Bank of Melbourne Incentive Saver Account

This product is available in different versions. Pick the right version for you here.

The details shown below are for the Incentive Saver Account

The details shown below are for the Incentive Saver Account (Kids)

Choose the version of this loan that suits you best

  • Incentive Saver Account

  • Incentive Saver Account (Kids)

0.40% p.a.(for $0 and over)

1.60% p.a. (for $0 to $100,000)

Bank of Melbourne Incentive Saver Account

0.40% p.a.(for $0 and over)

1.60% p.a. (for $0 to $100,000)

0.40% p.a.(for $0 and over)

1.60% p.a. (for $0 to $100,000)

Bank of Melbourne Incentive Saver Account

0.40% p.a.(for $0 and over)

1.60% p.a. (for $0 to $100,000)

Mozo Review   Bank of Melbourne Incentive Saver Account Review

Last updated: 16 September 2019.

What's hot:
  • Up to 2.05% special rate (if balance grows by $50 in the month)

  • No fees

What's not:
  • 0.40% interest rate (if conditions aren’t met)

Mozo snapshot:

With Bank of Melbourne Incentive Saver Account you can earn a 1.60% interest rate on balances up to $100,000, 1.90% on balances between $100,000 and $250,000 and 2.05% 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 0.40%.

Key features:

When it comes to savings accounts, the main draw is probably the special rate, which for this savings account is a competitive 1.60% for balances up to $100,000. And this moves up to 1.90% if you have more than $100,000 in your account and 2.05% 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 0.40% 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 0.40% interest rate, just make sure not to touch the money you put in there and make at least one deposit a month.

Details

Rates and fees information correct as at 18 September 2019. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • Balances from $0: 0.40% p.a.

  • Balances from $0: 1.60% p.a.
    Balances from $100,000: 1.90% p.a.
    Balances from $250,000: 2.05% 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

  • n/a

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

  • $0.00

  • Bank of Melbourne, BankSA, St George, Westpac

  • n/a

  • $0.00

  • $0.00

  • $0.00

  • $0.00

  • $0.00

  • n/a

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

Details

Rates and fees information correct as at 18 September 2019. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • Balances from $0: 0.40% p.a.

  • Balances from $0: 1.60% p.a.
    Balances from $100,000: 1.90% p.a.
    Balances from $250,000: 2.05% p.a.

  • Grow the account balance by any amount each month.

Fees
  • $0.00

  • n/a

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

  • $0.00

  • Bank of Melbourne, BankSA, St George, Westpac

  • n/a

  • $0.00

  • $0.00

  • $0.00

  • $0.00

  • $0.00

  • n/a

Other financial bits
  • $1.00

  • $0.00

  • Monthly

Features
  • yes

  • $2,000.00

  • yes

  • no

  • no

  • yes

  • no

  • yes

  • yes

  • yes

  • yes

  • none

  • Receive a Four Park Pass to Phillip Island Nature Parks and Bank of Melbourne will adopt a penguin on your behalf for a year.

  • Up to 15

Customer Reviews

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

Overall customer rating
8.1/10
Price
7.5/10
Features
7.3/10
Customer service
8.5/10
Convenience
8.2/10
Trust
8.2/10

Latest reviews of Bank of Melbourne Incentive Saver Account

  • Overall
    8/10
    Excellent

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

    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
    Trust
    9/10

    Mary anne | Queensland

    reviewed 10 months ago

  • Overall
    10/10
    The best Bank

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

    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

    Tamaea | Victoria

    reviewed about 3 years ago

  • Overall
    7/10
    A good account for somebody Hoping to save

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

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

    Price
    9/10
    Features
    5/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10

    Jack | Victoria

    reviewed over 3 years ago

  • Overall
    9/10
    Great services

    Good service

    Good service

    Price
    5/10
    Features
    7/10
    Customer service
    10/10
    Convenience
    6/10
    Trust
    10/10

    Robert | Victoria

    reviewed over 3 years ago

  • Overall
    10/10
    Competitive rates - terrific customer service.

    Competitive rates - terrific customer service.

    Competitive rates - terrific customer service.

    Price
    9/10
    Features
    9/10
    Customer service
    10/10
    Convenience
    8/10
    Trust
    10/10

    Sue | Victoria

    reviewed over 3 years ago

Bank of Melbourne

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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