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Get your savings there sooner.


Whether you’ve set your sights on something smaller, like a weekend away or new work outfit, or something bigger like a car or house deposit, earning bonus interest on your savings can help you reach your goals faster.

    0.45% p.a.

This is your total reward rate and is a combination of a base variable rate of 0.20% p.a. 
plus the bonus variable rate of 0.25% p.a. These rates apply to all balances.

 

How it works

Grow
Grow your account by at least $50 a month (for customers 21 or over) or $0.01 a month (for customers under 21) and keep your balance above $0.  
Earn
Earn1 a total interest rate of 0.45% p.a. (a combination of the bonus variable rate of 0.25% p.a. plus a base variable rate of 0.20% p.a).
Save
With no limit on deposit amounts, interest is calculated on the total balance of your Incentive Saver.


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

1. 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 business 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). Balance growth is dependent on a customer demonstrating savings behaviour – e.g. making a deposit into their savings account. Any increase in balances from interest earned doesn’t count towards balance growth. Customers should monitor their account balance if they make any withdrawals to make sure they maintain the minimum monthly balance growth required to qualify for bonus interest.

Fees and charges apply. Interest rates are subject to change. Any recommendation made in this communication does not take your objectives, financial situation or needs into account. Before making a decision, you should consider what’s right for you.

View the full product Terms and Conditions here (PDF 645KB) and the Internet Banking Terms and Conditions here (PDF 343KB).