Bank of Melbourne logo

Bank of Melbourne Maxi Saver

Advertiser disclosure
Interest rate
1.10% p.a.(for $0 and over)
Maximum rate
5.35% p.a. (for $0 and over)
Govt deposit guarantee
Yes up to $250,000

Mozo editorial review Bank of Melbourne Maxi Saver - last updated: 13 February 2024

binocular icon
What's hot
  • No monthly account-keeping fees
  • Multiple options for making transactions (phone, in-branch, online)
  • 5.35% p.a. introductory rate (first three months only)
  • Offer: Open your Maxi Saver account online and get a bonus 0.10% p.a. savings rate
What's not
  • 1.10% 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.

key icon
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 5.00% introductory rate for the first three months, before dropping to a low 1.10% rate afterwards. 

Offer: If you open your Bank of Melbourne Maxi Saver account digitally, then you might qualify for an additional 0.35% p.a. on top of your introductory savings rate (T&Cs apply).  

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-keeping fee.  Just keep in mind there is a $15 overdraw 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.  

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.


snapshot
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.

question icon
Any catches

Keep an eye on the Bank of Melbourne Maxi Saver account’s interest rate, which drops considerably down to 1.10% p.a.  after 3 months. 

Details

Rates and fees information correct as at 20 June 2024. 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: 1.10% p.a.

Balances from $0: 5.35% p.a.

Bonus rate for the first 3 months from account opening. Including a 0.35% bonus for new accounts opened online.

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

n/a

no

no

no

yes

no

yes

yes

no

no

Must link to a transaction account with this provider

0.10% extra bonus rate if the account is opened online.

none

Customer Reviews

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

Overall
7.7/10
Price
7.6/10
Features
7.4/10
Customer service
8.5/10
Convenience
8.0/10
Trust
8.2/10
Based on 180 Bank of Melbourne savings account reviews as rated by the Mozo customers. More about the Mozo Customer Ratings.
Mozo recommends that ratings are only one factor to be taken into account when deciding whether to take up any financial product offer.

Latest reviews of Bank of Melbourne Maxi Saver Savings Account

About Bank of Melbourne

Thumbnail icon for Rabobank
Rabobank

High Interest Savings Account

5.75% p.a. (for $0 to $250,001)

4.40% p.a.(for $0 to $250,001)

Yes up to $250,000

Thumbnail icon for Macquarie
Macquarie

Savings Account

5.35% p.a. (for $0 to $250,000)

4.75% p.a.(for $0 to $1,000,000)

Yes up to $250,000

Thumbnail icon for Rabobank
Rabobank

PremiumSaver

5.45% p.a. (for $0 to $250,001)

1.50% p.a.(for $0 and over)

Yes up to $250,000

Thumbnail icon for ING
ING

Savings Maximiser

5.50% p.a. (for $0 to $100,000)

0.55% p.a.(for $0 and over)

Yes up to $250,000

Thumbnail icon for IMB Bank
IMB Bank

Reward Saver Account

5.25% p.a. (for $0 to $1,000,000)

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

Yes up to $250,000

Thumbnail icon for MyState Bank
MyState Bank

Bonus Saver Account

5.00% p.a. (for $0 to $250,000)

0.05% p.a.(for $0 and over)

Yes up to $250,000

Thumbnail icon for First Option Bank
First Option Bank

Savings+Bonus

5.00% p.a. (for $0 to $250,000)

2.00% p.a.(for $0 to $250,000)

Yes up to $250,000

Thumbnail icon for ING
ING

Savings Accelerator

3.35% p.a. (for $0 to $50,000)

2.85% p.a.(for $0 to $50,000)

Yes up to $250,000

Thumbnail icon for Rabobank
Rabobank

High Interest Savings Account

5.75% p.a. (for $0 to $250,001)

Yes up to $250,000

4.40% p.a.(for $0 to $250,001)

Thumbnail icon for Macquarie
Macquarie

Savings Account

5.35% p.a. (for $0 to $250,000)

Yes up to $250,000

4.75% p.a.(for $0 to $1,000,000)

Thumbnail icon for IMB Bank
IMB Bank

Reward Saver Account

5.25% p.a. (for $0 to $1,000,000)

Yes up to $250,000

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

Thumbnail icon for ING
ING

Savings Maximiser

5.50% p.a. (for $0 to $100,000)

Yes up to $250,000

0.55% p.a.(for $0 and over)

Thumbnail icon for Rabobank
Rabobank

PremiumSaver

5.45% p.a. (for $0 to $250,001)

Yes up to $250,000

1.50% p.a.(for $0 and over)

Thumbnail icon for MyState Bank
MyState Bank

Bonus Saver Account

5.00% p.a. (for $0 to $250,000)

Yes up to $250,000

0.05% p.a.(for $0 and over)

Thumbnail icon for First Option Bank
First Option Bank

Savings+Bonus

5.00% p.a. (for $0 to $250,000)

Yes up to $250,000

2.00% p.a.(for $0 to $250,000)

Thumbnail icon for ING
ING

Savings Accelerator

3.35% p.a. (for $0 to $50,000)

Yes up to $250,000

2.85% p.a.(for $0 to $50,000)

Thumbnail icon for ING
ING

Savings Maximiser

0.55% p.a.(for $0 and over)

5.50% p.a. (for $0 to $100,000)

Yes up to $250,000

Thumbnail icon for IMB Bank
IMB Bank

Reward Saver Account

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

5.25% p.a. (for $0 to $1,000,000)

Yes up to $250,000

Thumbnail icon for MyState Bank
MyState Bank

Bonus Saver Account

0.05% p.a.(for $0 and over)

5.00% p.a. (for $0 to $250,000)

Yes up to $250,000

Thumbnail icon for Rabobank
Rabobank

Notice Saver

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

4.90% p.a. (for $0 to $250,001)

Yes up to $250,000

Thumbnail icon for First Option Bank
First Option Bank

Kids Bonus Saver

0.05% p.a.(for $0 and over)

0.85% p.a. (for $5,556 to $50,001)

Yes up to $250,000

Thumbnail icon for Auswide Bank
Auswide Bank

Ziggy Kids Saver

0.01% p.a.(for $0 and over)

3.01% p.a. (for $0 and over)

Yes up to $250,000

Thumbnail icon for ANZ
ANZ

Progress Saver

0.01% p.a.(for $0 and over)

4.25% p.a. (for $0 and over)

Yes up to $250,000

Compare other savings accounts