Incentive Saver Up to 4.40% p.a.*

*Eligibility criteria, Terms and Conditions apply

Why?
Rates
Fees and charges
Features
In detail

Savings & Transaction offers

4.40 % P.A.

Total
variable rate

Earn up to 4.40% p.a. with a variable base rate of 0.10% p.a., and a variable bonus* rate of 4.30% p.a.. Only on balances remaining below $250,000.

T&Cs apply^#

$50

when you bank
and save together

Open a new Complete Freedom account with an eligible savings account by 20 April 2026.

Deposit $50 within 10 days, and we’ll drop $50 straight into your savings.

New customers only. T&Cs apply.^

Frequently asked questions

To earn bonus interest on an Incentive Saver account over the month:

Keep your account balance above $0 at all times.
Make a deposit into the account*. Interest paid into the account doesn’t count.
Your balance must be higher at the end of the month than at the beginning.

When will I be eligible for bonus interest?

For customers under 21 – you are eligible for bonus interest if your account balance has not fallen below zero and you have grown your account balance by at least $0.01 during the month.
For customers aged 21 years or over – you are eligible if your account balance has not fallen below zero and you have grown your account balance by at least $50 during the month.

What counts as a month when I want to earn bonus interest?

A month is the day after the last business day of the previous month to the last business day of the current month. By business day, we mean any weekday from Monday to Saturday, excluding Sundays and national public holidays. For more information, please refer to "How and when we pay interest" in our Transaction, Savings and Investment Accounts Terms and Conditions (PDF 732KB).

Standard rates

4.40% p.a. Total variable rate, combining a variable base rate of 0.10% p.a. and a variable bonus* rate of 4.30% p.a. for account balances remaining below $250,000. Check rates here.
4.25% p.a. Total variable rate, combining a variable base rate of 0.10% p.a. and a variable bonus* rate of 4.15% p.a. for account balances of $250,000+. Check rates here.
0.10% p.a. Variable base rate on your balance, for those months when your balance does not grow*. Check rates here.

Fees and charges

$0.00 Account-Keeping Fee
$0.00 Staff assisted (branch and telephone)

Calculate what you could earn on your savings

Estimate how much you’ll need to put away each month for the things you want, from your starting balance to how long it may take you to reach your goal.

Go to Savings Calculator

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.

In detail

Before making a decision about any of our products or services, please read all the terms and conditions and consider whether the product or service is right for you. Fees and charges apply and may change.

T&Cs and Fees

Interest rates

How to open an account

Read both the terms and conditions, and fees above

Give yourself a few minutes

Have your contact details handy

Have your Tax File Number (TFN) ready

Not right? Try these?

Maxi Saver

Straight forward savings

Term deposits

Fixed returns

The Detail

* Grow your account balance by at least $50 a month (for customers 21 or over) or $0.01 a month (for customers under 21), excluding interest paid, ensuring your account balance remains between $0 - $249,999.99.

^ The $50 Cashback Promotion Terms and Conditions

This promotion runs from 1 February 2026 to 20 April 2026.

Eligibility criteria:

You must:

Not have held either a transaction account or savings accounts with Bank of Melbourne in the last 2 years (applies to both account holders for joint accounts)
Open a new Complete Freedom Account AND, either an Incentive Saver OR Maxi Saver. Accounts must be in the same name, and active and ready to use.
Open both accounts and deposit $50 or more into your Complete Freedom transaction account within 10 calendar days. Deposit(s) must be processed (not pending) by the 10th day.
Deposit must be customer-initiated and does not include interest payments into the account.
Keep the account open for a minimum of 60 days after your eligible deposit.

If you meet the above:

You're eligible for a one-time $50 payment.
The $50 payment will be made to your Incentive Saver / Maxi Saver account within 60 days of you meeting all Terms and Conditions and eligibility criteria.
If you open more than one Incentive Saver / Maxi Saver account, the $50 cashback will be made to one account only. It will be the first savings account opened and active.

Joint accounts not eligible. This promotion may be varied or withdrawn at any time. It is not available in conjunction with any other offer unless otherwise stated.

This information is general in nature and has been prepared without taking your personal objectives, circumstances and needs into account. You should consider the appropriateness of the information to your own circumstances and, if necessary, seek appropriate professional advice.