In this guide

  • Our verdict
  • Details
    • Key details
  • Key features
  • How to apply
  • Your reviews
  • Ask a question
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Bank of Melbourne Incentive Saver

Bank of Melbourne Incentive Saver

This product is not currently available via Finder. Visit the provider's website directly, or compare other options.

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Maximum variable rate
5.25% p.a.
Base interest rate
Minimum deposit

Our verdict

Stay on track towards your savings goal and earn 5.25% by growing your balance each month.

You only need to grow your savings by a small amount each month to be eligible for the bonus interest.


  • Bonus interest is offered every month when you grow your balance
  • $0 account maintenance fee
  • Great incentive to save


  • Interest rate is not as competitive as some other accounts in the market

In this guide

  • Our verdict
  • Details
    • Key details
  • Key features
  • How to apply
  • Your reviews
  • Ask a question

The Bank of Melbourne Incentive Saver rewards you with bonus interest when you make regular deposits. To get the maximum rate of 5.15%, you will need to grow the balance by at least $50 a month for customers aged 21 or over.

Extra 0.1% p.a. for 3 months for new customers who apply online.


Key details

Product Name Bank of Melbourne Incentive Saver
Maximum Variable Rate 5.25% p.a.
Standard Variable Rate 1.85% p.a.
Monthly Account Fee $0
Minimum Opening Deposit $0
Minimum Age 18

Key features

Standard, variable interest rate of 1.85% p.a.

The standard interest rate for the Incentive Saver account is 1.85% p.a. - this is a steep drop from the bonus rate so make sure you meet the deposit conditions to earn the bonus interest each month.

Bonus interest rate of 5.15% p.a. when you grow your savings

Each month you grow your savings by at least $50 (or just $0.01 if you're under 21), the interest rate is raised by 3.3% p.a. to 5.15% p.a. This rate applies to your entire balance.

Don't worry, if you miss out on the bonus interest for this month, you can still get it the next.

Launch savings calculator

How to apply

Applying for the Incentive Saver account can be done online or even from your Bank of Melbourne app. If you have compared this savings account to others, and feel it is right for you, click 'Go to site' to be taken to the secure application page.


Check here first in order to ensure that you meet the requirements set forth by the Bank of Melbourne for opening this account:

  • Age. This account is available for individuals who have reached their 18th birthday.
  • Opening balance. You will need to open your account with a minimum of $0.

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March 06, 2024

I understand the Bank of Melbourne (BOM) is affiliated to Westpac. With this in mind, would a bank balance of $250,000 in a BOM Incentive Saver Account be protected by the Financial Claims Scheme (FCS) in ADDITION to a separate bank balance of $250,000 in the Westpac Life Savings Account (or eSaver Account) – or does the FCS only provide a refund for ONE – not BOTH accounts (given that both accounts link back to Westpac)? Thank you for your time and consideration.

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Sarah Megginson Finder

March 14, 2024

Hi Francis,

The limit of $250,000 applies to the total amount of an account holder’s deposits with each licensed authorised deposit-taking institution (ADI). As you’ve noted, some ADIs operate multiple banking businesses under the one banking licence, but with different trading names. For example, BankWest is part of the Commonwealth Bank, while St George is part of Westpac.

A depositor might think they have accounts with two different ADIs, when both accounts are actually under the same banking licence. This could affect the depositor’s cover under the FCS, as the FCS limit of $250,000 will apply to the total amount held in ALL of the depositor’s accounts under the one banking licence.

Therefore, if you wish to spread your risk, you may want to move your savings to a completely different bank that attracts another $250k limit.

Hope this helps!

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December 30, 2023


There is a limit up to for 99% of the saving accounts out there. I couldn’t find the limit for this saving account. Is there any? Thanks!


Richard Whitten Finder

January 09, 2024

Hi Lucas,

Some bank accounts have no limits. I suggest contacting Bank of Melbourne if you can’t find an answer to this question.



September 12, 2016

Hi, I want to open an account for a trust. Can I use the “Incentive Saver” account for this?


Clarizza Fernandez Finder

September 13, 2016

Hi Jose,

Thanks for your question.

The Incentive Saver is a savings account with interest rates attached to help you grow your savings. You can certainly use this account to deposit money for a beneficiary. Nevertheless, there are certain laws and processes regarding trust accounts. For this reason, we recommend speaking to a financial planner or adviser to discuss your options.



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