Bank of Melbourne logo

Bank of Melbourne Incentive Saver Account

Advertiser disclosure

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 product that suits you best

  • Incentive Saver Account

  • Incentive Saver Account (Kids)

Interest rate
0.10% p.a.(for $0 and over)
Maximum rate
0.25% p.a. (for $0 and over)
Govt deposit guarantee
Yes up to $250,000
Interest rate
0.10% p.a.(for $0 and over)
Maximum rate
0.25% p.a. (for $0 and over)
Govt deposit guarantee
Yes up to $250,000

Mozo editorial review Bank of Melbourne Incentive Saver Account - last updated: 12 November 2021

binocular icon
What's hot
  • Up to 0.25% maximum interest rate
  • No fees
  • ATM withdrawals
What's not
  • 0.15% interest rate if bonus conditions aren’t met
Mozo snapshot

With no account-keeping fees and a maximum interest rate of up to 0.25% p.a, the Bank of Melbourne Incentive Saver Account could be a competitive place to stash your savings. There's no balance cap, meaning this maximum rate can be accessed as your savings keep growing. 

key icon
Key features

The Bank of Melbourne Incentive Saver Account really lives up to its name, with up to 0.25% p.a interest if you meet the bonus criteria.

You'll also need to grow your balance by at least $50 per month unless you're under the age of 21, in which case you'll simply need to increase it by $0.01. If you're unable to meet the requirements you'll receive the much lower base interest rate of 0.15% p.a.

Unlike many savings accounts, the Bank of Melbourne Incentive Saver also comes with ATM access, with unlimited free transactions at network ATMs (which also includes BankSA, St George and Westpac).

The savings account also comes with no fees except for an overdrawn fee. So, that's no upfront fees when opening the account, no ongoing account-keeping 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.

snapshot
Who is it good for

The Bank of Melbourne Incentive Saver Account could be a great match for someone who is looking to make consistent deposits on a sizeable savings balance so they can take advantage of the 0.25% interest rate.

question icon
Any catches

As we mentioned above, in order to make sure your savings are earning the maximum rate for your balance then you'll need to meet all of the requirements each month otherwise you'll earn the base rate of 0.15%.

Details

Rates and fees information correct as at 29 November 2021. 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: 0.10% p.a.

Balances from $0: 0.25% 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

$0.00

$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 29 November 2021. 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: 0.10% p.a.

Balances from $0: 0.25% 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
Price
Features
Customer service
Convenience
Trust

Latest reviews of Bank of Melbourne Incentive Saver Account Savings Account

About Bank of Melbourne