Bank of Melbourne Maxi Saver

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.