Bank of Melbourne Maxi Saver

Mozo snapshot:

If you’re looking for an account that won’t cost you an arm and a leg to open and maintain, then the Bank of Melbourne Maxi Saver account could be the one for you. One of the account’s key benefits is that it lacks ongoing fees, which could otherwise eat into your stash.

Key features:

When talking about savings accounts, the first number to arise is usually the interest rate. The Bank of Melbourne Maxi Saver has a 1.45% maximum rate for the first three months, before dropping to a low 0.05% rate afterwards. 

The good news is, this account is pretty scant on fees and you can easily go through the account’s entire existence without ever paying one, as there is no ongoing monthly account fees. But keep in mind 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. So whether you prefer to manage your account at home or in-person, the Bank of Melbourne Maxi Saver account caters for both.  

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 want to avoid the pain of fees eating into their savings, would likely benefit most from this account.