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Bank of Melbourne Maxi Saver

Shirley Liu
Shirley Liu
Last updated:  

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.

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Details

Product NameBank of Melbourne Maxi Saver
Maximum Variable Rate0.6% p.a.
Standard Variable Rate0.05%
Monthly Account Fee$0
Minimum Opening Deposit$0
Minimum Age13

Key features

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.

Launch savings calculator

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.

Eligibility

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.

FAQ

Expert review

Shirley Liu

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

This account has an introductory bonus rate. After the bonus period it may be time to reassess your financial needs.

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22 Comments

    Default Gravatar
    carmen
    July 8, 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?

    Reply
      Avatarfinder Customer Care
      Joshua
      July 9, 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

      Reply
    Default Gravatar
    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?

    Reply
      Avatarfinder Customer Care
      May
      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

      Reply
    Default Gravatar
    Luara
    October 19, 2017

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

    Reply
      Default Gravatar
      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 compared on this page.

      Cheers,
      Liezl

      Reply
    Default Gravatar
    Nat
    September 5, 2017

    Hi,
    Could I deposit fund directly to Maxi Saver account ?

    Reply
      Avatarfinder Customer Care
      May
      September 5, 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

      Reply
    Default Gravatar
    Will
    February 25, 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.

    Reply
      Avatarfinder Customer Care
      Dee
      February 27, 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 check this page to compare other online savings accounts.

      Cheers,
      Anndy

      Reply
    Default Gravatar
    christina
    January 10, 2017

    1. Is there any regular minimum payment to the maxi saving a/c in order to keep the highest rate of 3%?
    2. Partial withdraw during the 3 months period will affect the interest rate or not?
    3. After 3 months, if I withdraw the whole amount, will the maxi saver a/c courses keeping fees of any kind?
    4. is interest calculated daily?

    Thanks a lot.

    Reply
      Avatarfinder Customer Care
      May
      January 11, 2017

      Hi Christina,

      Thank you for your inquiry.

      1. Is there any regular minimum payment to the maxi saving a/c in order to keep the highest rate of 3%?
      With BoM Maxi Saver, there is no minimum regular deposit to keep the maximum rate of 3% within the first 3 months of your account. After the 3-month introductory period, the interest rate will revert to the standard interest rate of 1.05% p.a.

      2. Partial withdraw during the 3 months period will affect the interest rate or not?
      This account offers a bonus rate of 1.95% p.a. (or a maximum 3% p.a.) for 3 months regardless of if you withdraw money partially or not.

      3. After 3 months, if I withdraw the whole amount, will the maxi saver a/c courses keeping fees of any kind?
      There are no monthly service or keeping fees for the Maxi Saver account.

      4. Is interest calculated daily?
      The interest on this account is calculated daily and paid monthly. Basically, interest is calculated on a savings account is as follows: Daily closing balance/365 x Interest rate/100

      Cheers,
      May

      Reply
    Default Gravatar
    Susan
    December 22, 2016

    On a maxi saver account what is your best interest rate to pay me?

    Reply
      Avatarfinder Customer Care
      May
      December 22, 2016

      Hi Susan,

      Thanks for your question.

      With Bank of Melbourne’s Maxi Saver account, you will be able to get a maximum variable rate of 3.00% p.a. (standard variable rate of 1.05% p.a. + bonus variable rate of 1.95% p.a.). New BOM customers (who have never held a Maxi Saver account before) are given a bonus of 1.95% p.a. on top of the standard rate for the first 3 months after account opening.

      Cheers,
      May

      Reply
    Default Gravatar
    adrian
    October 17, 2016

    I have a sum I would like to deposit for 6 weeks (pending a house purchase exchange):
    . Is interest calculated daily?
    . Will interest be paid for the entire 6 weeks of deposit?

    Reply
      Avatarfinder Customer Care
      Clarizza
      October 17, 2016

      Hi Adrian,

      Thanks for your question.

      For this product, interest is calculated daily and paid monthly.

      Regards,
      Clarizza

      Reply
    Default Gravatar
    Robert
    August 29, 2016

    What is your best rate for ongoing interest for $700,000 deposit

    Reply
      Avatarfinder Customer Care
      Clarizza
      August 30, 2016

      Hi Robert,

      Thanks for your comment.

      If you’re looking to park your savings in a Bank of Melbourne account, we recommend taking a look at the Bank of Melbourne provider page.

      A few things to note that might assist you. On our provider page, you can use the calculator on top of each table to find out the potential interest earned on your balance. Please be aware some of the products listed in the Savings tab may include introductory interest rates. For example, the Maxi Saver Savings account has an introductory interest rate of 3.20% p.a for the first 3 months, reverting to 1.25% p.a thereafter. For a fixed interest rate however, you may want to consider a term deposit and lock away your funds for the specified period.

      We recommend using the calculator above the tables to compare your options. Please note, we are a comparison website and provide general advice only.

      Hope this has helped.

      Clarizza

      Reply
    Default Gravatar
    Francesca
    April 4, 2016

    I wish to open a BOM Maxi Saver. I must also have a linked account which is a BOM transaction account. Do you have an eligible transaction account with no monthly fee? Thank you.

    Reply
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