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Bank of Melbourne Maxi Saver

Advertiser disclosure
Interest rate
0.05% p.a.(for $0 and over)
Maximum rate
0.30% p.a. (for $0 and over)
Govt deposit guarantee
Yes up to $250,000

Mozo editorial review Bank of Melbourne Maxi Saver - last updated: 17 September 2021

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What's hot
  • No monthly account fees
  • Multiple options for making transactions (phone, in-branch, online)
What's not
  • 0.05% ongoing interest rate
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.

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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 0.30% 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.

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Who is it 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.

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Any catches

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.

Details

Rates and fees information correct as at 18 October 2021. 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: 0.05% p.a.

Balances from $0: 0.30% p.a.

Bonus rate for the first 3 months from account opening

Fees

$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

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

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