Compare Bank of Melbourne Everyday and Savings Accounts

Now you can get a transaction account, a savings account, or a term deposit and look forward to getting your finances in order.

Bank of Melbourne is a Victoria-based bank, headquartered in Melbourne, and it has 97 branches spread across the state. Westpac Banking Corporation purchased Bank of Melbourne in 1997, and while Bank of Melbourne ceased operations in 2002 to come under the Westpac banner, it opened its doors again in 2011, after which all St.George branches within Victoria began operations as Bank of Melbourne.

Bank of Melbourne Savings Account Offer

Bank of Melbourne Maxi Saver

2.70 % p.a.

max rate

0.80 % p.a.

standard variable rate

Bank of Melbourne Savings Account Offer

Introductory rate of 2.70% p.a. for 3 months, reverting to 0.80% p.a. Available on the entire balance.

  • Maximum Rate: 2.70% p.a.
  • Standard Variable Rate: 0.80% p.a.
  • Introductory period: 3 months
  • Monthly fees: $0.00
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Rates last updated December 16th, 2017
$
Name Product Debit Card Access ATM Withdrawal Fee Fee Free Deposit p.m. Monthly Account Fee Product Description
Bank of Melbourne Complete Freedom
Visa
$0
$2,000
$50 cash bonus
Get cardless cash and shop securely with your Visa debit card. Customise SMS and email alerts. $50 cash bonus to new account holders if you deposit $250 within the first 45 days (conditions apply)
Bank of Melbourne Retirement Access Plus
Visa
$0
$0
Sort out your everyday banking when you retire.
Bank of Melbourne Complete Freedom Student
Visa
$0
$0
Get a linked Visa debit card and $0 monthly fee for under 18's.
Bank of Melbourne Concession
Visa
$0
$0
Designed for Commonwealth Government Health Concession Card or Seniors Card holders.

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Rates last updated December 16th, 2017
$
$
months
Name Product Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Min Bal / Min Deposit Interest Earned Product Description
Bank of Melbourne Maxi Saver
2.70%
0.80%
1.90%
$0
$0 / $0
Introductory rate of 2.70% p.a. for 3 months, reverting to 0.80% p.a. Available on the entire balance.
Bank of Melbourne Incentive Saver
2.00%
0.80%
1.20%
$0
$1 / $1
Ongoing, variable 2.00% p.a. when you make at least one deposit and no withdrawals each month. Available on the entire balance.
Bank of Melbourne DIY Super Saver
2.00%
0.75%
1.25%
$0
$0 / $0
Competitive interest rate for your online SMSF.
Bank of Melbourne Investment Cash Account
0.45%
0.45%
$0
500000 / $10,000
A competitive interest rate on your cash investments.
Bank of Melbourne Business Access Saver
0.50%
0.50%
0.00%
$0
$0 / $0
Ongoing, variable 0.50% p.a. when you link to one of the Bank of Melbourne’s eligible business transaction accounts. Available on the entire balance.

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Rates last updated December 16th, 2017
$
Name Product 3 Mths p.a. 4 Mths p.a. 6 Mths p.a. 12 Mths p.a. 24 Mths p.a. 36 Mths p.a. 48 Mths p.a. 60 Mths p.a. Min Deposit Interest Earned
Bank of Melbourne Term Deposit
2.05%
1.85%
2.15%
2.45%
2.50%
2.60%
2.70%
2.80%
$1,000

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Rates last updated December 16th, 2017
$
Name Product Debit Card Access ATM Withdrawal Fee Fee Free Deposit p.m. Monthly Account Fee Product Description
Bank of Melbourne Complete Freedom
Visa
$0
$2,000
$50 cash bonus
Get cardless cash and shop securely with your Visa debit card. Customise SMS and email alerts. $50 cash bonus to new account holders if you deposit $250 within the first 45 days (conditions apply)
Bank of Melbourne Retirement Access Plus
Visa
$0
$0
Sort out your everyday banking when you retire.
Bank of Melbourne Complete Freedom Student
Visa
$0
$0
Get a linked Visa debit card and $0 monthly fee for under 18's.
Bank of Melbourne Concession
Visa
$0
$0
Designed for Commonwealth Government Health Concession Card or Seniors Card holders.

