Bank of Melbourne Maxi Saver

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

2.85% p.a. (for $0 and over)

 

Bank of Melbourne Maxi Saver Review

Review published: 16 October 2018

What's hot:

  • 2.85% 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 2.85% 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 2.85% 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.

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.

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

Product Type Overall Rating Price Features Service Convenience Trust
8.1

Based on 162
Bank of Melbourne savings accounts reviews

7.5 7.3 8.5 8.2 8.2

Read Bank of Melbourne savings account reviews by the Mozo community

Latest reviews of Bank of Melbourne Maxi Saver

Bank of Melbourne

Bank of Melbourne Maxi Saver savings account review

Overall rating   10 / 10

Bank of Melbourne are fantastic

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

Full review

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

    Price   10 / 10

Less

Sharon, Victoria, reviewed over 1 year ago

Bank of Melbourne

Bank of Melbourne Maxi Saver savings account review

Overall rating   10 / 10

The People's Bank

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

Full review

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

Less

Andrew, Victoria, reviewed almost 2 years ago

Bank of Melbourne

Bank of Melbourne Maxi Saver savings account review

Overall rating   8 / 10

Competent,courteous staff

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...

Full review

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

Less

David, Victoria, reviewed over 2 years ago

Bank of Melbourne

Bank of Melbourne Maxi Saver savings account review

Overall rating   9 / 10

Very good bank

Very easy to talk too and customer service is great.

Full review

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

Less

John, Victoria, reviewed over 2 years ago

Bank of Melbourne

Bank of Melbourne Maxi Saver savings account review

Overall rating   8 / 10

Great customer service

Caring staff

Full review

Caring staff

    Price   7 / 10

    Features   4 / 10

    Customer service   7 / 10

    Convenience   8 / 10

    Trust   8 / 10

Less

Brenda, Victoria, reviewed over 2 years ago

Mozo may receive a payment from financial providers listed on the site. Customer reviews are in no way affected by any commercial relationships Mozo has with providers. Reviewers may receive a voucher from Mozo in exchange for their review. Vouchers are given to all reviewers who meet our review guidelines regardless of the sentiment of their reviews.

Rates

  • Balances from $0: 0.50% p.a.

  • Balances from $0: 2.85% 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

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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