Choose the version of this product that suits you best
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Incentive Saver Account |
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Incentive Saver Account (Kids) |
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.
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.
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.
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%.
Balances from $0: 1.85% p.a. |
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Balances from $0: 5.25% p.a. |
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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). |
$0.00 |
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n/a |
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Unlimited transactions from network ATM, phone, internet, EFTPOS and counter deposits and withdrawals |
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$0.00 |
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Bank of Melbourne, BankSA, St George, Westpac |
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$0.00 |
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$0.00 |
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$0.00 |
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$0.00 |
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$0.00 |
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$0.00 |
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n/a |
$1.00 |
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$0.00 |
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Monthly |
yes |
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$2,000.00 |
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yes |
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no |
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no |
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yes |
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no |
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yes |
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yes |
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yes |
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yes |
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none |
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0.10% extra intro bonus rate if the account is opened online. |
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none |
Balances from $0: 1.85% p.a. |
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Balances from $0: 5.15% p.a. |
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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. |
$0.00 |
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n/a |
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Unlimited transactions from network ATM, phone, internet, EFTPOS and counter deposits and withdrawals |
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$0.00 |
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Bank of Melbourne, BankSA, St George, Westpac |
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$0.00 |
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$0.00 |
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$0.00 |
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$0.00 |
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$0.00 |
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$0.00 |
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n/a |
$1.00 |
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$0.00 |
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Monthly |
yes |
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$2,000.00 |
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yes |
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no |
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no |
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yes |
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no |
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yes |
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yes |
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yes |
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yes |
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none |
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0.10% extra intro bonus rate if the account is opened online. |
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Up to 15 |
The customer service can be exceptional over the phone, when you're prepared to wait & also in an actual bank. However, I'm in a country town. In which they shut down the bank & the ATM. The only way to do banking was online & you had to figure out for yourself that you could use a Westpac ATM. As, there was no notification given. A couple of years down the track now, we may be able to do banking in the Westpac branch. The closest Bank of Melbourne branch is an hour away. I still bank with them due to their service when I need it & the products are okay. Better then the competition.
Read full reviewThe customer service can be exceptional over the phone, when you're prepared to wait & also in an actual bank. However, I'm in a country town. In which they shut down the bank & the ATM. The only way to do banking was online & you had to figure out for yourself that you could use a Westpac ATM. As, there was no notification given. A couple of years down the track now, we may be able to do banking in the Westpac branch. The closest Bank of Melbourne branch is an hour away. I still bank with them due to their service when I need it & the products are okay. Better then the competition.
When there is a problem such as transferring from one bank account to another we had our accounts frozen until we could provide evidence were the money came from. We made numerous calls from our mobile and inside the bank itself. It was a total disgrace bank of Melbourne treated like criminals always using the excuse of money laundering or scams. When we have been loyal customers for many years and this is how you are treated disgusting.
Read full reviewWhen there is a problem such as transferring from one bank account to another we had our accounts frozen until we could provide evidence were the money came from. We made numerous calls from our mobile and inside the bank itself. It was a total disgrace bank of Melbourne treated like criminals always using the excuse of money laundering or scams. When we have been loyal customers for many years and this is how you are treated disgusting.
They offer excellent products, have highly skilled and friendly staff and have always been very helpful whenever I've needed them.
Read full reviewThey offer excellent products, have highly skilled and friendly staff and have always been very helpful whenever I've needed them.
Westpac is a reliable bank. They have very good security and very good online service.
Read full reviewWestpac is a reliable bank. They have very good security and very good online service.
I will stay with this bank forever, I love it!
Read full reviewI will stay with this bank forever, I love it!
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
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
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
Reward Saver
5.25% p.a. (for $0 to $100,000)
0.30% p.a.(for $0 and over)
Yes up to $250,000
AMP Saver Account
5.40% p.a. (for $0 to $250,000)
1.20% p.a.(for $0 to $5,000,000)
Yes up to $250,000
Save Account
5.10% p.a. (for $0 to $250,000)
0.10% p.a.(for $0 and over)
Yes up to $250,000
Hero Saver
4.60% p.a. (for $0 to $250,001)
1.00% p.a.(for $0 to $5,000,001)
Yes up to $250,000
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)
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)
Save Account
5.10% p.a. (for $0 to $250,000)
Yes up to $250,000
0.10% p.a.(for $0 and over)
AMP Saver Account
5.40% p.a. (for $0 to $250,000)
Yes up to $250,000
1.20% p.a.(for $0 to $5,000,000)
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)
Hero Saver
4.60% p.a. (for $0 to $250,001)
Yes up to $250,000
1.00% p.a.(for $0 to $5,000,001)
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)
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
Reward Saver
0.30% p.a.(for $0 and over)
5.25% p.a. (for $0 to $100,000)
Yes up to $250,000
AMP Saver Account
1.20% p.a.(for $0 to $5,000,000)
5.40% p.a. (for $0 to $250,000)
Yes up to $250,000
Save Account
0.10% p.a.(for $0 and over)
5.10% p.a. (for $0 to $250,000)
Yes up to $250,000
Hero Saver
1.00% p.a.(for $0 to $5,000,001)
4.60% p.a. (for $0 to $250,001)
Yes up to $250,000
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
Ziggy Kids Saver
0.01% p.a.(for $0 and over)
3.01% p.a. (for $0 and over)
Yes up to $250,000
Mighty Saver Account
1.20% p.a.(for $0 and over)
No Current Offer
Yes up to $250,000