Bank of Melbourne savings and bank accounts

Bank of Melbourne has a range of bank accounts to suit different customers, including students, retirees and businesses.

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Bank of Melbourne savings accounts, bank accounts and term deposits

Bank of Melbourne savings accounts

11 of 11 results
Finder Score Maximum interest rate Base interest rate Max rate type & duration Monthly max rate conditions
Bank of Melbourne logo
Finder score
Finder score
Maximum Variable Rate p.a.
4.40%
Standard Variable Rate p.a.
0.10%
Intro/Ongoing
Ongoing rate
(conditions apply)
Balance $0 to $249,999
Grow balance by $50 ($0.01 if under 21)
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Bank of Melbourne logo
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Finder score
Maximum Variable Rate p.a.
4.25%
Standard Variable Rate p.a.
0.10%
Intro/Ongoing
Ongoing rate
(conditions apply)
Balance from $250,000
Grow balance by $50 ($0.01 if under 21)
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Bank of Melbourne logo
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Maximum Variable Rate p.a.
2.00%
Standard Variable Rate p.a.
2.00%
Intro/Ongoing
Ongoing rate
(conditions apply)
Balance from $250,000
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Bank of Melbourne logo
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Maximum Variable Rate p.a.
4.60%
Standard Variable Rate p.a.
1.00%
Intro/Ongoing
6 month intro rate
Max Variable Rate includes 0.45% p.a. for 6 months for new customers who apply online
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Bank of Melbourne logo
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Maximum Variable Rate p.a.
1.55%
Standard Variable Rate p.a.
1.55%
Intro/Ongoing
Ongoing rate
(conditions apply)
Balance $50,000 to $249,999
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Bank of Melbourne logo
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Maximum Variable Rate p.a.
1.20%
Standard Variable Rate p.a.
1.20%
Intro/Ongoing
Ongoing rate
(conditions apply)
Balance $10,000 to $49,999
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Bank of Melbourne logo
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Maximum Variable Rate p.a.
0.45%
Standard Variable Rate p.a.
0.45%
Intro/Ongoing
Ongoing rate
(conditions apply)
Balance from $500,000
More info
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Bank of Melbourne logo
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Maximum Variable Rate p.a.
0.45%
Standard Variable Rate p.a.
0.45%
Intro/Ongoing
Ongoing rate
(conditions apply)
More info
Compare product selection
Bank of Melbourne logo
Finder score
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Maximum Variable Rate p.a.
0.45%
Standard Variable Rate p.a.
0.45%
Intro/Ongoing
Ongoing rate
(conditions apply)
Balance $0 to $499,999
More info
Compare product selection
Bank of Melbourne logo
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Finder score
Maximum Variable Rate p.a.
0.05%
Standard Variable Rate p.a.
0.05%
Intro/Ongoing
Ongoing rate
(conditions apply)
Balance $0 to $9,999
More info
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Bank of Melbourne logo
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Bank of Melbourne Statutory Trust Account
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Maximum Variable Rate p.a.
0.00%
Standard Variable Rate p.a.
0.00%
Intro/Ongoing
Ongoing rate
(conditions apply)
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How the Finder Score helps you find a better savings account

The Finder Score is a simple score out of 10. The higher a savings account's score, the better we think it is for the average customer.

We score each savings account in our database of hundreds based on a data-driven methodology with 2 main criteria: Does the account offer a high interest rate? And is it easy for savers to actually earn that rate?

Read the full breakdown

Want more interest on your savings?

Compare now and find a better rate.

Bank of Melbourne bank accounts

5 of 5 results
Finder Score Monthly fee Govt. Guarantee Own network ATM fee Card type
Bank of Melbourne logo
Finder score
Bank of Melbourne Complete Freedom Account
Apple Pay Google Pay Samsung Pay
Finder score
Monthly fee
$0
Government Guarantee
Own network ATM fee
$0
Card type
Visa
Get $50 cashback when you open a new account and make an in-person, contactless transaction from a mobile wallet worth $50 or more within the first 15 days. T&Cs apply.
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Bank of Melbourne logo
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Bank of Melbourne Complete Freedom account - Young Adults & Students
Apple Pay
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Monthly fee
$0
Government Guarantee
Own network ATM fee
$0
Card type
Visa
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Bank of Melbourne logo
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Bank of Melbourne Complete Freedom Account - High Schoolers
Apple Pay
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Monthly fee
$0
Government Guarantee
Own network ATM fee
$0
Card type
Visa
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Bank of Melbourne logo
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Bank of Melbourne Concession
Apple Pay Google Pay Samsung Pay
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Monthly fee
$0
Government Guarantee
Own network ATM fee
$0
Card type
Visa
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Bank of Melbourne logo
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Bank of Melbourne Society Cheque Account
N/A
Finder score
Monthly fee
$0
Government Guarantee
Own network ATM fee
$0
Card type
No Debit card
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Finder Score for bank accounts

We assess multiple product features for transaction accounts from over 100 providers and assign each product a score out of 10.

