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Bank of Melbourne Incentive Saver vs Bank of Melbourne Maxi Saver

vs
These are open to different people: Bank of Melbourne Incentive Saver to anyone 14 or over, Bank of Melbourne Maxi Saver to anyone.
Interest a year on $50,000, with the conditions met
$2,700
5.40% on this balance
$625
1.25% on this balance

Bank of Melbourne Incentive Saver pays $2,075 more a year on $50,000 than Bank of Melbourne Maxi Saver.

Drag to try another balance

Where they differThe rate (5.40% against 1.25%), the conditions on the bonus, how much of a balance the top rate covers, the intro rate and who can open it.

The same on bothNo minimum balance.

Bank of MelbourneIncentive Saver
Bank of MelbourneMaxi Saver
Interest a year without meeting the conditions
on $50,000
$5
at the base rate
$625
No conditions to miss
+$620 · More without meeting the conditions
Total rate
base plus bonus
5.40%
+4.15 · Higher total rate
1.25%
Base rate
paid whatever you do
0.01%
1.25%
the whole rate
+1.24 · Higher base rate
Bonus rate
5.39%
with the conditions met
+5.39 · Higher bonus rate
None
one rate, nothing to do
Top rate paid up to
$1M
No cap
Covers all of it · Covers more of a balance
What the bonus asks each month
  1. A deposit
  2. A balance at least $50 higher than it started
Nothing
Intro rate
for new accounts
None
5.60%
for 3 months
Who can open it
Anyone 14 or over
Anyone
Rank by total rate
24th of 117
among accounts open to adults
105th of 117
among accounts open to adults
Last rate change
9 Oct 2026
up 0.25
No change
since 25 Sep 2026

Rates over time

Each account's total rate, a cell a week. A move shows as ▲ or ▼ in the week it happened.

Bank of Melbourne Incentive Saver
Go to siteMore about this account
Bank of Melbourne Maxi Saver
Go to siteMore about this account

As of 2 November 2026, Bank of Melbourne Incentive Saver pays 5.40% with its monthly conditions met, and Bank of Melbourne Maxi Saver pays 1.25% with nothing to do each month. On $50,000, that's $2,700 against $625 a year, $2,075 more from Bank of Melbourne Incentive Saver. Figures are the banks' published rates, worked out on the balance above. Each row says which figure is higher; it doesn't say which account suits you.

Compare all 151 accounts

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A savings account against a term depositWhat each pays over the same term on your balance