Compare Bank Accounts

Provider Account Name Maximum Rate Standard Rate Bonus Rate Account Fees Minimum Balance  
Bank of Melbourne Maxi Saver
Shadow
Maximum Rate
3.65%
(for first 3 months)
Standard Rate
2.00%
Bonus Rate
1.65%
Account Fees
$0
Minimum Balance
$1
minimum opening balance
We Say...

Bank of Melbourne Maxi Saver is a high interest savings account which allows you to manage your fund via the internet, phone, or through your local branch.

Why Choose This Account?
  • Limited range of fees which can be avoided.
  • No minimum balance or minimum initial deposit to set up the account.
  • Great introductory rate of interest.
Additional Information
  • Having to transfer to a transaction account first in order to withdraw cash.

Key Features

Save faster with a competitive interest online savings account with the ability to have branch access.

  • Earn up to 3.65% p.a. (variable) including a bonus 1.65% fixed for the first 3 months.
  • 2.00% p.a. Base rate.
  • Access and manage your funds via Internet and Phone Banking through your Bank of Melbourne working account 24/7.1
  • Earn competitive interest on every dollar.
  • Make savings simple by setting up a regular transfer from your eligible working account using scheduled payments within Internet banking.
  • No minimum monthly balance or deposit required, making it easy for you to start saving.4
  • No monthly service fee.2
  • Access your funds via Branch if required.2
  • For personal customers only. Business customers can open a Business Access Saver. Or for your Self Managed Super Fund, open a DIY Super Saver Account.

Our Review

It is not hard to find a savings account that offers a decent rate of interest, however finding an account to lets you access your cash whenever you like but also rewards you for adding to your savings is more over a challenge.

You get a quick boost to your savings when you open a Maxi Saver account with Bank of Melbourne that offers a special introductory rate for the first few months and there is no need for you to lock away your cash during the period either. This means as soon as you hit your savings target you are completely free to withdraw your cash without the worry of being hit with a penalty.

The other big bonus with this account is there is no minimum balance to open the account which means if you are just starting out on your savings journey, this account is a great way to start. You do not need to hold a minimum balance either, so no worrying about whether you need to make a deposit.

There are some nominal fees that are attached to the account but if you manage your personal finances they are very avoidable. For example accessing your account online by phone is completely free of charge, however if you wish to transact at a branch then there is a fee attached. Similarly if you want to receive a printed copy of your bank statement on a monthly basis that will result in a charge, however if you view your statement online this is completely free.

Since the account is primarily meant to function as an online savings account you can deposit funds from your regular transaction account through the internet. If your transaction account is with another bank it may take a couple of days for the transfer to show up in your balance.

You can also set up an automated savings plan if you prefer. This means you can authorise a direct transfer from your transaction account at regular intervals.

Since the account is online, you do not receive a debit card and if you want to withdraw funds you will need to do a transfer from your savings account back to your transaction account and withdraw the funds when you need them.

Bank of Melbourne Maxi Saver Rates & Info
Account Name
Bank of Melbourne Maxi Saver
Bank
Bank Of Melbourne
Maximum Rate
3.65% p.a. (for first 3 months)
Standard Rate
2.00% p.a.
Bonus Rate
1.65% p.a.
Minimum Balance
$1
Bank of Melbourne Maxi Saver Fees & Charges
Account Fee
$0
Terms & Conditions

Subject to system availability.

To hold a Maxi Saver account you must also hold an eligible Bank of Melbourne transaction account in the same name or have an existing eligible Bank of Melbourne joint account with your name in the title. Fees may apply to your linked transaction account. This offer is not available in conjunction with, or in addition to any special offers, negotiated rates or discounts.

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