Bank of Melbourne Maxi Saver

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

2.70% p.a. (for $0 and over)

Bank of Melbourne Maxi Saver

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

2.70% p.a. (for $0 and over)

Mozo Review   Bank of Melbourne Maxi Saver Review

Last updated: 20 December 2018.

What's hot:
  • 2.70% intro rate (for the first 3 months)

  • No monthly fees

What's not:
  • 0.50% ongoing interest rate

Mozo snapshot:

If you’re looking for a way to make your money work for you, you might want to look into a savings account. The Bank of Melbourne Maxi Saver starts out with a good 2.70% introductory rate for 3 months, but reverts to an unimpressive 0.50% interest rate. One good factor about the account is its lack of ongoing fees, which could otherwise eat into your stash.

Key features:

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 2.70% 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.

Any catches?

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.

Details

Rates and fees information correct as at 21 February 2019. 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: 0.50% p.a.

  • Balances from $0: 2.70% p.a.

  • Bonus rate for the first 3 months from account opening

Fees
  • $0.00

  • none

  • Unlimited transactions from phone and internet

  • none

  • none

  • none

  • $0.00

  • $2.50

  • none

  • $0.00

  • $0.00

  • none

Other financial bits
  • $1.00

  • $0.00

  • Monthly

Features
  • no

  • none

  • no

  • no

  • no

  • yes

  • no

  • yes

  • yes

  • no

  • no

  • Must link to a transaction account with this provider

  • none

  • none

Customer Reviews

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

Overall customer rating
8.1/10
Price
7.5/10
Features
7.3/10
Customer service
8.5/10
Convenience
8.2/10
Trust
8.2/10

Latest reviews of Bank of Melbourne Maxi Saver

  • Overall
    10/10
    Bank of Melbourne are fantastic

    They deliver superior services and I couldn't be happier recommending my local Branch at Waurn...

    They deliver superior services and I couldn't be happier recommending my local Branch at Waurn Ponds.

    Price
    10/10
    Features
    -
    Customer service
    -
    Convenience
    -
    Trust
    -

    Sharon | Victoria

    reviewed almost 2 years ago

  • Overall
    10/10
    The People's Bank

    Their bank fees are one of the lowest compared to other banks and they have a strong connection...

    Their bank fees are one of the lowest compared to other banks and they have a strong connection with people through their banking needs.

    Price
    8/10
    Features
    10/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10

    Andrew | Victoria

    reviewed over 2 years ago

  • Overall
    8/10
    Competent,courteous staff

    This Bank has very professional staff that are always cheerful, professional and courteous-they...

    This Bank has very professional staff that are always cheerful, professional and courteous-they go out of their way to assist and are not averse to redirecting one to alternative suppliers with better deals or more flexibility. They were there when I needed them not like two other Banks I hade been with for a number of years.

    Price
    8/10
    Features
    5/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10

    David | Victoria

    reviewed almost 3 years ago

  • Overall
    9/10
    Very good bank

    Very easy to talk too and customer service is great.

    Very easy to talk too and customer service is great.

    Price
    9/10
    Features
    9/10
    Customer service
    9/10
    Convenience
    7/10
    Trust
    8/10

    John | Victoria

    reviewed almost 3 years ago

  • Overall
    8/10
    Great customer service

    Caring staff

    Caring staff

    Price
    7/10
    Features
    4/10
    Customer service
    7/10
    Convenience
    8/10
    Trust
    8/10

    Brenda | Victoria

    reviewed about 3 years ago

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.

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