 / 10

    Features   7 / 10

    Customer service   10 / 10

    Convenience   6 / 10

    Trust   10 / 10

Less

Robert, Victoria, reviewed almost 3 years ago

Bank of Melbourne

Bank of Melbourne Incentive Saver Account savings account review

Overall rating   10 / 10

Competitive rates - terrific customer service.

Competitive rates - terrific customer service.

Full review

Competitive rates - terrific customer service.

    Price   9 / 10

    Features   9 / 10

    Customer service   10 / 10

    Convenience   8 / 10

    Trust   10 / 10

Less

Sue, Victoria, reviewed almost 3 years ago

Mozo may receive a payment from financial providers listed on the site. Customer reviews are in no way affected by any commercial relationships Mozo has with providers. Reviewers may receive a voucher from Mozo in exchange for their review. Vouchers are given to all reviewers who meet our review guidelines regardless of the sentiment of their reviews.

Rates

  • Balances from $0: 0.80% p.a.

  • Balances from $0: 2.00% p.a.
    Balances from $100,000: 2.30% p.a.
    Balances from $250,000: 2.45% p.a.

  • Balance must grow by at least $50 a month. If under 21, balance must grow by $0.01 a month.

Fees

  • $0.00

  • none

  • Unlimited transactions from network ATM, phone, internet, EFTPOS and counter deposits and withdrawals

  • $0.00

  • Bank of Melbourne, BankSA, St George, Westpac

  • none

  • $0.00

  • $0.00

  • $0.00

  • $0.00

  • $0.00

  • none

Other financial bits

  • $1.00

  • $0.00

  • Monthly

Features

  • yes

  • $2,000.00

  • yes

  • no

  • no

  • yes

  • no

  • yes

  • yes

  • yes

  • yes

  • none

  • none

  • none

About Bank of Melbourne

Formerly St.George in Victoria, The Bank of Melbourne provides a banking alternative to customers with its large range of products in home, personal and business banking. Based in Victoria the Bank of Melbourne offers its customers bank accounts, credit cards, term deposits, private banking services, home loans and personal loans.

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