Bank of Melbourne Incentive Saver

Stay on track towards your savings goal and earn 0.45% p.a. by growing your balance each month.

We could all use a little incentive that encourages us to save, so Bank of Melbourne is offering a bonus interest rate of 0.45% p.a. each month you grow your savings balance and no withdrawals. You're required to grow your balance by at least $50 each month to earn the bonus interest, and just $0.01 a month if you're under 21 years old.

Link it to a transaction account and set up automatic direct credit and you can set and forget.

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0.45% p.a.

Maximum variable rate


Base interest rate


Minimum deposit

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Product NameBank of Melbourne Incentive Saver
Maximum Variable Rate0.45% p.a.
Standard Variable Rate0.20%
Monthly Account Fee$0
Minimum Opening Deposit$0
Minimum Age18

Review by

Shirley Liu is Finder's global program manager. She was previously the publisher for banking and investments and has also written comparisons for energy, money transfers, Uber Eats and many other topics. Shirley has a Master of Commerce and a Bachelor of Media, Journalism and Communications from the University of New South Wales. She is passionate about helping people find the best deal for their needs.

Expert review

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

Key features

Standard, variable interest rate of 0.2% p.a.

The standard interest rate for the Incentive Saver account is 0.2% 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 0.45% 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 0.25% p.a. to 0.45% p.a. This rate applies to balances up to $99,999. Balances larger than this earn a higher rate of interest.

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

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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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    Default Gravatar
    September 13, 2016

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

      Avatarfinder Customer Care
      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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