In this guide

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

Bank of Melbourne Incentive Saver

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Maximum variable rate
5.25% p.a.
Base interest rate
1.85%p.a.
Minimum deposit
$50

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.

Pros

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

Cons

  • 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
  • Compare other savings accounts
  • 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.

Details

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.

*Extra 0.1% for the first 3 months for new customers who apply online, with balances under $250,000.

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.

Eligibility

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.

Compare other savings accounts

1 - 13 of 189
Updated regularly
Name Maximum Variable Rate p.a. Standard Variable Rate p.a. Intro/Ongoing Government Guarantee Monthly Max Rate Conditions
Newcastle Permanent Smart Saver Account - Under 25s
Maximum Variable Rate p.a.
5.00%
Standard Variable Rate p.a.
0.05%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Grow balance
  • No more than 2 withdrawals
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Ubank High Interest Save Account
Maximum Variable Rate p.a.
5.50%
Standard Variable Rate p.a.
0.00%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $500
  • Savings up to $100,000
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Newcastle Permanent Smart Saver Account - Under 25s
Maximum Variable Rate p.a.
5.00%
Standard Variable Rate p.a.
0.05%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Grow balance
  • No more than 2 withdrawals
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ING Savings Maximiser
Finder Award
Maximum Variable Rate p.a.
5.50%
Standard Variable Rate p.a.
0.55%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $1,000
  • 5 transactions
  • Grow your balance
  • Balances up to $100,000
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Newcastle Permanent Online Savings Account
Maximum Variable Rate p.a.
5.20%
Standard Variable Rate p.a.
1.00%
Intro/Ongoing
3 months
Government Guarantee
Monthly Max Rate Conditions
  • N/A
Go to siteView details
ING Savings Accelerator ($150,000 - $500,000)
Maximum Variable Rate p.a.
5.20%
Standard Variable Rate p.a.
4.70%
Intro/Ongoing
4 months
Government Guarantee
Monthly Max Rate Conditions
  • Welcome rate applies up to $500K
Go to siteView details
Macquarie Savings Account
Maximum Variable Rate p.a.
5.35%
Standard Variable Rate p.a.
4.75%
Intro/Ongoing
4 months
Government Guarantee
Monthly Max Rate Conditions
  • Balances up to $250,000
Go to siteView details
ME HomeME Savings Account
Maximum Variable Rate p.a.
5.55%
Standard Variable Rate p.a.
0.55%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $2000
  • Grow balance
  • Balances up to $100,000
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IMB Reward Saver Account
Maximum Variable Rate p.a.
5.25%
Standard Variable Rate p.a.
0.00%
Intro/Ongoing
4 months
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $50
  • No withdrawals
  • Balances up to $1,000,000
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 Earn up to 3.25% p.a. after the introductory period ends.
BCU Bonus Saver
Maximum Variable Rate p.a.
5.00%
Standard Variable Rate p.a.
1.00%
Intro/Ongoing
4 months
Government Guarantee
Monthly Max Rate Conditions
  • N/A
Go to siteView details
Westpac Life (18-29 year olds only)
Maximum Variable Rate p.a.
5.20%
Standard Variable Rate p.a.
2.00%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Make a deposit
  • Grow your balance
  • 5 debit card purchases
  • Balances up to $30,000
Go to siteView details
St.George Maxi Saver
Maximum Variable Rate p.a.
5.35%
Standard Variable Rate p.a.
1.10%
Intro/Ongoing
3 months
Government Guarantee
Monthly Max Rate Conditions
  • N/A
Go to siteView details
 Max Variable Rate includes 0.35% p.a. for 3 months for new customers who apply online
Newcastle Permanent Smart Saver Account
Maximum Variable Rate p.a.
4.50%
Standard Variable Rate p.a.
0.05%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Grow balance
  • No more than 2 withdrawals
Go to siteView details
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Showing 13 of 13 results
Sources
  1. Bank of Melbourne Incentive Saver information page
  2. Bank of Melbourne Incentive Saver TMD

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Avatar

Francis

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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Avatar

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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Avatar

Lucas

December 30, 2023

Hi,


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!


Avatar

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.


Avatar

jose

September 12, 2016

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


Avatar

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.


Regards,

Clarizza


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