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)

0.25% p.a.(for $0 and over)

1.35% p.a. (for $0 to $100,000)

Bank of Melbourne Incentive Saver Account

0.25% p.a.(for $0 and over)

1.35% p.a. (for $0 to $100,000)

0.25% p.a.(for $0 and over)

1.35% p.a. (for $0 to $100,000)

Bank of Melbourne Incentive Saver Account

0.25% p.a.(for $0 and over)

1.35% p.a. (for $0 to $100,000)

Mozo Review   Bank of Melbourne Incentive Saver Account Review

Last updated: 13 February 2020.

What's hot:
  • Up to 1.70% maximum interest rate (for balance over $250,000)

  • No fees

  • ATM withdrawals

What's not:
  • 0.25% interest rate (if conditions aren’t met)

Mozo snapshot:

With no account fees and a maximum interest rate of up to 1.70% p.a (depending on your account balance), the Bank of Melbourne Incentive Saver Account could be a competitive place to stash your savings - especially for customers with higher balances.

Key features:


The Bank of Melbourne Incentive Saver Account really lives up to its name, with the account offering a more generous maximum interest rate for savers with larger account balances. Savers will be able to earn: 

• Up to 1.70% p.a for balances of $250,000 and above

• Up to 1.60% p.a for balances from $100,000 - $250,000

• Up to 1.35% p.a for balances from $0 - $100,000 

Just bear in mind that the interest rates above are all special rates, so on top of maintaining the minimum balance for each rate tier 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 0.25% 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 zero fees. So that's 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 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 maximum interest rate of 1.70% p.a.

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 ensure that you meet all of the requirements each month otherwise you'll earn the base rate of 0.25%.

Details

Rates and fees information correct as at 17 February 2020. 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: 0.25% p.a.

  • Balances from $0: 1.35% p.a.
    Balances from $100,000: 1.60% p.a.
    Balances from $250,000: 1.70% 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 17 February 2020. 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: 0.25% p.a.

  • Balances from $0: 1.35% p.a.
    Balances from $100,000: 1.60% p.a.
    Balances from $250,000: 1.70% 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 9/10
    Customer focused and excellent product offering.

    They offer excellent products, have highly skilled and friendly staff and have always been very helpful whenever I've needed them.

    Read full review

    They offer excellent products, have highly skilled and friendly staff and have always been very helpful whenever I've needed them.

    Price
    10/10
    Features
    10/10
    Customer service
    9/10
    Convenience
    8/10
    Trust
    9/10
    Less
    Jonathon, Victoria reviewed 4 months ago
  • Overall 8/10
    Excellent

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

    Read 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
    Trust
    9/10
    Less
    Mary anne, Queensland reviewed about 1 year ago
  • Overall 10/10
    The best Bank

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

    Read full review

    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
    Less
    Tamaea, Victoria reviewed over 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.

    Read full review

    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
    Less
    Jack, Victoria reviewed almost 4 years ago
  • Overall 9/10
    Great services

    Good service

    Read 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 4 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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