Bank of Melbourne offers a range of savings accounts designed to cater to various customers' needs.
While the bank offers robust online and mobile banking platforms, its physical branch presence is primarily in Victoria. This local focus might deter those who live outside the state and prefer in-person banking.
|
Product |
Unique features |
Bonus interest criteria |
|
Incentive Saver Account |
Offers a higher interest rate to those who commit to growing their savings balance every month. |
Grow balance by at least $50 a month Maximum interest only applicable to balances under $250,000. |
|
Maxi Saver |
Offers a standard variable rate on all balances, as well as a higher introductory rate. |
Introductory bonus rate available for the first three months. Ongoing standard variable rate after the first 3 months. No limit on deposit amounts or bonus rate conditions. |
|
Retirement Access Plus Account |
Transaction account for those aged 55 years and over, offering tiered interest rates benefiting larger balances. |
Transaction account with attached Visa debit card. Interest rates vary across different balance tiers, with higher rates for larger balances. |
Incentive Saver
This account is designed to reward regular savers with a higher interest rate.
The account offers a variable interest rate, with a competitive bonus rate applied when you meet certain deposit conditions each month.
If the bonus criteria is not met, the account earns a base rate of interest.
The Incentive Saver Account may be a good fit for savers who can regularly contribute to their savings and maintain the balance without withdrawals.
Maxi Saver
The Maxi Saver account could be ideal for customers who prefer managing their savings online.
It offers an introductory bonus rate for new customers for the first few months, then reverts to a relatively low standard variable rate.
Retirement Access Plus Account
Targeted towards retirees, this account offers tiered interest rates depending on the account balance, potentially making it a suitable option for managing retirement funds.
It encourages maintaining a higher balance to achieve better interest rates, with the maximum rate offered for balances of $250,000 or more.
Fees and charges
|
Fee Type |
Incentive Saver |
Maxi Saver |
Retirement Access Plus |
|
Account-Keeping Fee |
Nil |
Nil |
Nil |
|
Foreign Currency Conversion |
3.0% |
N/A |
3.0% |
|
Overdrawn Fee |
$15 |
$15 |
$15 (+ interest on overdrawn funds) |
What do you need to open a savings account with Bank of Melbourne?
To open a savings account with Bank of Melbourne, you will typically need to provide standard identification documents like a driver's license, passport, and/or Medicare card.
Providing a Tax File Number is recommended to avoid withholding tax on interest earned at the highest marginal rate.