Read the full methodology

Looking for a better bank account?

Compare everyday accounts and find one that works harder for you.

Bank of Melbourne term deposits

2 of 2 results
Finder Score 3 Mths p.a. 6 Mths p.a. 10 Mths p.a. 12 Mths p.a. 24 Mths p.a.
Bank of Melbourne logo
Finder Score
Bank of Melbourne Term Deposit
$1,000 min. deposit
$2,000,000 max. deposit
Finder Score
3 Mths p.a.
2.65%
6 Mths p.a.
2.90%
10 Mths p.a.
3.20%
12 Mths p.a.
3.55%
24 Mths p.a.
2.80%
Get 4.10% p.a. for 11 months (4.00% fixed rate special offer + 0.10% bonus when you sign up online). T&Cs apply.
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Bank of Melbourne logo
Finder Score
Bank of Melbourne Business Term Deposit
$1,000 min. deposit
Finder Score
3 Mths p.a.
2.65%
6 Mths p.a.
2.90%
10 Mths p.a.
3.20%
12 Mths p.a.
3.55%
24 Mths p.a.
2.80%
More info
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Showing 2 of 2 results

Finder Score for term deposits

Finder Score assigns Term Deposit products a score out of 10, comparing interest rates and features, to make comparison easier. We assess over 150 products from more than 90 providers, assessing products across different terms to determine an average score per product.

Read the full methodology

Lock in a great rate

Compare term deposits to grow your savings with confidence.

Rates accurate as at: December 6th, 2025 Learn about our information service

What do Australians think of Bank of Melbourne bank account?

  • 4.05/5 overall for Customer Satisfaction - lower than the average of 4.11
  • 4.65/5 for Trust - higher than the average of 4.43
  • 4.01/5 for Customer Service - lower than the average of 4.07

Based on Bank of Melbourne bank account scores in Finder's 2024 & 2025 Customer Satisfaction Awards.

Pros and cons of banking with Bank of Melbourne

Pros

  • Variety of accounts for personal, student, business, retiree, and concession card customers
  • Access to a large network of branches and ATMs
  • No account-keeping fees on bank and savings accounts

Cons

  • Branch and ATM network is largely limited to Victoria
  • Savings account interest rates are generally less competitive than other banks

How to apply for a Bank of Melbourne savings account

Applying online for a new bank account is fast and easy. You'll need identity documents such as your driving licence or passport. For more about the process, check out our full guide to opening an account online.

Sources

Alison Banney's headshot
Written by

Editorial Manager, Money

Alison is an editor at Finder and a personal finance journalist with over 10 years of experience, having contributed to major financial institutions and publications such as Westpac, Money Magazine, and Yahoo Finance. She is frequently quoted in media outlets like SmartCompany and SBS, offering expert insights on superannuation and money management. Alison holds a Bachelor of Communications in Public Relations and Journalism from the University of Newcastle, and has earned three ASIC RG146 certifications in superannuation, securities and managed investments and general financial advice, ensuring her expertise is fully aligned with ASIC standards. See full bio

Alison's expertise
Alison has written 659 Finder guides across topics including:
  • Superannuation
  • Savings accounts, bank accounts and term deposits
  • Budgeting and money-saving hacks
  • Managing the cost of living

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6 Responses

    Default Gravatar
    CanMay 18, 2024

    Can I get a card please

      Sarah Megginson's headshotFinder
      SarahMay 20, 2024Finder

      Hi there, we’re a review and comparison site, you’ll need to contact Bank of Melbourne directly for customer service. You can reach them on 13 22 66.

    Default Gravatar
    PasqualeJune 3, 2023

    how do I open an account on line?

      Alison Banney's headshotFinder
      AlisonJune 5, 2023Finder

      Hi, you just need to complete the online application on the bank’s website. You’ll need to supply your personal details (name, address etc.) plus verify your identity.

    Default Gravatar
    BryanMarch 13, 2023

    Can Bank of Melbourne account holders use Westpac branches for over the counter transactions

      Raj Lal's headshotFinder
      RajMarch 13, 2023Finder

      Hi Bryan,
      Unfortnightly you won’t be able to use Westpac branches for over the counter transactions. However you can use Westpac ATMs with Bank of Melbourne debit cards.

      Thanks
      Raj

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