We could all use a little incentive that encourages us to save, so Bank of Melbourne is offering a bonus interest rate of up to 2.45% 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.
You only need to grow your savings by a small amount each month to be eligible for the bonus interest.
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 0.80% p.a.
The standard interest rate for the Incentive Saver account is 0.80% 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 up to 2.45% 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 1.65% p.a. to 2.45% 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.
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.
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.
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.
- Bonus interest is offered every month when you grow your balance
- $0 account maintenance fee
- Great incentive to save
- Interest rate is not as competitive as some other accounts in the market
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 $0.
- 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.