BankMate

Savings account · 14+ years

Bank of Melbourne Incentive Saver

5.40%p.a. total

0.01% base + 5.39% bonus when the conditions are met

26th of 151 savings accounts · market average 4.37%

Go to Bank of MelbourneCompare with another accountCompare with Bank of Melbourne's term deposit

The RBA raised the cash rate to 4.60% on 30 September. Incentive Saver moved on 9 October, 9 days later.

What the bonus asks

2 things each month
Each month
  1. A deposit
  2. A balance at least $50 higher than it started
A month without them

Pays the 0.01% base rate on the whole balance.

Who can open it

Anyone 14 or over

Balance

The bonus is paid on balances up to $1,000,000.

Compare all 151 accounts

Rate history

Last change 9 Oct
  • Incentive Saver
  • RBA cash rate
  • Market average
4.004.505.005.50MarMayJulSepToday5.40% p.a. today

October 20261 change

  1. 9Fri
    • 5.15 → 5.40Bonus rate 5.14% → 5.39% · 9 days after the RBA rise to 4.60%
      +0.25

August 20261 change

  1. 31Mon
    • Base and bonus changed, total still 5.15Base 0.10% → 0.01%, bonus 5.05% → 5.14%
      Same total

May 20261 change

  1. 15Fri
    • 4.90 → 5.15Bonus rate 4.80% → 5.05% · 9 days after the RBA rise to 4.35%
      +0.25

March 20261 change

  1. 27Fri
    • 4.65 → 4.90Bonus rate 4.55% → 4.80% · 9 days after the RBA rise to 4.10%
      +0.25

  1. #10FebFeb 2026: ranked 10 of 42
  2. #14MarMar 2026: ranked 14 of 64
  3. #19AprApr 2026: ranked 19 of 76
  4. #15MayMay 2026: ranked 15 of 79
  5. #21JunJune 2026: ranked 21 of 79
  6. #22JulJuly 2026: ranked 22 of 80
  7. #22AugAug 2026: ranked 22 of 80
  8. #31SepSep 2026: ranked 31 of 120
  9. #25OctOct 2026: ranked 25 of 150
  10. #26NowNov 2026: ranked 26 of 151
  • Top 5%
  • Top 10%
  • Top 25%
  • Top half
  • Lower half

In the top 25% for 6 of the last 10 months. Never below the top 50%.

A year meeting the conditions
$2,700
A year without meeting the conditions
$5
Against the average (4.37%)
+$516

On a $50,000 balance. Type yours above; it's kept with your savings preferences.

Up to $1M5.40%
$1.0M+5.40%

Grow bal. by $50 (>=21) or $0.01 (<21) & balance stays above zero. Uncapped.

Notes from savers

to leave a note.

Other Bank of Melbourne accounts: Maxi Saver 1.25%

Pays 5.40% p.a. total (0.01% base plus 5.39% bonus) as of 1 November 2026. Ranks 26th of 151 savings accounts tracked by BankMate, 1.03 points above the average of 4.37%. The rate last rose on 9 October 2026, 9 days after the RBA raised the cash rate to 4.60%. From Bank of Melbourne's Consumer Data Right feed, refreshed nightly. Compare savings accounts ·