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Grow your monthly balance and we’ll reward your dedication

Deposit
At least once a month*
Save
with flexibility to withdraw
Earn
up to reward interest rate

Rates


1.60 % P.A.


For balances
up to $99,999.99

This rate is a combination of the bonus variable rate of 1.20% p.a. and a base variable rate of 0.40% p.a.

1.90 % P.A.


For balances $100,000
to $249,999.99

This rate is a combination of the bonus variable rate of 1.50% p.a. and a base variable rate of 0.40% p.a.

2.05 % P.A.


For balances
over $250,000+

This rate is a combination of the bonus variable rate of 1.65% p.a. and a base variable rate of 0.40% p.a.

Balance Standard variable rate Standard Bonus* Earn up to
Balances up to $19,999.99 0.40% p.a. 1.20% p.a. 1.60% p.a.
Balances $20,000 to $99,999.99 0.40% p.a. 1.20% p.a. 1.60% p.a.
Balances $100,000 to $249,999.99 0.40% p.a. 1.50% p.a. 1.90% p.a.
Balances $250,000 to $499,999.99 0.40% p.a. 1.65% p.a. 2.05% p.a.
Balances $500,000 to 1M 0.40% p.a. 1.65% p.a. 2.05% p.a.
Balances 1M+ 0.40% p.a. 1.65% p.a. 2.05% p.a.

* Grow your account balance by at least $50 each month to earn bonus interest (if you are under 21, grow your account balance by any amount each month).

Fees and charges

  • Incentive Saver has no setup or monthly fees.


    The main thing to remember is that you will receive an overall higher interest rate if you grow your account balance by the required amount before the last business day each month.


    Please read the detailed terms and conditions for the full fee schedule.

Features

Automatic transfers
Help yourself get the total reward rate by setting up a monthly deposit in online banking.
Uncapped saving
Interest is calculated on the total balance of your Incentive Saver with no limit on deposit amounts. 
Government guarantee
The Financial Claims Scheme guarantees deposits to a cap of $250,000 per account-holder.
Quick Balance
Know exactly how much money you have on hand, at a glance at your smartphone or watch.

Looking for a savings account for kids?

  • You can now save money while saving penguins. Open an Incentive Saver account at your local branch for your child aged 15 or under and Bank of Melbourne will adopt a penguin on their behalf. Learn more

In detail

Before making a decision, please read the terms and conditions and ensure you're aware of all fees and charges.

How to open an account

1.
Read both the terms and conditions, and fees above
2.
Give yourself a few minutes
3.
Have your ID handy
4.
Have your Tax File Number (TFN) ready