Stay on track towards your savings goal and earn 5% by growing your balance each month.
You only need to grow your savings by a small amount each month to be eligible for the bonus interest.
The Bank of Melbourne Incentive Saver rewards you with bonus interest when you make regular deposits. To get the maximum rate of 4.9%, you will need to grow the balance by at least $50 a month for customers aged 21 or over.
Extra 0.1% p.a. for 3 months for new customers who apply online.
| Product Name | Bank of Melbourne Incentive Saver |
| Maximum Variable Rate | 5.00% p.a. |
| Standard Variable Rate | 1.60% p.a. |
| Monthly Account Fee | $0 |
| Minimum Opening Deposit | $0 |
| Minimum Age | 18 |
We currently don't have that product, but here are others to consider:
How we picked theseThe Finder Score is a simple score out of 10. The higher a savings account's score, the better we think it is for the average customer.
We score each savings account in our database of hundreds based on a data-driven methodology with 2 main criteria: Does the account offer a high interest rate? And is it easy for savers to actually earn that rate?
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Sarah Megginson Finder
March 14, 2024
Hi Francis,
The limit of $250,000 applies to the total amount of an account holder’s deposits with each licensed authorised deposit-taking institution (ADI). As you’ve noted, some ADIs operate multiple banking businesses under the one banking licence, but with different trading names. For example, BankWest is part of the Commonwealth Bank, while St George is part of Westpac.
A depositor might think they have accounts with two different ADIs, when both accounts are actually under the same banking licence. This could affect the depositor’s cover under the FCS, as the FCS limit of $250,000 will apply to the total amount held in ALL of the depositor’s accounts under the one banking licence.
Therefore, if you wish to spread your risk, you may want to move your savings to a completely different bank that attracts another $250k limit.
Hope this helps!
Lucas
December 30, 2023
Hi,
There is a limit up to for 99% of the saving accounts out there. I couldn’t find the limit for this saving account. Is there any? Thanks!
Richard Whitten Finder
January 09, 2024
Hi Lucas,
Some bank accounts have no limits. I suggest contacting Bank of Melbourne if you can’t find an answer to this question.
jose
September 12, 2016
Hi, I want to open an account for a trust. Can I use the “Incentive Saver” account for this?
Clarizza Fernandez Finder
September 13, 2016
Hi Jose,
Thanks for your question.
The Incentive Saver is a savings account with interest rates attached to help you grow your savings. You can certainly use this account to deposit money for a beneficiary. Nevertheless, there are certain laws and processes regarding trust accounts. For this reason, we recommend speaking to a financial planner or adviser to discuss your options.
Regards,
Clarizza
Francis
March 06, 2024
I understand the Bank of Melbourne (BOM) is affiliated to Westpac. With this in mind, would a bank balance of $250,000 in a BOM Incentive Saver Account be protected by the Financial Claims Scheme (FCS) in ADDITION to a separate bank balance of $250,000 in the Westpac Life Savings Account (or eSaver Account) – or does the FCS only provide a refund for ONE – not BOTH accounts (given that both accounts link back to Westpac)? Thank you for your time and consideration.
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