Compare up to 4 providers

Rates last updated December 16th, 2017
$
$
months
Name Product Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Min Bal / Min Deposit Interest Earned Product Description
Bank of Melbourne Maxi Saver
2.70%
0.80%
1.90%
$0
$0 / $0
Introductory rate of 2.70% p.a. for 3 months, reverting to 0.80% p.a. Available on the entire balance.
Bank of Melbourne Incentive Saver
2.00%
0.80%
1.20%
$0
$1 / $1
Ongoing, variable 2.00% p.a. when you make at least one deposit and no withdrawals each month. Available on the entire balance.
Bank of Melbourne DIY Super Saver
2.00%
0.75%
1.25%
$0
$0 / $0
Competitive interest rate for your online SMSF.
Bank of Melbourne Investment Cash Account
0.45%
0.45%
$0
500000 / $10,000
A competitive interest rate on your cash investments.
Bank of Melbourne Business Access Saver
0.50%
0.50%
0.00%
$0
$0 / $0
Ongoing, variable 0.50% p.a. when you link to one of the Bank of Melbourne’s eligible business transaction accounts. Available on the entire balance.

Compare up to 4 providers

Rates last updated December 16th, 2017
$
Name Product 3 Mths p.a. 4 Mths p.a. 6 Mths p.a. 12 Mths p.a. 24 Mths p.a. 36 Mths p.a. 48 Mths p.a. 60 Mths p.a. Min Deposit Interest Earned
Bank of Melbourne Term Deposit
2.05%
1.85%
2.15%
2.45%
2.50%
2.60%
2.70%
2.80%
$1,000

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Rates accurate as at: December 16th, 2017 Learn about our information service

Awards that Bank of Melbourne has earned

  • Australian Private Banking and Wealth Awards, 2014. Winner of Outstanding Analyst and Outstanding Relationship Manager
  • Australian Banking & Finance Corporate and Business Banking Award, 2011. Best Cash Management - Business Bank

Who is Bank of Melbourne?

Bank of Melbourne gives its customers the ability to select bank accounts based on their specific needs. While you can open a transaction account that gives you easy access to money, you can consider earning some interest on your money through a savings account, or you can also think about investing some of your money in a term deposit.

  • Bank of Melbourne SWIFT code: SGBLAU2S
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What’s internet banking like for Bank of Melbourne?

Registering for Bank of Melbourne’s internet banking system takes little time. You can use these platforms to view account history and set up alerts; and you can use them to pay bills, transfer money and schedule payments.

Bank of Melbourne uses secure socket layer technology for encryption of data, it makes use of automatic time outs and relies on firewalls to prevent unauthorised access to its network.

Notable features include:

  • Schedule payments up to 24 months in advance
  • Customise the way you view Bank of Melbourne’s online banking platform

What about the mobile app?

Image Source: App Store
Login pageAccount balanceTransfer funds
log-bankmelbal-bankmelbankmeltrans
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What transaction accounts are offered by Bank of Melbourne?

  • Complete Freedom Account

This account does not attract monthly fees if you deposit $2,000 or more in the account every month. You can access your funds using a Visa debit card, at ATMs and EFTPOS terminals alike, and you can also turn to mobile and internet banking.

  • Bank of Melbourne SENSE Account

This account is actually two accounts clubbed together, which include a transaction account and a savings account. While funds in the savings account earn interest, you get access to funds in the transaction account through a Visa debit card as well as online and mobile banking. A unified statement allows you to keep track of both accounts easily.

  • Retirement Access Plus Account

You can open this account if you’re over 55 years of age and don’t work anymore. You don’t have to pay any ongoing account keeping fees, you can bank in person by visiting any Bank of Melbourne branch, you get access to online and phone banking, and you can get an optional Visa debit card.

