Bonus interest on your Incentive Saver account
Find out what you need to do each month to earn bonus interest.
3 steps to earn bonus interest
What you need to know
How to qualify for bonus interest
Make sure your deposits are settled by 9:59pm (Sydney time) on the last business day of each month. This is when we check if you qualify for bonus interest.
Bonus interest eligibility varies by age:
Under 21 years old
You’ll earn bonus interest if your account balance never goes below zero and you grow your balance by at least $0.01 during the month.
21 years and over
You’ll earn bonus interest if your account balance never goes below zero and you grow your balance by at least $50 during the month.
Things that can affect your bonus interest
- If the last day of the month is a Sunday or national public holiday, deposits or withdrawals made after the last business day count towards the next month’s bonus interest.
- Deposits made by the bank (including interest paid) don’t count towards bonus interest eligibility.
- If you close your account before the end of the last business day of the month, you won’t get bonus interest for that month.
- The minimum deposit amount needed for bonus interest may change. We’ll let you know if it does.
What counts as a month and a business day
- A month runs from the day after the last business day of the previous month to the last business day of the current month.
- A business day is any day from Monday to Saturday. It does not include Sundays or national public holidays.
Make a deposit before the last business day each month to earn bonus interest
| Month | Last business day |
|---|---|
| January | Saturday 31 Jan 2026 |
| February | Saturday 28 Feb 2026 |
| March | Tuesday 31 Mar 2026 |
| April | Thursday 30 Apr 2026 |
| May | Saturday 30 May 2026 |
| June | Tuesday 30 Jun 2026 |
| July | Friday 31 Jul 2026 |
| August | Monday 31 Aug 2026 |
| September | Wednesday 30 Sep 2026 |
| October | Saturday 31 Oct 2026 |
| November | Monday 30 Nov 2026 |
| December | Thursday 31 Dec 2026 |
Examples of how bonus interest works
Under 21 years old
Jamil (18 years old) keeps his Incentive Saver account above zero, deposits $50, and withdraws $25. His balance grows by $25. Because Jamil is under 21 and his balance grew by more than $0.01, he earns bonus interest for July.
21 years and over
Jane (40 years old) keeps her Incentive Saver account above zero, deposits $75, and withdraws $25. Her balance grows by $50. Because Jane is over 21 and her balance grew by at least $50, she earns bonus interest for July.
Not eligible for bonus interest
Junko (30 years old) keeps her Incentive Saver account above zero, deposits $25, and withdraws $20. Her balance grows by $5. Because Junko is 21 or over and her balance grew by less than $50, she does not earn bonus interest for July.
How to set up a recurring payment to your savings
In the Bank of Melbourne App
- Tap Transfers & Payments and select an account to pay from
- Select between Accounts, Payees, PayID or Billers to schedule a payment
- Type in an Amount and tap the checkbox Set as a scheduled or recurring payment. Select the frequency and the date range, with enough time for the payment to process each month. Tap Continue
- Review your scheduled payment. Tap on Submit payment.
On Internet Banking
- Select Scheduled Payments on the accounts summary screen
- Select Add a new Scheduled Payment to create a new transfer
- Select options to:
- Transfer between your accounts
- Transfer funds within Australia
- Pay a bill via BPAY®
- Pay my credit card
- Select an account to make your transfer. Enter an Amount with options to add Description and Reference to identify the transaction in your statement. Select Schedule Later
- Select your choice of Schedule Frequency from the dropdown box. Options to select a single date (for once only) or date range for regular payments. Check there’s enough time for the payment to process each month. Select Continue.
- Review your scheduled payment and select Continue.
The Detail
Transaction, Savings and Investment Accounts – Terms and conditions (PDF 731KB)
Read the Bank of Melbourne Internet and Phone Banking Terms and Conditions (PDF 615KB) before making a decision and consider whether the product is right for you.
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