9.0

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Excellent

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Maximum variable rate: 4.40% p.a.
Base interest rate: 0.10% p.a.
Minimum deposit: $50

Our verdict

Stay on track towards your savings goal and earn 4.4% 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

No account-keeping fees.
$50 kickstart for customers under 18 when opening a Complete Freedom transaction account, helping young savers start early.

Cons

Limited eligibility for bonus interest for customers under 21.

The Bank of Melbourne Incentive Saver rewards you with bonus interest when you make regular deposits. To get the maximum rate of 4.4%, you will need to grow the balance by at least $50 a month for customers aged 21 or over.

Details

Key details

Product Name	Bank of Melbourne Incentive Saver
Maximum Variable Rate	4.40% p.a.
Standard Variable Rate	0.10% p.a.
Monthly Account Fee	$0
Minimum Opening Deposit	$0
Minimum Age	18

Key features

Standard, variable interest rate of 0.1% p.a.

The standard interest rate for the Incentive Saver account is 0.1% 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 4.3% 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 4.3% p.a. to 4.4% 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.

How is the interest calculated?

The interest is calculated daily and paid monthly. It is a variable interest rate, so it can change at any time.

Making withdrawals

This account does not include a debit card. If you need to, you can transfer money out of the account using Internet banking or using the mobile banking app. You will still earn the bonus interest, so long as you grow your balance by at least $50 each month (or $0.01 if you're under 21 years old).

$0 Account fees

There are no monthly account service fees with this account, so each dollar you deposit can help get you closer to your savings goal.

Account availability

The Bank of Melbourne Incentive Saver Account is only available for personal use and is not intended for businesses or self managed superannuation funds (SMSFs). To compare other accounts from Bank of Melbourne, please see this page.

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.

Residency requirement. This account is only available to Australian permanent residents who have a valid residential address.

Documentation needed

Once you determine that you can meet these requirements, gather the following information and proceed to the secure application form:

Contact information. In addition to your name and address, you will need to provide the bank with an e-mail address where they can send you important information regarding their services.
Account information. If you are an existing customer, the Bank of Melbourne will ask for the numbers to the other accounts you hold with them.
Identification documents. All applicants must be able to provide one photographic identification document. This could be a passport, driver's licence, foreign national identity card or an 18+ proof of age card issued by the state or territory. If you do not have one of these documents you can use a primary non photo id such as a birth certificate or Centrelink pension card accompanied by a secondary identification document such as a Medicare card or lease agreement.

What happens after I submit my application?

If you have the right documentation filling out the application should not take more than five minutes. Once submitted, you should receive notice within two business days that the account has been opened and is ready for deposits and other transactions.

Sources

Finder writers are subject matter experts and use primary sources, in-depth research and interviews with other experts to ensure you're getting accurate, up-to-date information. Articles are fact checked in line with our editorial guidelines.
1. Bank of Melbourne Incentive Saver information page
2. Bank of Melbourne Incentive Saver TMD

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Alison Finder

Editorial Manager, Money

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Rhonda

April 23, 2025

I have withdrawn 30,000 from my incentive account, I understand I will not receive interest this month, do I need to replace the 30,000 next month to receive interest or just the 50

Sarah Megginson Finder

April 23, 2025

Hi Rhonda,

You only need to increase your balance by $50 from the start of the month. So, take note of your balance on the 1st of the month, and make sure you deposit at least $50 by the end of the month. Hope this helps!

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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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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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!

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.

jose

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.

Regards,

Clarizza

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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 profile

Bank of Melbourne Incentive Saver

Pros

Cons

Key features

Standard, variable interest rate of 0.1% p.a.

Bonus interest rate of 4.3% when you grow your savings

How is the interest calculated?

Making withdrawals

$0 Account fees

Account availability

How to apply

Eligibility

Documentation needed

What happens after I submit my application?

Sources

Sources

Your reviews

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