Bank of Melbourne Incentive Saver

Bank of Melbourne Incentive Saver

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Maximum Variable Rate


Standard Variable Rate


Stay on track towards your savings goal and earn up to 2.30% p.a. when you make a deposit and no withdrawals.

  • Ongoing, variable 2.30% p.a when you make at least one deposit and no withdrawals
  • Available on the entire balance
  • $0 Account keeping and transaction fees
  • $0 Transaction fees

Product details

We could all use a little incentive that encourages us to save, so Bank of Melbourne is offering a bonus interest rate of 2.30% p.a. if you make at least one deposit every month (no minimum amount) and no withdrawals.

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

One of the best features is that there is no minimum deposit you need to make per month for the bonus interest. You could even deposit $1 and still get the bonus rate.

Product Name
Bank of Melbourne Incentive Saver
Maximum Variable Rate
2.30% p.a.
Standard Variable Rate
1.10% p.a.
Bonus Variable Rate
1.20% p.a.
Introductory / Bonus Offer Conditions
Make one deposit each month and no withdrawals to earn bonus variable interest. Interest rates shown are for balances less than $100,000
Monthly Fee
Minimum Opening Deposit
Minimum monthly deposit for bonus interest rate
Internet Banking
Internet Transaction Fee
Phone Banking
Phone Transaction Fee
Joint application?
Minimum Age Requirement
Maximum Age Requirement
No Maximum Age
Age Conditions
If you are less than 18 years old, please get in touch directly with Bank of Melbourne.
Covered by Government Guarantee?
Yes (Up to $250,000 per person, per institution)

What are the features of the Bank of Melbourne Incentive Saver account?

Compare these features with savings accounts at other banks and see if the Incentive Saver Account has what you need to reach your financial goals.

Standard, variable interest rate of 1.10% p.a.

The standard interest rate for the Incentive Saver account is 1.10% p.a. - this is a steep drop from the bonus rate so you may want to avoid withdrawing.

Bonus interest rate of up to 2.30% p.a. when you make a deposit and don't withdraw

If you are able to make at least one deposit by the end of the month and refrain from making any withdrawals, the interest rate is raised by 1.20% p.a. to 2.30% p.a. This rate applies to the 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 will most likely move alongside the RBA cash rate.

Online, phone and branch accessibility

You can access your account by going to the branch, using an ATM, EFTPOS or BPAY. You are also allowed internet and phone banking with your Incentive Saver account.

$0 Account fees

There are no monthly account service fees with this account. In addition the following is offered with no fee: Internet banking, phone banking, ATM withdrawals at Bank of Melbourne, Westpac, St.George, and BankSA in Australia, EFTPOS, electronic agencies, teller assisted transactions and Bank@Post.

$0 Transaction fees

Additionally, you are not charged a fee for the following transactions: Direct debit, periodical payments, cash withdrawals made overseas, including those using an ATM (keep in mind that the issuing bank may impose their own charges, although you will usually be informed of those before the transaction is completed), an ATM Mini transaction history available at any Bank of Melbourne ATM, monthly statements and collection items.

3.00% p.a. Foreign currency conversion fee

For any transaction where the currency needs to changed from or to the Australian dollar, you will be charged 3.00% p.a. of the Australian amount.

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


  • $0 monthly account service fee
  • With an option of bonus interest every month
  • Bonus interest available on the whole balance
  • Free internet and phone banking


  • Limited free withdrawal every month
  • Foreign currency conversion fees applies

How do I apply for the Bank of Melbourne Incentive Saver Account?

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 to apply online

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 $1.
  • Residency requirement. This account is only available to Australian permanent residents who have a valid residential address.

Documentation when applying online

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 the 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.

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2 Responses

  1. Default Gravatar
    ManuelSeptember 13, 2016

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

    • finder Customer Care
      ClarizzaSeptember 13, 2016Staff

      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 however, 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.

      Please note, we are a comparison website and as such, provide general advice only.


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