Bank of Melbourne Incentive Saver

savings accountterms checked

Incentive Saver is a savings account from Bank of Melbourne. It pays 5.65% p.a. in a month in which the conditions below are met and 0.01% when they are not.

Rate tiers

Every balance band in the bank's feed: base is the rate when the bonus conditions are not all met, bonus the add-on for meeting them, conditional the two together.

The bonus is paid on top of the base rate in a month in which the conditions are met; conditional is the two together, and the base rate is what is paid otherwise.

The feed states no cap on the balance that earns the bonus.

Conditions

For the bonus rate

• any deposit each month
• grow the balance by $50 or more each month

In the bank's own words, as its feed states each condition on the bonus rate:

• monthly depositTo earn Bonus interest rates, grow your account by at least $0.01 a month for customers under 21 and keep your balance above $0.
• balance growthTo earn Bonus interest rates, grow your account by at least $50 a month for customers 21 or over and keep your balance above $0.

Other conditions

• customers 21 and over get the bonus only in months the balance grows by at least $50 and never goes below zero
• customers under 21 get the bonus when the balance grows by at least $0.01 in the month and never goes below zero
• interest paid by the bank does not count as growth

Features

app

yes

Other features, in the bank's words:

• The BeMoved Promotion Terms and Conditions. You could get a minimum 10% electricity saving with One Click Switch. Compare and switch your electricity plan through One Click Switch between 18 June 2026 and 31 May 2028. Savings are calculated using your existing electricity usage from the past 12 months via Consumer Data Right (CDR). If your saving is less than 10%, the difference will be paid as a digital gift card, up to $500. Customers 18 years or older. T&Cs apply. Must already hold a Bank of Melbourne debit card or credit card to be eligible.
• Automatic transfers: Help yourself get the total reward rate by setting up a monthly deposit in online banking.
• Uncapped saving: Interest is calculated on the total balance of your Incentive Saver with no limit on deposit amounts.
• Government guarantee: The Financial Claims Scheme guarantees deposits to a cap of $250,000 per account-holder.
• Quick Balance: Know exactly how much money you have on hand, at a glance at your smartphone or watch.
• No limit on the number of accounts that customer can hold, unless the account holder is under the age of 18, in which case a limit of one account applies

Fees, limits and who can open it

monthly fee

$0

other fees named

Foreign Currency Conversion Fee (no amount in the feed)

interest paid

monthly

interest calculated

daily

open to

personal customers

Who can open it, in the bank's own words:

• An account may be opened in a child's name when the child is under 14, with a parent, guardian, or grandparent as authorised signatory.
• residency: Those with an Australian residential address and who are currently in Australia.

About this account

An account that rewards you with bonus interest for regular saving to help you save faster.

Data

• Bank of Melbourne's own page for this account.
• The bank's documents its product record links to: terms and conditions, fees, eligibility.
• Our verbatim snapshot of the bank's product record (source), as fetched on 13 November 2026.
• We read the bank's own page and terms against this page on 1 November 2026: incentive-saver, SavInvesTransAccounts_Terms.pdf, bank-account-interest-rates; conditions they state and its feed does not are listed above.
• /au/finance/savings-accounts/v1/brands/bank-of-melbourne.json: this bank's accounts and every balance band as JSON; Bank of Melbourne's page lists them.
• The bank last updated this record on 13 November 2026. Rates are per annum as the bank states them; "stale" means the bank has not updated the record for over 60 days or since the latest cash rate change.

Other accounts at Bank of Melbourne

• Business Access Saver savings account, 0.95% base at $50,000
• Maxi Saver savings account, 1.25% base at $50,000
• Retirement Access Account savings account, 1.73% base at $50,000
• Investment Cash Accountsstale cash management account, 0.10% base at $50,000
• Business Cheque Account Plusstale transaction account, 0.00% base at $50,000
• Complete Freedom Accountstale transaction account
• Concession Accountstale transaction account
• Freedom Business Accountstale transaction account, 0.00% base at $50,000
• Society Cheque Accountstale transaction account, 0.00% base at $50,000

All of Bank of Melbourne's accounts on its page, with its best rates per segment and rate kind, and every account at every bank.