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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

Name
Incentive Saver Account
Incentive Saver Account (Kids)
  • Incentive Saver Account
  • Incentive Saver Account (Kids)
Interest rate
1.85% p.a.(for $0 and over)
Maximum rate
5.25% p.a. (for $0 to $250,000)
Govt deposit guarantee
Yes up to $250,000
Interest rate
1.85% p.a.(for $0 and over)
Maximum rate
5.15% p.a. (for $0 to $250,000)
Govt deposit guarantee
Yes up to $250,000

Mozo editorial review Bank of Melbourne Incentive Saver Account - last updated: 26 March 2024

binocular icon
What's hot
  • Up to 5.15% p.a. introductory interest rate (subject to eligibility criteria)
  • No fees
  • ATM withdrawals
What's not
  • 1.85% interest rate if bonus conditions aren’t met
  • Balances of $250,000 and over qualify for a reduced interest rate of 4.85% p.a.
Mozo snapshot

With no account-keeping fees and a maximum introductory interest rate of up to 5.15% p.a for customers who meet the eligibility criteria, the Bank of Melbourne Incentive Saver Account could be a competitive place to stash your savings. 

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Key features

The Bank of Melbourne Incentive Saver Account really lives up to its name, with an introductory interest rate of up to 5.15% p.a for the first three months (on balances under $250,000), if you meet the bonus criteria and open the account online. After the first three months, the interest rate on the Incentive Saver Account drops down to 5.00% p.a. for balances up to $250,000.

This savings account usually has a base rate of 1.85% p.a., but includes a bonus rate of 3.30% p.a. if you 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). The extra 0.10% p.a. is an additional bonus rate offered for the first three months for new customers who open their account online. 

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 5.15% bonus and introductory interest rate.

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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 1.85%.

Details

Rates and fees information correct as at 25 June 2024. 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: 1.85% p.a.

Balances from $0: 5.25% p.a.
Balances from $250,000: 5.00% p.a.

Intro bonus rate of 5.25% for balances up to $250,000 for the first 3 months, reverting to 5.15%. Balance must grow by at least $50 a month. If under 21, balance must grow by $0.01 a month (excluding interest).

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

0.10% extra intro bonus rate if the account is opened online.

none

Details

Rates and fees information correct as at 25 June 2024. 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: 1.85% p.a.

Balances from $0: 5.15% p.a.
Balances from $250,000: 5.00% p.a.

Intro bonus rate of 5.25% for balances up to $250,000 for the first 3 months, reverting to 5.15%. 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

$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

0.10% extra intro bonus rate if the account is opened online. $30 cash back for customers aged 18 or under who open a new Incentive Saver account or Complete Freedom transaction account so that they have both and deposit $100 into the Incentive Saver.

Up to 15

Customer Reviews

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

Overall
7.7/10
Price
7.6/10
Features
7.4/10
Customer service
8.5/10
Convenience
8.0/10
Trust
8.2/10
Based on 180 Bank of Melbourne savings account reviews as rated by the Mozo customers. More about the Mozo Customer Ratings.
Mozo recommends that ratings are only one factor to be taken into account when deciding whether to take up any financial product offer.

Latest reviews of Bank of Melbourne Incentive Saver Account Savings Account

About Bank of Melbourne

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Rabobank

High Interest Savings Account

5.75% p.a. (for $0 to $250,001)

4.40% p.a.(for $0 to $250,001)

Yes up to $250,000

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Macquarie

Savings Account

5.35% p.a. (for $0 to $250,000)

4.75% p.a.(for $0 to $1,000,000)

Yes up to $250,000

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Rabobank

PremiumSaver

5.45% p.a. (for $0 to $250,001)

1.50% p.a.(for $0 and over)

Yes up to $250,000

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ING

Savings Maximiser

5.50% p.a. (for $0 to $100,000)

0.55% p.a.(for $0 and over)

Yes up to $250,000

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IMB Bank

Reward Saver Account

5.25% p.a. (for $0 to $1,000,000)

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

Yes up to $250,000

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MyState Bank

Bonus Saver Account

5.00% p.a. (for $0 to $250,000)

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

Yes up to $250,000

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First Option Bank

Savings+Bonus

5.00% p.a. (for $0 to $250,000)

2.00% p.a.(for $0 to $250,000)

Yes up to $250,000

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ING

Savings Accelerator

3.35% p.a. (for $0 to $50,000)

2.85% p.a.(for $0 to $50,000)

Yes up to $250,000

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Rabobank

High Interest Savings Account

5.75% p.a. (for $0 to $250,001)

Yes up to $250,000

4.40% p.a.(for $0 to $250,001)

Thumbnail icon for Macquarie
Macquarie

Savings Account

5.35% p.a. (for $0 to $250,000)

Yes up to $250,000

4.75% p.a.(for $0 to $1,000,000)

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IMB Bank

Reward Saver Account

5.25% p.a. (for $0 to $1,000,000)

Yes up to $250,000

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

Thumbnail icon for ING
ING

Savings Maximiser

5.50% p.a. (for $0 to $100,000)

Yes up to $250,000

0.55% p.a.(for $0 and over)

Thumbnail icon for Rabobank
Rabobank

PremiumSaver

5.45% p.a. (for $0 to $250,001)

Yes up to $250,000

1.50% p.a.(for $0 and over)

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MyState Bank

Bonus Saver Account

5.00% p.a. (for $0 to $250,000)

Yes up to $250,000

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

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First Option Bank

Savings+Bonus

5.00% p.a. (for $0 to $250,000)

Yes up to $250,000

2.00% p.a.(for $0 to $250,000)

Thumbnail icon for ING
ING

Savings Accelerator

3.35% p.a. (for $0 to $50,000)

Yes up to $250,000

2.85% p.a.(for $0 to $50,000)

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Rabobank

PremiumSaver

1.50% p.a.(for $0 and over)

5.45% p.a. (for $0 to $250,001)

Yes up to $250,000

Thumbnail icon for ING
ING

Savings Maximiser

0.55% p.a.(for $0 and over)

5.50% p.a. (for $0 to $100,000)

Yes up to $250,000

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IMB Bank

Reward Saver Account

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

5.25% p.a. (for $0 to $1,000,000)

Yes up to $250,000

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MyState Bank

Bonus Saver Account

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

5.00% p.a. (for $0 to $250,000)

Yes up to $250,000

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Rabobank

Notice Saver

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

4.90% p.a. (for $0 to $250,001)

Yes up to $250,000

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First Option Bank

Kids Bonus Saver

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

0.85% p.a. (for $5,556 to $50,001)

Yes up to $250,000

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Auswide Bank

Ziggy Kids Saver

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

3.01% p.a. (for $0 and over)

Yes up to $250,000

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ANZ

Progress Saver

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

4.25% p.a. (for $0 and over)

Yes up to $250,000

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