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Set your sights on something bigger

It’s nice when you receive an unexpected windfall, like a tax return. And although you might be tempted to go out and splurge it, parking it in your Incentive Saver account can be a great way to accelerate your savings balance and reach those large savings goals sooner.

Get even more incentives for saving your tax return

Set yourself a goal
Saving is easier when you’ve got a clear goal in mind, whether it’s some new wheels, a trip away or just stashing some cash for a rainy day.
Personalise your account
Give your account a nickname that matches your savings goal and stay focused on hitting your goals.
Automate your savings
Put your savings on autopilot and keep earning bonus interest* by setting up a recurring payment.

Take the thinking out of saving

Setting up an automatic regular transfer is an easy way to keep your savings ticking over. Just head to Internet and Mobile Banking and follow the steps below. If you’d prefer the freedom to make manual deposits, then just follow the same process.


Logon to Internet Banking or open the Bank of Melbourne App, select ‘Transfer and Pay’ then choose the accounts you’d like to transfer from and into.

Enter the transfer amount and highlight the check box to set up a scheduled or recurring payment. Then choose the frequency, plus the start and end date, then hit continue.

Review your transfer, and if you’re happy, select ‘Submit payment’.

The Detail

Conditions, fees and charges apply. These may change or we may introduce new ones in the future. Full details are available on request. Lending criteria apply to approval of credit products. This information does not take your personal objectives, circumstances or needs into account. Consider its appropriateness to these factors before acting on it. Read the disclosure documents for your selected product or service, including the Terms and Conditions or Product Disclosure Statement, before deciding.

*Bonus interest: payable for each month the account’s monthly closing balance (excluding interest), being the day after the last business day of the previous month to the last day of the current month, has not fallen below zero and has grown compared to its opening balance as stipulated below. For customers aged 21 years and over: When you grow your account by at least $50 a month. For customers aged under 21 years: When you grow your account by $0.01 a month. (Please note, for joint accounts, both account holders must be under 21).