Incentive Saver Up to 5.15% p.a.*
*Eligibility criteria, Terms and Conditions apply
Savings & Transaction offers
5.15 % P.A.
Total
variable rate
Earn up to 5.15% p.a. with a variable base rate of 0.10% p.a., and a variable bonus* rate of 5.05% p.a. on an Incentive Saver account.
T&Cs apply#
$50
cashback on
your new account
Open a new Complete Freedom account with an eligible savings account by 30 September 2026.
Spend $50 or more within 15 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 by at least $50 a month (for customers 21 or over) or $0.01 a month (for customers under 21), excluding interest, and your account balance does not fall below $0. Bonus interest rate may differ depending on account balance.
This promotion runs from 9 June 2026 to 30 September 2026.
To be eligible you must:
- 18+ and have not held any transaction account or savings accounts with Bank of Melbourne in the last 2 years from the date the last transaction or savings account closure.
- Open a new Complete Freedom account AND, either a Incentive Saver OR Maxi Saver. Accounts must be in the same name, activated and ready to use.
- Make eligible purchases totalling at least $50 using the debit card linked to your account within 15 calendar days of the first account being opened. Transaction(s) must be processed (not pending) by the end of the 15th day.
- Transaction(s) must be customer-initiated and does not include interest payments, direct debits or internal transfers between your Bank of Melbourne accounts.
- Keep the account open for a minimum of 60 days after you meet all other eligibility criteria.
- Hold the accounts in one name only. These accounts cannot be joint accounts.
If you meet the above:
- You're eligible for a one-time $50 payment.
- The $50 payment will be made to your Incentive Saver OR Maxi Saver account within 60 days of you meeting all Terms and Conditions and eligibility criteria.
- If you open more than one Incentive Saver or Maxi Saver account, the $50 payment will only be made once into the first savings account opened and activated.
- This promotion may be varied or withdrawn at any time. It is not available in conjunction with any other offer unless otherwise stated.