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
0.20% p.a.(for $0 and over)
Maximum rate
0.60% p.a. (for $0 and over)
Govt deposit guarantee
Yes up to $250,000
Interest rate
0.20% p.a.(for $0 and over)
Maximum rate
0.60% 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: 27 November 2020.

binocular icon
What's hot
  • Up to 0.60% maximum interest rate
  • No fees
  • ATM withdrawals
What's not
  • 0.20% interest rate if bonus conditions aren’t met
Mozo snapshot

With no account fees and a maximum interest rate of up to 0.60% 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 0.60% 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 0.20% 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 very no fees. 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.

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 0.80% 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 0.20%.

Details

Rates and fees information correct as at 21 January 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: 0.20% p.a.

  • Balances from $0: 0.60% 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 21 January 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: 0.20% p.a.

  • Balances from $0: 0.60% 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
8.1/10
Price
7.5/10
Features
7.3/10
Customer service
8.5/10
Convenience
8.2/10
Trust
8.3/10

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 about 1 year 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 2 years 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 4 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 5 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 5 years ago
Thumbnail icon for 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.

See Bank of Melbourne savings accounts

Thumbnail icon for MyState Bank

MyState Bank

Bonus Saver Account

1.20% p.a. (for $0 to $250,000)

0.10% p.a.(for $0 and over)

Yes up to $250,000

Thumbnail icon for HSBC

HSBC

Serious Saver

0.90% p.a. (for $0 to $1,000,000)

0.05% p.a.(for $0 and over)

Yes up to $250,000

Thumbnail icon for Up

Up

Saver Account

1.10% p.a. (for $0 to $1,000,000)

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

Yes up to $250,000

Thumbnail icon for Citi

Citi

Online Saver

1.10% p.a. (for $0 to $500,000)

0.35% p.a.(for $0 and over)

Yes up to $250,000

Thumbnail icon for Bank of Queensland

Bank of Queensland

Fast Track Saver Account

1.05% p.a. (for $1 to $250,000)

0.05% p.a.(for $1 and over)

Yes up to $250,000

Thumbnail icon for MyState Bank

MyState Bank

Bonus Saver Account

1.20% p.a. (for $0 to $250,000)

0.10% p.a.(for $0 and over)

Yes up to $250,000

Thumbnail icon for HSBC

HSBC

Serious Saver

0.90% p.a. (for $0 to $1,000,000)

0.05% p.a.(for $0 and over)

Yes up to $250,000

Thumbnail icon for Up

Up

Saver Account

1.10% p.a. (for $0 to $1,000,000)

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

Yes up to $250,000

Thumbnail icon for Citi

Citi

Online Saver

1.10% p.a. (for $0 to $500,000)

0.35% p.a.(for $0 and over)

Yes up to $250,000

Thumbnail icon for Bank of Queensland

Bank of Queensland

Fast Track Saver Account

1.05% p.a. (for $1 to $250,000)

0.05% p.a.(for $1 and over)

Yes up to $250,000

Thumbnail icon for Suncorp

Suncorp

Everyday Options Sub-account

No Current Offer

0.05% p.a.(for $0 and over)

Yes up to $250,000

Thumbnail icon for MyState Bank

MyState Bank

Bonus Saver Account

0.10% p.a.(for $0 and over)

1.20% p.a. (for $0 to $250,000)

Yes up to $250,000

Thumbnail icon for HSBC

HSBC

Serious Saver

0.05% p.a.(for $0 and over)

0.90% p.a. (for $0 to $1,000,000)

Yes up to $250,000

Thumbnail icon for Up

Up

Saver Account

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

1.10% p.a. (for $0 to $1,000,000)

Yes up to $250,000

Thumbnail icon for Bank of Queensland

Bank of Queensland

Fast Track Saver Account

0.05% p.a.(for $1 and over)

1.05% p.a. (for $1 to $250,000)

Yes up to $250,000

Thumbnail icon for Suncorp

Suncorp

Everyday Options Sub-account

0.05% p.a.(for $0 and over)

No Current Offer

Yes up to $250,000

Thumbnail icon for ANZ

ANZ

Progress Saver

0.01% p.a.(for $0 and over)

0.50% p.a. (for $0 and over)

Yes up to $250,000

Thumbnail icon for Newcastle Permanent

Newcastle Permanent

Smart Saver

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

1.55% p.a. (for $0 and over)

Yes up to $250,000

Thumbnail icon for UniBank

UniBank

Mighty Saver Account

0.10% p.a.(for $0 and over)

1.55% p.a. (for $0 and over)

Yes up to $250,000