Deposit Account rates update
Our response to the RBA’s cash rate announcement.
Interest rate changes
Dated: 17th March 2026
Deposits Interest Rate News - Tuesday 17th March
Reserve Bank of Australia Cash Rate Update
Following the Reserve Bank of Australia's decision to increase the official cash rate, Bank of Melbourne has announced changes to our deposit account interest rates.
The new deposit rates are effective 27 March 2026.
| Incentive Saver | |||
|---|---|---|---|
| Balance tier | Rates | Current rate (p.a.) | New rate (p.a.) |
| Entire account balance | Standard variable rate | 0.10% p.a. | 0.10% p.a. |
| Total account balance below $250k | Bonus variable rate1 |
4.55% p.a. | 4.80% p.a. |
| Total variable rate | 4.65% p.a | 4.90% p.a | |
| Total account balance >= $250k | Bonus variable rate1 | 4.40% p.a. | 4.65% p.a. |
| Total variable rate | 4.50% p.a. | 4.75% p.a. |
For all current rates on our other deposit products, find out more.
The Detail
Internet Banking and Phone Banking Terms and Conditions (PDF 615KB)
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.
1. Incentive Saver Bonus Interest: To meet bonus interest criteria you are required to grow your account by at least $50 a month (for customers 21 or over) or $0.01 a month (for customers under 21) and your account balance can not fall below $0. The eligibility calculation will occur by 11:59pm on the last business day of the month. The variable bonus interest rate applied will differ depending on whether your total closing daily balance is above or below $250,000. The rate will be calculated on the daily closing balance of your account at the end of each day.
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