^ Incentive Saver: 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 rate will be calculated on the daily closing balance of your account at the end of each day. Bonus interest rate may differ depending on account balance.
 

* Maxi Saver: If you open a Maxi Saver account and you have not held a Maxi Saver Account before and you are a personal customer, you'll earn an Introductory Fixed Rate on top of the standard variable interest rates (standard base rate and bonus rate when the bonus rate criteria is met) during the Promotional Rate Period. The Promotional Rate Period is the first 6 months from the date your account is opened. Standard variable rate will apply to all Maxi Saver accounts. Joint accounts are eligible where the primary account holder has not held a Maxi Saver account before.

Online bonus offer available from 15/05/2026 for a limited time only. Only available for new Maxi Saver accounts opened online by applicants who have never held a Maxi Saver account before. Joint accounts are ineligible for the Online bonus offer.

Offer may be varied or withdrawn at any time.

To hold a Maxi Saver account, you must also hold an eligible Bank of Melbourne transaction account in the same name and be registered for Internet and Phone Banking. If you don't already have one, set up a Complete Freedom everyday account when you open a Maxi Saver account. Fees and charges may apply on the transaction account.
 

• Existing Bank of Melbourne personal and sole trader customers taking up a Special Offer Term Deposit.
• Opened, or renewed during the grace period, via Internet Banking, the App or by talking to us. Not available in Business Banking Online.
• Not available for Financial Institutions or Government customers.
• For renewing Term Deposits, customer-initiated instructions must be provided in the grace period.
• We reserve the right to withdraw, amend or extend the offer at any time.
• Rate and offer apply for a single term.
• Higher or lower rates may apply for subsequent terms.
• You must provide a minimum of 31 days’ notice to access funds prior to maturity (except in cases of hardship).
• If the deposit or any part of it is withdrawn early, an interest rate adjustment will usually apply.

• Term Deposits opened or renewed during the grace period via Internet Banking or the App only. Not available in Business Banking Online.
• The bonus offer will be applied in conjunction with any other rate offer that may apply.
• Not available for customers who are not able to open or renew via Internet Banking (e.g., some joint accounts), business customers except sole traders or Term Deposits held as security.
• For renewing Term Deposits, customer-initiated instructions must be provided in the grace period.
• We reserve the right to withdraw, amend or extend the offer at any time.
• Rate and offer apply for a single term.
• Higher or lower rates may apply for subsequent terms.
• You must provide a minimum of 31 days’ notice to access funds prior to maturity (except in cases of hardship).
• If the deposit or any part of it is withdrawn early, an interest rate adjustment will usually apply.

 

# The $50 Cashback Promotion Terms and Conditions

This promotion runs from 9th June 2026 to 31st March 2027. 

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.