Bank of Melbourne savings and bank accounts

Bank of Melbourne has a range of bank accounts to suit different customers, including students, retirees and businesses.

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Bank of Melbourne savings accounts, bank accounts and term deposits

Name Maximum Variable Rate p.a. Base interest rate Intro/Ongoing Government Guarantee Monthly Max Rate Conditions
Bank of Melbourne Maxi Saver
Bank of Melbourne logo
Maximum Variable Rate p.a.
5.15%
Standard Variable Rate p.a.
1.10%
Intro/Ongoing
3 months
Government Guarantee
Monthly Max Rate Conditions
  • N/A
Max Variable Rate includes 0.35% p.a. for 3 months for new customers who apply online
Bank of Melbourne Incentive Saver
Bank of Melbourne logo
Maximum Variable Rate p.a.
5.25%
Standard Variable Rate p.a.
1.85%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Grow balance by $50 ($0.01 if under 21)
  • Deposit up to $249,999.99
Extra 0.1% p.a. for 3 months for new customers who apply online.
Bank of Melbourne Investment Cash Account
Bank of Melbourne logo
Maximum Variable Rate p.a.
1.00%
Standard Variable Rate p.a.
1.00%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • N/A
Bank of Melbourne Business Access Saver
Bank of Melbourne logo
Maximum Variable Rate p.a.
2.35%
Standard Variable Rate p.a.
1.15%
Intro/Ongoing
5 months
Government Guarantee
Monthly Max Rate Conditions
  • Balances up to $10,00
  • For accounts opened from 23/08/2024
  • Eligibility criteria and T&Cs apply
Bank of Melbourne Retirement Access Plus
Bank of Melbourne logo
Maximum Variable Rate p.a.
2.30%
Standard Variable Rate p.a.
2.30%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • N/A
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Showing 5 of 5 results
Name Monthly fee Govt. Guarantee Own network ATM fee Card type
Bank of Melbourne Complete Freedom Account
Bank of Melbourne logo
Apple Pay Google Pay Samsung Pay
Monthly fee
$0
Government Guarantee
Own network ATM fee
$0
Card type
Visa
More Info
Bank of Melbourne Complete Freedom account - Young Adults & Students
Bank of Melbourne logo
Apple Pay Google Pay Samsung Pay
Monthly fee
$0
Government Guarantee
Own network ATM fee
$0
Card type
Visa
Bank of Melbourne Complete Freedom Account - High Schoolers
Bank of Melbourne logo
Apple Pay Google Pay Samsung Pay
Monthly fee
$0
Government Guarantee
Own network ATM fee
$0
Card type
Visa
Bank of Melbourne Concession
Bank of Melbourne logo
Apple Pay Google Pay Samsung Pay
Monthly fee
$0
Government Guarantee
Own network ATM fee
$0
Card type
Visa
More Info
Bank of Melbourne Society Cheque Account
Bank of Melbourne logo
N/A
Monthly fee
$0
Government Guarantee
Own network ATM fee
$0
Card type
No Debit card
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Showing 5 of 5 results
Name 3 Mths p.a. 4 Mths p.a. 5 Mths p.a. 6 Mths p.a. 7 Mths p.a. 11 Mths p.a. 12 Mths p.a. 24 Mths p.a.
Bank of Melbourne Term Deposit
Bank of Melbourne logo
$1,000 min. deposit$2,000,000 max. deposit
3 Mths p.a.
3.25%
4 Mths p.a.
3.35%
5 Mths p.a.
3.45%
6 Mths p.a.
3.60%
7 Mths p.a.
3.60%
11 Mths p.a.
-
12 Mths p.a.
4.00%
24 Mths p.a.
3.80%
More Info
Term deposit special offer: Get 5.00% p.a. for 11 months (4.80% fixed rate special offer + 0.20% bonus when you sign up online).
Bank of Melbourne Business Term Deposit
Bank of Melbourne logo
$1,000 min. deposit
3 Mths p.a.
3.25%
4 Mths p.a.
3.35%
5 Mths p.a.
3.45%
6 Mths p.a.
3.60%
7 Mths p.a.
3.60%
11 Mths p.a.
-
12 Mths p.a.
4.00%
24 Mths p.a.
3.80%
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Showing 2 of 2 results
Rates accurate as at: December 21st, 2024 Learn about our information service

Quick facts about Bank of Melbourne

  • Bank of Melbourne is a Victorian-based bank headquartered in Melbourne
  • Bank of Melbourne was purchased by Westpac in 1997, and is part of the Westpac Group along with St.George and BankSA
  • Bank of Melbourne customers have access to the Westpac Global ATM Alliance of more than 50,000 international ATMs
  • Although based in Victoria, anyone in Australia can join Bank of Melbourne
  • Bank of Melbourne regularly offers cash bonus deals to new customers for opening a bank account

Accounts offered by Bank of Melbourne

Bank of Melbourne offers a range of bank accounts to suit a variety of customers, which you can see listed in the table above. Here's a brief snapshot of a few of the bank's most popular accounts.

Bank of Melbourne Complete Freedom Account

The Complete Freedom Account comes with a linked Visa debit card, giving you easy access to your money, and no monthly account keeping fee. You can access all Bank of Melbourne, BankSA, St.Geroge and Westpac ATMs for free, as well as all CommBank, NAB and ANZ ATMs in Australia.

Read our full review of the Bank of Melbourne Complete Freedom Account.

