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.
When talking about savings accounts, the first number to arise is usually the interest rate. The Bank of Melbourne Maxi Saver has a 0.45% 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.
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.
Keep an eye on the Bank of Melbourne Maxi Saver account’s interest rate, which drops considerably down to 0.05% after 3 months.
And if you’re using the Bank of Melbourne’s branch service, be aware that any withdrawals over the counter carries a $2.50 fee.
Balances from $0: 0.05% p.a.
Balances from $0: 0.45% p.a.
Bonus rate for the first 3 months from account opening
$0.00
n/a
Unlimited transactions from phone and internet
n/a
n/a
n/a
$0.00
$2.50
n/a
$0.00
$0.00
n/a
$1.00
$0.00
Monthly
no
none
no
no
no
yes
no
yes
yes
no
no
Must link to a transaction account with this provider
none
none
My bank is always available when I phone or pop in. Service is brilliant.
Read full reviewMy bank is always available when I phone or pop in. Service is brilliant.
They deliver superior services and I couldn't be happier recommending my local Branch at Waurn Ponds.
Read full reviewThey deliver superior services and I couldn't be happier recommending my local Branch at Waurn Ponds.
Their bank fees are one of the lowest compared to other banks and they have a strong connection with people through their banking needs.
Read full reviewTheir bank fees are one of the lowest compared to other banks and they have a strong connection with people through their banking needs.
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.
Read full reviewThis 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.
Very easy to talk too and customer service is great.
Read full reviewVery easy to talk too and customer service is great.
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.
MyState Bank
Bonus Saver Account
1.20% p.a. (for $0 to $250,000)
0.10% p.a.(for $0 and over)
Yes up to $250,000
HSBC
Serious Saver
0.30% p.a. (for $0 to $1,000,000)
0.15% p.a.(for $0 and over)
Yes up to $250,000
Bankwest
Hero Saver
0.80% p.a. (for $0 to $250,001)
0.01% p.a.(for $0 to $5,000,000)
Yes up to $250,000
Citi
Online Saver
1.10% p.a. (for $0 to $500,000)
0.35% p.a.(for $0 and over)
Yes up to $250,000
HSBC
Flexi Saver
0.25% p.a. (for $0 to $5,000,000)
0.05% p.a.(for $0 to $5,000,000)
Yes up to $250,000
Bank of Queensland
Fast Track Saver Account
1.05% p.a. (for $1 to $250,000)
0.05% p.a.(for $1 and over)
Yes up to $250,000
MyState Bank
Bonus Saver Account
1.20% p.a. (for $0 to $250,000)
0.10% p.a.(for $0 and over)
Yes up to $250,000
HSBC
Serious Saver
0.30% p.a. (for $0 to $1,000,000)
0.15% p.a.(for $0 and over)
Yes up to $250,000
Bankwest
Hero Saver
0.80% p.a. (for $0 to $250,001)
0.01% p.a.(for $0 to $5,000,000)
Yes up to $250,000
Up
Saver Account
0.70% p.a. (for $0 to $1,000,000)
0% p.a.(for $0 and over)
Yes up to $250,000
Citi
Online Saver
1.10% p.a. (for $0 to $500,000)
0.35% p.a.(for $0 and over)
Yes up to $250,000
HSBC
Flexi Saver
0.25% p.a. (for $0 to $5,000,000)
0.05% p.a.(for $0 to $5,000,000)
Yes up to $250,000
Bank of Queensland
Fast Track Saver Account
1.05% p.a. (for $1 to $250,000)
0.05% p.a.(for $1 and over)
Yes up to $250,000
Bankwest
Hero Saver
0.01% p.a.(for $0 to $5,000,000)
0.80% p.a. (for $0 to $250,001)
Yes up to $250,000
Up
Saver Account
0% p.a.(for $0 and over)
0.70% p.a. (for $0 to $1,000,000)
Yes up to $250,000
ANZ
Progress Saver
0.01% p.a.(for $0 and over)
0.40% p.a. (for $0 and over)
Yes up to $250,000
Newcastle Permanent
Smart Saver
0% p.a.(for $0 and over)
1.40% p.a. (for $0 and over)
Yes up to $250,000
Auswide Bank
Ziggy Kids Saver
0.01% p.a.(for $0 and over)
2.01% p.a. (for $0 and over)
Yes up to $250,000
