Bank of Melbourne Maxi Saver
With its bonus introductory interest rate of 0.55% p.a. Maxi Saver account from Bank of Melbourne can help maximise your savings earnings.
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.
Up to 0.6% p.a. for the first 3 months
Customers who have never held a Maxi Saver account before are given a bonus of 0.55% p.a. on top of the standard rate for a limited time. This adds up to total of 0.6% p.a. for the first 3 months after the account has been opened.
Standard variable interest rate of 0.05% p.a.
The standard rate for the Maxi Saver 0.05% p.a. is variable, which means it could change in line with the movements of the RBA cash rate.
No monthly account service fee
There are no monthly service fees for the Maxi Saver account.
Phone and internet transactions are free with this account, but if you require teller assistance you will be charged $2.50 for the transaction.
Online and phone access
You have access to your savings at all times through online and phone banking.
Your linked account
In order to open the Maxi Saver account you must have a transaction account with the Bank of Melbourne. You can then use internet or phone banking to transfer funds out of your savings and into the working account when you are ready to use your savings.
Only available for personal accounts
This is a savings plan to be used for personal purposes only. It is not available to businesses or trusts.
If you wish to see your progress monthly, you will be charged a $2 fee for frequent statements.
How to apply
If after comparing this savings account offer with others you find that it can help you meet your savings goals, click 'Go to Site' and you can begin filling out your application online.
Check the following requirements first to ensure that you are eligible:
- Minimum age. You must be at least 13 years of age for the Bank of Melbourne to accept your application for the Maxi Saver account.
- Where you live. Only Australian permanent residents or citizens with a physical address in Australia may apply for this account.
- Existing account. You will need to open a Bank of Melbourne transaction account first before you can start a Maxi Saver account. This can also be done quickly online.
- Minimum deposit. You will need to start your savings account with a minimum $0 deposit.
If you meet these requirements you will need approximately five minutes and the following documentation in order to complete the application online:
- Proof of identity. Acceptable identification documents include a valid driver's licence or passport with a photograph. If not readily available you could use a combination of non-photo ids such as a Medicare card and a current utility statement in order for the Bank of Melbourne to verify your identity electronically. If they are unable to, you might be asked to visit a branch and complete the verification in person.
- Account information. You will be asked for the account number of the transaction account you hold with the Bank of Melbourne from which you will be withdrawing your savings account funds into and making your deposits from.
- Personal details. You will be asked to supply the Bank of Melbourne with personal information including your date of birth, full name and current address.
What happens after I submit my application?
If you already have a transaction account with the Bank of Melbourne and the right documentation ready it should take only five minutes to complete the application. Once submitted your new savings account should be opened within two business days and ready for you to start making deposits.
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.
This account has an introductory bonus rate. After the bonus period it may be time to reassess your financial needs.