When talking savings accounts, the first number to arise is usually the interest rate. Well, with the Bank of Melbourne Maxi Saver account the first 3 months come with a strong 2.85% interest rate to boost your stash. Unfortunately this does drop down to a 0.50% rate afterwards.
This account is pretty scant on fees and you can easily go the accounts entire existence without ever paying one, as there is no ongoing monthly account fees. Although, there is a $2.50 over the counter withdrawal fee.
You’ll also find any array of ways to connect to your account, including online banking, phone transactions and in-branch service.
Lastly, to get access to the Maxi Saver account, you’ll need to have a Bank of Melbourne everyday transaction account linked and a minimum deposit of at least $1.
Who it's good for:
Pre-existing Bank of Melbourne customers who already have an Everyday Transaction Account and are looking for a boost in their savings interest for a couple months, would likely benefit most from this account.
The big catch is that the interest rate reverts to a not so enticing 0.50% after the 3 months introductory rate. So if you’re looking for a high rate long term, you will be disappointed.