Bank of Melbourne Maxi Saver

Bank of Melbourne Maxi Saver

Maximum Variable Rate

2.80

Standard Variable Rate

1.00
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With its bonus introductory interest rate of 1.80% p.a. Maxi Saver account from Bank of Melbourne can help maximise your savings earnings.

  • Introductory rate of 2.80% p.a. for 3 months for new customers
  • Reverts to 1.00% p.a.
  • $0 Account keeping fees
  • Access funds at a branch, online or using your mobile

Product details

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.

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

Product Name
Bank of Melbourne Maxi Saver
Maximum Variable Rate
2.80% p.a.
Standard Variable Rate
1.00% p.a.
Bonus Variable Rate
1.80% p.a.
Introductory / Bonus Offer Conditions
Introductory rate is valid for first 3 months and only for new customers.
Monthly Fee
$0
Minimum Opening Deposit
$0
Introductory Interest Period
3 month(s)
Internet Banking
Yes
Internet Transaction Fee
$0
Phone Banking
Yes
Phone Transaction Fee
$0
Joint application?
Yes
Minimum Age Requirement
13
Maximum Age Requirement
No Maximum Age
Age Conditions
For applicants under the age of 18, please ensure that a parent or legal guardian also completes the Authorised Users form
Covered by Government Guarantee?
Yes (Up to $250,000 per person, per institution)

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

There are many features and benefits of the Maxi Saver to think about when you are comparing it to other banks and their savings accounts:

Up to 2.80% p.a. for the first 3 months

Customers who have never held a Maxi Saver account before are given a bonus of 1.80% p.a. on top of the standard rate for a limited time. This adds up to total of 2.80% p.a. for the first 3 months after the account has been opened.

Standard variable interest rate of 1.00% p.a.

The standard rate for the Maxi Saver 1.00% 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.

Other fees

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.

Monthly statements

If you wish to see your progress monthly, you will be charged a $2 fee for frequent statements.

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Pros

  • $0 account keeping fees
  • Available to persons over the age of 13
  • $0 minimum monthly deposits

Cons

  • Fee for receiving statement
  • Intro rate only available to new customers

How do you apply for the Bank of Melbourne Maxi Saver?

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 to apply 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.

Documentation required to apply online

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've completed my application online?

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.

To apply for a Bank of Melbourne Maxi Saver account online, you must be an Australian resident. Please note that to hold a Maxi Saver account, you must also hold an eligible Bank of Melbourne account, or have an existing eligible Bank of Melbourne joint account in the same name.

When you open a Maxi Saver account, if you have not held a Maxi Saver Account before, and you’re a personal customer, you’ll be eligible to receive the Introductory Promotional Fixed Bonus rate p.a. on top of the standard variable interest rate. This bonus rate will apply during the Promotional Rate Period, which is the first 3 months from the date that you opened your account.

That’s correct. If you open a Maxi Saver account and you have not held an Maxi Saver Account before and you are a personal customer, you’ll earn the maximum variable rate for the first 3 months. After the introductory period ends you’ll earn the standard variable rate shown in the table on this page.

Unfortunately this account is only available for personal customers. Businesses and Self Managed Super Funds will need to apply for separate accounts.

This is correct. This account offers a bonus rate for 3 months regardless of if you withdraw money or not, and once the bonus rate ends, you’ll also be able to withdraw money at any time.

The Maxi Saver is for personal customers only, SMSFs can apply for the Bank of Melbourne DIY Super Saver.

Bank of Melbourne is still a part of Westpac Banking. Bank of Melbourne also is covered by the government guarantee on deposits of up to $250,000, so funds up to this amount are safe. There are no penalties for withdrawals, and no minimum monthly deposits. Rather the bonus rate is ongoing for the first 3 months.

There’s no maximum amount applicable to this account.

You don’t have to live in Melbourne to open this account, although you will need a transaction account to be linked to the BoM Maxi Saver. An option could be to open a transaction account that suits your situation, and during the online application process for the BoM Maxi Saver you enter the details of the transaction account as your linked account.

There is no maximum amount for the BoM Maxi Saver.

Yes, the bonus variable interest rate will still apply to first 2-3 months. There is no penalty for closing the account.

There are no maximum deposit amounts set by Bank of Melbourne.

The BoM Maxi Saver doesn’t have a maximum amount. After the 5 month introductory period the interest rate will revert to the standard interest rate.

The linked transaction account can be from another bank, as long as the account is within Australia. There is no limit to the amount that you can transfer out per day, but you may want to check the account settings for this. You don’t need to show proof of identity, all you will need to supply is your contact details, such as address, phone number and an email address.

You are entitled to the interest during the period that your account is active.

There is no time limit on this account. The five month period refers to the introductory period, so after five months the rate will drop from the maximum standard variable rate in the above table to the standard variable rate. You do not have to close the account after five months.

There’s no withdrawal interest penalties for withdrawing with this account, nor are there minimum balance or deposit requirements.

Bank of Melbourne is part of the Westpac group. Westpac is backed by the government guarantee on deposits up to $250,000. No, there aren’t any minimum monthly deposits or withdrawal conditions to avail the bonus introductory rate for the first 5 months of opening a new personal account Maxi Saver account. Bank of Melbourne guarantee safe and secure banking via initiatives such as Bank of Melbourne Secure and also through security technologies and processes to ensure information and accounts are protected.

We have contacted Bank of Melbourne and have been advised that as long as you have not previously opened a Bank of Melbourne Maxi Saver Account you can apply for a new account. You can apply by clicking the “Find out more” or "Go to site" above.

No, this is for personal accounts only.

Bank of Melbourne is part of Westpac group. Westpac is backed by the government guarantee on deposits up to $250,000.

The interest on this account is calculated daily and paid monthly. Compound interest does apply. The typical way interest is calculated on a savings account is as follows: Daily closing balance/365 x Interest rate/100

The transaction account that’s used to deposit money into the BoM Maxi Saver can be with any other institution. If it’s a lender that’s outside the Westpac Group, funds may take longer to deposit into your account, up to three business days.

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16 Responses

  1. Default Gravatar
    NatSeptember 5, 2017

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

    • Staff
      MaySeptember 5, 2017Staff

      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

  2. Default Gravatar
    WillFebruary 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.

    • Staff
      AnndyFebruary 27, 2017Staff

      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

  3. Default Gravatar
    christinaJanuary 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.

    • Staff
      MayJanuary 11, 2017Staff

      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

  4. Default Gravatar
    SusanDecember 22, 2016

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

    • Staff
      MayDecember 22, 2016Staff

      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

  5. Default Gravatar
    adrianOctober 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?

    • Staff
      ClarizzaOctober 17, 2016Staff

      Hi Adrian,

      Thanks for your question.

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

      Regards,
      Clarizza

  6. Default Gravatar
    RobertAugust 29, 2016

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

    • Staff
      ClarizzaAugust 30, 2016Staff

      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

  7. Default Gravatar
    FrancescaApril 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.

  8. Default Gravatar
    terenceAugust 23, 2015

    Bank of Melbourne – Phone and internet transactions are free with this account, but if you require teller assistance you will be charged $2.50 for the transaction.

    I need a savings account where I want to put away 1000$ a month as a minimum for a rainy day.

    Please advise the best options.

    Cheers

    • Staff
      ShirleyAugust 24, 2015Staff

      Hi Terence,

      Thanks for your question. Please note that finder.com.au is an online comparison service and is not in a position to recommend specific products, providers and services.

      If you’d like, you can check out our best savings account page for more information.

      Cheers,
      Shirley

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