Incentive Saver

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

Savings & transaction accountsBank updated 29 Oct 2026

At a glance

Up to: 5.40%
Base rate: 0.01%
Bonus rate: 5.39%
Monthly fee: $0

How it compares

This account in ink, against the best that every other institution publishes for anyone to apply for. Each figure is counted the same way for all of them.

Typical 5.25%

3.5%4%4.5%5%5.5%

This account: 5.40%Every other institution's highest, 50 in all

Base plus bonus, when every condition is met. One dot per institution, at its highest bonus savings rate anyone can apply for; hover or tap a dot for its name.

Rate	This account	Best anywhere	Typical institution	Where it sits
Bonus savings accountBase plus bonus, when every condition is met	5.40%	5.75%Defence Bank Limited's iSaver	5.25%of 51 institutions	10th highest of 51, level with 2 others
Bonus account, conditions missedWhat a bonus account pays in a month its conditions aren't met	0.01%	3.45%Heritage's Online Saver Account	0.10%of 43 institutions	35th highest of 43, level with 8 others

Rates

Every rate Bank of Melbourne publishes for this account, 13 in all.

How the rate is made up

5.40%in a month every condition is met

0.01% base rate5.39% bonus, when its conditions are met

To earn the bonus

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

Type	Applies to	Term	Band	Rate	Comparison	Conditions
BonusAdd money to your account (interest payments don't count). Grow your balance before the last business day of the month	-	-	up to $20,000	5.39%	-	paid every 1 mo; To earn Bonus interest rates, grow your account by at least $0.01 a month for customers under 21 and keep your balance above $0.; To earn Bonus interest rates, grow your account by at least $50 a month for customers 21 or over and keep your balance above $0.
BonusAdd money to your account (interest payments don't count). Grow your balance before the last business day of the month	-	-	$100,000–$250,000	5.39%	-	paid every 1 mo; To earn Bonus interest rates, grow your account by at least $0.01 a month for customers under 21 and keep your balance above $0.; To earn Bonus interest rates, grow your account by at least $50 a month for customers 21 or over and keep your balance above $0.
BonusAdd money to your account (interest payments don't count). Grow your balance before the last business day of the month	-	-	$1,000,001+	5.39%	-	paid every 1 mo; To earn Bonus interest rates, grow your account by at least $0.01 a month for customers under 21 and keep your balance above $0.; To earn Bonus interest rates, grow your account by at least $50 a month for customers 21 or over and keep your balance above $0.
BonusAdd money to your account (interest payments don't count). Grow your balance before the last business day of the month	-	-	$20,000–$100,000	5.39%	-	paid every 1 mo; To earn Bonus interest rates, grow your account by at least $0.01 a month for customers under 21 and keep your balance above $0.; To earn Bonus interest rates, grow your account by at least $50 a month for customers 21 or over and keep your balance above $0.
BonusAdd money to your account (interest payments don't count). Grow your balance before the last business day of the month	-	-	$250,000–$500,000	5.39%	-	paid every 1 mo; To earn Bonus interest rates, grow your account by at least $0.01 a month for customers under 21 and keep your balance above $0.; To earn Bonus interest rates, grow your account by at least $50 a month for customers 21 or over and keep your balance above $0.
BonusAdd money to your account (interest payments don't count). Grow your balance before the last business day of the month	-	-	$500,000–$1,000,000	5.39%	-	paid every 1 mo; To earn Bonus interest rates, grow your account by at least $0.01 a month for customers under 21 and keep your balance above $0.; To earn Bonus interest rates, grow your account by at least $50 a month for customers 21 or over and keep your balance above $0.
Penalty	-	-	-	15.01%	-	The Unarranged Lending Rate (ULR) is a debit interest rate charged to a transaction account if it becomes overdrawn without arrangement. It will be calculated daily on the debit balance (and deducted…
VariableStandard variable rate	-	-	up to $20,000	0.01%	-	paid every 1 mo; Min deposit amount
VariableStandard variable rate	-	-	$100,000–$250,000	0.01%	-	paid every 1 mo; Min deposit amount
VariableStandard variable rate	-	-	$1,000,001+	0.01%	-	paid every 1 mo; Min deposit amount
VariableStandard variable rate	-	-	$20,000–$100,000	0.01%	-	paid every 1 mo; Min deposit amount
VariableStandard variable rate	-	-	$250,000–$500,000	0.01%	-	paid every 1 mo; Min deposit amount
VariableStandard variable rate	-	-	$500,000–$1,000,000	0.01%	-	paid every 1 mo; Min deposit amount

Rate changes

6 changes logged, newest first.

Date	Rate	Was	Now	Change
9 Oct 2026	Bonus, up to $20,000	5.14%	5.39%	up 0.25
9 Oct 2026	Bonus, $100,000–$250,000	5.14%	5.39%	up 0.25
9 Oct 2026	Bonus, $1,000,001+	5.14%	5.39%	up 0.25
9 Oct 2026	Bonus, $20,000–$100,000	5.14%	5.39%	up 0.25
9 Oct 2026	Bonus, $250,000–$500,000	5.14%	5.39%	up 0.25
9 Oct 2026	Bonus, $500,000–$1,000,000	5.14%	5.39%	up 0.25

Each change is logged the night it appears in the rates Bank of Melbourne publishes. See how every lender answered the RBA on the rate tracker.

Fees

13 fees published, grouped by when they're charged.

While you hold it1

Account Keeping Fee
No fee

When you make a transaction10

Bank@Post
No fee
Collection Item
No fee
EFTPOS
No fee
Foreign Currency Conversion Fee
This fee is charged for any transaction that involves the conversion of an amount of foreign currency into Australian Dollars. The fee is charged at the time the transaction is processed to your acco…
3.00% of transaction
Internet Banking
No fee
Phone Banking
No fee
Visa Debit Transactions
No fee
Direct Debit
No fee
Overseas Withdrawal
$5
Staff assisted (branch and telephone)
No fee

When particular things happen2

Frequent Statement
No fee
Overdrawn Fee
$15

Features

Digital bankingFraud protectionRelationship manager

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 202…
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
Account can be opened via Online and mobile (minimum age may apply), in branch and phone.
No minimum opening balance for this account
Statements: 6 monthly, or more frequently on request.
You will earn tiered interest with this product. Interest is paid monthly.
You can pay bills using BPAY

Eligibility and limits

Residency: Those with an Australian residential address and who are currently in Australia.
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.

Compare it with others

All savings & transaction accounts Other Bank of Melbourne savings & transaction accounts Everything Bank of Melbourne publishes

Put this product through a calculator

Published by Bank of Melbourne under the Consumer Data Right, last changed by them on 29 Oct 2026. Figures are shown as the institution publishes them and can change without notice; confirm on their site before applying. The Finance Algorithm earns nothing from any product listed here.