  • Concession Account

This account is for individuals who hold Seniors Cards or Commonwealth Government Health Concession Cards. The account does not attract any ongoing account keeping fees, and it provides account holders with unlimited transactions at Bank of Melbourne and other Westpac Group branches. It also comes with a Visa debit card.

  • Complete Freedom Student Account

This account is for individuals less than 18 years of age as well as for full-time tertiary students and apprentices. Account holders get a linked Visa debit card, as well as access to mobile and online banking. They don’t have to pay any ongoing account keeping fees.

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What high interest savings accounts are offered by Bank of Melbourne?

  • Maxi Saver Account

This savings account gives you the ability to earn bonus interest for the first three months, and it does not attract any ongoing account keeping fees. You can link this account to an eligible Bank of Melbourne account and get 24/7 access to your money via mobile and online banking.

  • Incentive Saver Account

This account enables you to earn bonus interest every month, and to qualify you should make at least one deposit into the account every month while not making any withdrawals. You don’t have to pay any account keeping fees.

  • Investment Cash Account

This account is best suited for an investor or a Self Managed Super Fund, and it does not attract any account keeping fees. Access to funds comes via branches, ATMs, EFTPOS terminals, cheques, BPAY, as well as online and mobile banking.

  • DIY Super Saver

This predominantly online account works best for Self Managed Super Funds, giving new account holders a bonus interest for the first four months. You can access your money using phone banking or online banking, via an eligible Bank of Melbourne account.

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What term deposits are offered by Bank of Melbourne?

  • Term Deposit

Bank of Melbourne term deposits offer terms in between one month and five years, and you can invest any amount in between $1,000 and $5 million. You don’t have to pay any set-up or account keeping fees. You get multiple interest payment options, and you also get various options at the maturity of your deposit.

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What are the pros and considerations of Bank of Melbourne accounts?

Pros

  • Varied choices. Bank of Melbourne has a bank account to suit just about every need, no matter if you want easy access to funds in your account or if you’re saving towards a goal.
  • Victoria wide presence. Bank of Melbourne has more than 300 ATMs and close to 100 branches spread across Australia, so finding one near where you live should not be difficult.
  • Online and mobile banking. Bank of Melbourne uses technology to gives you easy access to account information as well as funds in your account, through online and mobile banking.

Considerations

  • Presence limited to Victoria. While Bank of Melbourne has a good presence in Victoria, its absence in other states can be a drawback.
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How do I apply for a Bank of Melbourne savings account?

Applying for Bank of Melbourne accounts is simple; you can walk into any Bank of Melbourne branch, you can speak to a Bank of Melbourne representative over the phone, or you can apply online.

Eligibility

Click on the ‘Go to Site’ button if you wish to apply online, but make sure you meet required eligibility criteria.

  • Do you meet the chosen account’s age requirements?
  • Do you live in Australia and have an Australian residential address?

Documentation

To apply for any of these accounts you have to provide Bank of Melbourne with the following:

  • Personal details like your complete name, date of birth, phone number, email address, and residential address
  • Copy of your driver’s license, passport, Medicare card, or birth certificate

It is important to compare Bank of Melbourne accounts with those offered by other providers to ensure you're selecting one that best meets your needs. If you’re considering opening a new bank account, Bank of Melbourne does have some good options, but since you can find such accounts with other banks, compare a few before applying for one that best meets your needs.

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Read more on this topic

Savings Account Offers

Learn about our information service
HSBC Serious Saver

Maximum Variable Rate

3.00

Standard Variable Rate

1.60
Bankwest Hero Saver

Maximum Variable Rate

2.60

Standard Variable Rate

0.01
Bank Australia Bonus Saver Account

Maximum Variable Rate

2.60

Standard Variable Rate

0.15
ANZ Online Saver

Maximum Variable Rate

2.55

Standard Variable Rate

0.50

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