Bank of Melbourne Maxi Saver

Bank of Melbourne Maxi Saver

Maximum Variable Rate

3.00

Standard Variable Rate

1.05
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With its bonus introductory interest rate, a Maxi Saver account from Bank of Melbourne can help maximise your savings earnings.

  • Bonus interest rate of 1.95% for new customers
  • Access funds at a branch, online or using your mobile
  • No minimum balance or deposits required
  • No monthly fee

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
3.00% p.a.
Standard Variable Rate
1.05% p.a.
Bonus Variable Rate
1.95% 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
$1
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 3.00% p.a for the first 3 months

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 a limited time. This adds up to total of 3.00% p.a. for the first 3 months after the account has been opened.

Standard variable interest rate of 1.05% p.a.

The standard rate for the Maxi Saver 1.05% 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.

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
  • $1 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 $1 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.

Can a foreigner open this maxi saver account through internet?I’m come from Malaysia.

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.

As a customer of Westpac, does this render a new Bank of Melbourne customer ineligible for the bonus interest?

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.

Is it so that after 3 months, the interest rate drops?

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.

Can I open an account in a business name or in my superannuation fund name?

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

Can i put money in or out at any time without penalty

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.

Can i have a maxi saver with my smsf?

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

Is the Bank of Melbourne still in the Westpac group and how secure is the bank? Is there a penalty for withdrawals, is there a minimum monthly deposit required?

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.

With your maxi saver account is there a limit of how much you can put in ie 250,000?

There’s no maximum amount applicable to this account.

Do I have to live in melb to go in personally to open these accounts or can they be both done online as I don’t have an everyday transaction 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.

Is there a maximum amount that can be put in this account for the 5 months?

There is no maximum amount for the BoM Maxi Saver.

Could you tell me if the maxi saver interest is payable if the account is open for 2 or 3 months only? Is there any penalty for closing the account after say 6 weeks?

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

For Bank of Melbourne Maxi Saver, what is the maximum deposit amount?

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

Is there a maximum amount that can be deposited to operate this account at maximum interest rate.

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.

Can the transaction account be with another bank as the link account so that I can transfer money in and out? And at the end of the 5 months’ term when I transfer money out to the link(transaction) account, is there any limit of amount that I can transfer out per day? Also as the account is open online, how to show the 100 points such as driver’s licence etc and if my transaction account is with another bank, do I still have to show the 100 points?

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.l.

If I decided to close the account after 5 months, am I still entitled to the interest?

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

Is there a time limit on this account after 5 months on this on line saver.

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.

Is there any withdrawal interest or penalty for withdrawals with this account?

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

Does the full $250 000 amount of the Government Guarantee apply to this account? Are there any minimum deposits and no withdrawal type conditions for obtaining the maximum interest rate pa interest rate for 5 mths? Is our money secure if we transfer it to and from an isaver from outside Melbourne Bank or Westpac (another of the of the Big 4 Banks)?

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.

I have a Direct saver A/c with BOM now. Can I change to a Maxi Saver A/c? What do I have to do to do so?

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.

Can a trust / self managed fund open a maxi saver account?

No, this is for personal accounts only.

Are you an adi so that if I deposit $250,000 into a maxi saver it is protected by the Australian government?

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

Is this a compound interest account? So does the interest get calculated on the balance at the end of the month, including the interest earned from a previous month? Say a deposit of $1,000 and at the end of the month interest earned was $10 for example. Then you have a balance of $1010. Would the next month calculate on the $1010 or the $1000 and exclude the interest earned. Also, say with a deposit of $140,000 and the interest calculated daily, and paid monthly – exactly how much interest will be paid into the account at the end of a month.

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

Does the transactional account have to be with Melbourne bank for transfer the deposit at term or old it be with westpac?

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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8 Responses to Bank of Melbourne Maxi Saver Savings Account

  1. 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?

    • Staff
      Clarizza | October 17, 2016

      Hi Adrian,

      Thanks for your question.

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

      Regards,
      Clarizza

  2. Default Gravatar
    Robert | August 29, 2016

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

    • Staff
      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

  3. 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.

  4. Default Gravatar
    terence | August 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
      Shirley | August 24, 2015

      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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