Bank of Melbourne Savings Accounts

Bank of Melbourne is a provider of savings accounts, as well as other banking solutions such as loans, credit cards, travel and foreign exchange, financial planning, insurance and superannuation.

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Considering a savings account from Bank of Melbourne? The table below displays a snapshot of Bank of Melbourne savings accounts on Canstar’s database, sorted by Star Rating. These results are based on a regular saver profile in NSW with $10,000 in current savings.

To see the definition of a regular saver and other profiles used in Canstar’s Star Ratings, view Canstar’s savings account methodology here. Or you can search our database for a savings account to suit your needs.

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What savings accounts does Bank of Melbourne offer?

Bank of Melbourne offers 2 savings accounts at the time of writing:

Incentive Saver

This account offers a variable base rate of 0.80%pa on balances below $100,000 or 1.10%pa balances over $100,000, plus 1.20%pa variable bonus rate each month you qualify.

Maxi Saver

This account offers an introductory 3-month variable rate, which includes a fixed bonus rate of 2.05%pa for new Maxi Saver customers

You can view the current interest rates on Bank of Melbourne savings accounts in our comparison tables.

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Do Bank of Melbourne savings accounts require a linked transaction account?

Bank of Melbourne does require linked transaction accounts to its Maxi Saver account, but not for its Incentive Saver account.

You can compare transaction accounts with Canstar here to potentially find one that suits your requirements.

Does Bank of Melbourne charge fees on its savings accounts?

Savings accounts can come with several fees, such as monthly account-keeping fees, transaction fees, withdrawal fees and more.

Bank of Melbourne charges no monthly account keeping fees but do charge $2.50 for staff assisted transactions Maxi Saver accounts at the time of writing (17/09/18). There may also be a fee charged for statements requested out with the scheduled statement cycle.

For current information on all fees and how they apply, please check the Product Disclosure Statement.

What does Bank of Melbourne offer in terms of mobile banking for savings accounts?

Bank of Melbourne offers both online and mobile banking for its savings products, with its app available in both the Apple and Google store. Notable features of Bank of Melbourne’s mobile banking include the ability to:

  • Bank on the go with Quick Balance
  • Update your details and profile settings
  • Notifications and alerts
  • Make a payment or transfer in one tap
  • Schedule or check past payments

How to apply for a Bank of Melbourne savings account

Before applying for a Bank of Melbourne savings account,consider comparing it against other savings accounts on the market to ensure it is the right one for you. You can then apply for a Bank of Melbourne savings account online, provided you have the correct documentation:

  • At least one form of ID, such as your driver’s license or passport
  • Accurate personal information, such as your name, date of birth, address and phone number

Once your account is opened, Bank of Melbourne may require you to transfer in a minimum amount before your account can be activated – check the PDS document for more information on how much you might need to deposit.

Related article: How to change bank accounts

Eligibility requirements

When applying for a Bank of Melbourne savings account, you will also have to meet the following eligibility requirements:

  • To hold a Maxi Saver account you must also hold an eligible transaction account in the same name.

For full eligibility requirements, visit the Bank of Melbourne website.

What other banking products does Bank of Melbourne provide?

Bank of Melbourne provides a variety of different products to consumers, including:

  • Home loans
  • Personal loans
  • Credit cards
  • Travel money cards
  • Foreign cash
  • International payments
  • Financial planning
  • Insurance
  • Superannuation

About Bank of Melbourne

Bank of Melbourne was founded in 1989 and has 106 branches exclusively in the state of Victoria.

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Written by: Maddie Clarey | Last updated: July 3, 2018