Bank of Melbourne Incentive Saver Account

This account encourages you to save by offering a bonus interest rate every month you don't make a withdrawal and make at least one deposit. It does not charge any ongoing account keeping fees, and does not have any minimum balance requirement.

Read our full review of the Bank of Melbourne Incentive Saver Account.

Bank of Melbourne Term Deposit

You can open a Bank of Melbourne Term Deposit and pick a length from 1 month to 5 years at a time. You'll earn a fixed interest rate for the length of the term, however you're unable to access your money until you reach the end of your term.

Read our full review of the Bank of Melbourne Term Deposit.

What do Australians think of Bank of Melbourne bank account?

  • 4.05/5 overall for Customer Satisfaction — lower than the average of 4.11
  • 4.65/5 for Trust — higher than the average of 4.43
  • 4.01/5 for Customer Service — lower than the average of 4.07

Based on Bank of Melbourne bank account scores in Finder's 2024 Customer Satisfaction Awards.

Different ways to bank with Bank of Melbourne

Bank of Melbourne offers many different ways to do your banking.

BankSA bank branches

Bank of Melbourne has roughly 90 bank branches spread across Victoria. Customers can also go into one of more than 1000 Westpac branches for assistance with day-to-day banking, to deposit cash or cheques, to open or close accounts or to speak to a professional banker.

Bank of Melbourne ATM network

You can use all Bank of Melbourne, St.Geroge and BankSA ATMs for free, of which there are hundreds across the country. Bank of Melbourne is also part of the Westpac Group which includes around 3,000 Westpac ATMs around Australia, and 50,000 internationally as part of Westpac's Global ATM Alliance. You can also use your Australian debit cards to withdraw cash for free at CommBank, NAB and ANZ ATMs throughout Australia.

Bank@Post

If you need to deposit cash into your Bank of Melbourne account, you can do this at a participating Australia Post shop using Bank@Post. It's free to deposit cash into your account this way.

Bank of Melbourne Internet and mobile banking

Customers can access Bank of Melbourne's Internet banking portal 24/7 to review transactions and balances, see more detailed transaction data, pay bills, transfer money between accounts and make BPAY payments. You can also view and download your statements and open new Bank of Melbourne accounts.

The Bank of Melbourne app is free to download, and has a 3.1 star rating in the App Store and a 3.7 star rating in the Google Play store. You can do your day-to-day digital banking using the app 24/7.

Bank of Melbourne contactless payment options

Bank of Melbourne offers Apple Pay, Google Pay and Samsung Pay to customers with a Bank of Melbourne debit or credit card. This means you can use your phone (or any compatible device, such as an Apple Watch) to make contactless payments for everyday items instead of using your physical debit card.

Pros and cons of banking with Bank of Melbourne

Pros

  • Lots of choice. Bank of Melbourne has a bank account to suit personal customers, students, business customers, retirees and concession card holders.
  • ATMs and branches. Bank of Melbourne still has hundreds of ATMs and bank branches, unlike many other smaller banks which mostly operate online.
  • No account keeping fees. There are no account keeping fees on bank accounts or savings accounts.

Cons

  • Presence limited to Victoria. While Bank of Melbourne has a good presence in Victoria, its absence in other states can be a drawback if you're not from Victoria or you travel a lot.
  • Lower savings rates. Bank of Melbourne's savings account interest rates are often less competitive than many other banks.

How to apply for a Bank of Melbourne account online

You can apply for a new Bank of Melbourne account online in less than 10 minutes. Just make sure you meet the eligibility criteria and have the necessary documents handy before you start your application.

Eligibility

  • You're over 18 years old
  • You're an Australian resident for tax purposes
  • You have an Australian phone number and residential address

Documentation

  • Personal details like your name, date of birth, residential address, phone number and email address
  • ID documents such as your driver's licence, Medicare card, passport or proof-of-age card

If you haven't found what you're looking for yet, you can compare a wide range of additional savings accounts and bank accounts from other providers with Finder.

Compare other products from Bank of Melbourne

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Editor

Alison Banney is the money editorial manager at Finder. She covers all areas of personal finance, and her areas of expertise are superannuation, banking and saving. She has written about finance for 10 years, having previously worked at Westpac and written for several other major banks and super funds. See full bio

Alison's expertise
Alison has written 625 Finder guides across topics including:
  • Superannuation
  • Savings accounts, bank accounts and term deposits
  • Budgeting and money-saving hacks
  • Managing the cost of living

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6 Responses

    Default Gravatar
    CanMay 18, 2024

    Can I get a card please

      AvatarFinder
      SarahMay 20, 2024Finder

      Hi there, we’re a review and comparison site, you’ll need to contact Bank of Melbourne directly for customer service. You can reach them on 13 22 66.

    Default Gravatar
    PasqualeJune 3, 2023

    how do I open an account on line?

      AvatarFinder
      AlisonJune 5, 2023Finder

      Hi, you just need to complete the online application on the bank’s website. You’ll need to supply your personal details (name, address etc.) plus verify your identity.

    Default Gravatar
    BryanMarch 13, 2023

    Can Bank of Melbourne account holders use Westpac branches for over the counter transactions

      AvatarFinder
      RajMarch 13, 2023Finder

      Hi Bryan,
      Unfortnightly you won’t be able to use Westpac branches for over the counter transactions. However you can use Westpac ATMs with Bank of Melbourne debit cards.

      Thanks
      Raj

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