Bank of Melbourne Maxi Saver

0.10% p.a.(for $0 and over)

1.70% p.a. (for $0 and over)

Bank of Melbourne Maxi Saver

0.10% p.a.(for $0 and over)

1.70% p.a. (for $0 and over)

Mozo Review   Bank of Melbourne Maxi Saver Review

Last updated: 13 February 2020.

What's hot:
  • No monthly account fees

  • Multiple options for making transactions (phone, in-branch, online)

What's not:
  • 0.10% 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 features:

When talking about savings accounts, the first number to arise is usually the interest rate. The Bank of Melbourne Maxi Saver has a 1.70% maximum rate for the first three months, before dropping to a low 0.10% 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.

Who it's 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.

Any catches?

Keep an eye on the Bank of Melbourne Maxi Saver account’s interest rate, which drops considerably down to 0.10% 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 27 February 2020. 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: 0.10% p.a.

  • Balances from $0: 1.70% 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

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 Ponds.

    Read full review

    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
    -
    Less
    Sharon, Victoria reviewed almost 3 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 with people through their banking needs.

    Read 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 over 3 years ago
  • Overall 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 when I needed them not like two other Banks I hade been with for a number of years.

    Read 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 almost 4 years ago
  • Overall 9/10
    Very good bank

    Very easy to talk too and customer service is great.

    Read 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 almost 4 years ago
  • Overall 8/10
    Great customer service

    Caring staff

    Read full review

    Caring staff

    Price
    7/10
    Features
    4/10
    Customer service
    7/10
    Convenience
    8/10
    Trust
    8/10
    Less
    Brenda, Victoria reviewed about 4 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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