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Incentive Saver Account

You may have the best intentions but temptation is everywhere, To encourage you to stay on track towards your savings goal, we created the Incentive Saver Account

  • On top of a competitive interest rate, this account rewards you with bonus interest every month you make at least one deposit and no withdrawals
  • No monthly account service fee
Apply Now

Savings account with a competitive rate

  • Earn up to p.a.3

Earn bonus variable interest

  • Every month you make at least one deposit and no withdrawals

Save on fees

  • No monthly account service fee
  • 1 free withdrawal every month

Easy access

Compare

Incentive Saver Account fees
Monthly account service fee $0
Number of free withdrawals per month 1
Transaction fees for everyday banking (where a relevant Free monthly withdrawal allowance applies, these transaction fees are payable per transaction after the allowance has been exceeded.
Internet Banking Free
Phone Banking Free
Bank of Melbourne / Westpac / St.George / BankSA ATMs in Australia $0.60  
Electronic agency $0.60  
Staff assisted $2.50
Bank@Post™ $2.50
Transaction fees (Free monthly withdrawal allowances do not apply to these fees)
Direct Debit $0.20
Periodical Payment $4.00
Overseas Cash Withdrawal (including overseas ATM withdrawal) $5.00
Bank of Melbourne / St.George / BankSA ATM Mini transaction history request $0.20
Frequent Statement (per month) $2.00
Foreign Currency Conversion 3.0%
Collection item Free

Great for people who want to save towards a goal

Get an incentive to save – with a bonus rate of interest every month you make at least one deposit and no withdrawals. It’s the perfect encouragement to save.

Choose Incentive Saver if you want:

  1. $0 monthly account service fee
  2. Bonus interest rate every month you make at least one deposit and no withdrawals
  3. All the benefits of a competitive interest savings account without maintaining a minimum monthly balance
  4. Free automatic Direct Credits (like automatic transfers from another account every month), so you save faster
  5.  Easy access in branch, ATMs, EFTPOS, Internet and Phone Banking
  6. All the little extras, like eStatements, mini transaction history at ATMs, optional SMS and Email Alerts2.
  7. Available for personal customers only. Not available for businesses or self managed superannuation funds.

Keeping track of Incentive Saver is easy!

Internet Banking View transactions online anytime with Internet Banking1
Paper Statements Posted to you every 6 months
Mini transaction history Available at any Bank of Melbourne ATM
eStatements View, print and save up to 2 years of statements online when you choose eStatements
Yearly interest summary View and print your Financial Year interest summary with Internet Banking
SMS/Email Alerts Keep track of how your saving by setting up a balance alert

Interest rates

Interest rate component Rate
Standard variable base rate  p.a.
Bonus variable interest rate each month that you make a deposit and no withdrawals  p.a.
Earn up to  p.a.

The standard variable Incentive Saver rate and bonus interest rate may be changed at any time but the fixed bonus rate will not change while it applies.

Apply online

Apply now. It takes just 10 minutes!

Call us

13 22 66 and say “New account” when prompted

Visit a Branch

Find your nearest branch

What you'll need

Contact details (address, phone number, email address)

Tips

New to Bank of Melbourne? To open a bank account in Australia, you’ll need to confirm your identification.

The Detail

Conditions and fees apply.

Before making a decision, it’s best to read the terms and conditions

Please read these documents and keep a copy. You can request a paper copy at a branch.

The advice on our website is prepared without knowing your personal financial circumstances. Before you act on this or any advice, please consider if it’s right for you. If you need help, call 13 22 66.

1.Subject to systems availability.
2.Fees apply for SMS Alerts per month. Email Alerts are free.
3.Includes bonus interest earned when you make at least one deposit and no withdrawals in the calendar month