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 Maxi Saver

Bank of Melbourne Maxi 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
5.35% p.a.
Base interest rate
1.1%p.a.

Our verdict

You can earn an introductory bonus interest rate of 5.35% p.a. for the first 3 months.

Be mindful that the total bonus interest rate of 5.35% is only available for a introductory period only, for new account holders who apply online. After the initial 3-month period is over, you'll earn the standard variable base rate which is only 1.1%. This is quite low compared to other accounts in the market currently.

Pros

  • $0 account keeping fees
  • Available to persons over the age of 13
  • $0 minimum monthly deposits

Cons

  • Fee for receiving statement
  • Intro rate only available to new customers

In this guide

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

The Bank of Melbourne’s Maxi Saver account encourages your money to grow with a special introductory interest rate for the first 3 months after you open your account. New Maxi Saver customers who have an existing Bank of Melbourne transaction account can take advantage of this offer and really see their savings take off.

Details

Key details

Product Name Bank of Melbourne Maxi Saver
Maximum Variable Rate 5.35% p.a.
Standard Variable Rate 1.10% p.a.
Monthly Account Fee $0
Minimum Opening Deposit $0
Minimum Age 13

Key features

Up to 5.35% for the first 3 months

Customers who have never held a Maxi Saver account before are given a bonus of 3.9% p.a. on top of the standard rate for a limited time. Plus, there's an additional bonus rate of 0.35% p.a. when you apply online. This adds up to total of 5.35% for the first 3 months after the account has been opened.

There are no deposit conditions to meet to earn this introductory bonus rate.

Standard variable interest rate of 1.1% p.a.

The standard variable rate after the introductory period ends is 1.1% p.a.. There are no ongoing monthly conditions to meet to earn this.


How to apply

You can open an account online by completing the online application on the bank's site.

Eligibility

Check the following requirements first to ensure that you are eligible:

  • Minimum age. You must be at least 13 years of age.
  • Where you live. Only Australian permanent residents or citizens with a physical address in Australia may apply for this account.

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Carmen

July 08, 2019

Hi! Are there any conditions to get the bonus rate, such as a minimum deposit per week/month or tap and go purchase per week/month?


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Joshua Finder

July 09, 2019

Hi Carmen,


Thanks for getting in touch with Finder. I hope all is well with you. 😃


For Bank of Melbourne Maxi Saver, there’s no condition for you to get the bonus rate. Simply open this account and you will automatically enjoy the Maximum Variable Rate of 2.45% p.a. However, please note that if you have held a Maxi Saver account in the past, you won’t be able to take advantage of the bonus interest rate.


I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.


Have a wonderful day!


Cheers,

Joshua


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Beth

March 13, 2018

Can I open a Maxi Saver account for the 3 month bonus period with Bank of Melbourne then close the account. Moving the funds to another Westpac subsidiary such as St Georges and be considered a new customer to take advantage of the bonus interest rate period?


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May Finder

March 28, 2018

Hi Beth,


Thanks for your inquiry.


Yes, you can open the Bank of Melbourne Maxi Saver account and earn interest within the first 3 months and then close it after that period. No penalty or fees when closing the account. For opening a savings account with other banks, you’ll also be able to earn the bonus interest if you’re a new customer and meet the attached conditions to the introductory/bonus rate.


Cheers,

May


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Luara

October 18, 2017

Can you open a Maxi saver at introductory interest rate of 2.8% in the name of a Superannuation Fund?


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Liezl

October 19, 2017

Hi Laura,


Thanks for your question.


This savings account is for personal customers only. If you want to open an account under your super fund name, you may check the SMSF savings accounts. You can use our comparison table to help you find the right account for you. Once you have chosen a particular account, you may then click on the “Go to site” button to be redirected to the bank’s website where you can proceed with your application or get in touch with their representatives for further assistance.


Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. You can also contact the provider if you have specific questions.


Cheers,

Liezl


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Nat

September 05, 2017

Hi,

Could I deposit fund directly to Maxi Saver account ?


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May Finder

September 05, 2017

Hi Nat,


Thank you for your inquiry.


The Bank of Melbourne’s Maxi Saver is an online account, so you can’t deposit funds directly into this account. You must have a transaction account with the Bank of Melbourne linked to the Maxi Saver so you’re able to deposit funds (through online banking, phone banking or branch) or withdraw money from your account.


Cheers,

May


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Will

February 24, 2017

Looking at opening online saver a/c. How do I deposit funds into your accounts? I’m in NSW and currently with the CBA who have a $20,000 daily transfer limit. Preferably I want to transfer the whole amount in one transaction which exceeds the transfer limit.


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Anndy Lou Finder

February 26, 2017

Hi Will,


Thanks for your question.


Please note that we are finder.com.au, a financial comparison and information website that helps consumers make better decisions. We do not represent any financial institution.


You can deposit to a Bank of Melbourne Maxi Saver Account through your linked transaction account with any other institution. There is no limit as to how much you can deposit per day.


You may also compare other online savings accounts featured on our website.


Cheers,

Anndy


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