Incentive Saver Up to 4.90% p.a.*
*Eligibility criteria, Terms and Conditions apply
Savings & Transaction offers
4.90 % P.A.
Total
variable rate
Earn up to 4.90% p.a. with a variable base rate of 0.10% p.a., and a variable bonus* rate of 4.80% p.a. on an Incentive Saver account.
T&Cs apply#
$50
when you bank
and save together
Open a new Complete Freedom account with an eligible savings account by 8 June 2026.
Deposit $50 within 10 days, and we’ll drop $50 straight into your savings.
T&Cs apply.^
How to earn bonus interest
You can earn bonus interest each month if you:
- Keep your balance at $0 or above at all times
- Add money to your account (interest payments don’t count)
- Grow your balance before the last business day of the month
Want to know exactly how it works, including key dates and what counts as a month?
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.
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.
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.
Features
In detail
How to open an account
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.
This promotion runs from 1 February 2026 to 8 June 2026.
Eligibility criteria:
You must:
- Not have held any 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.