Bank of Melbourne Maxi Saver Review (2026)
Rates and conditions verified 24 May 2026
Rates can change without notice. Last verified: 24 May 2026 (AEST). Please confirm details on the bank’s official page.
Intro rate
5.35%
p.a. for first 6 months
Ongoing rate
~1.70%
p.a. after intro period
Monthly fee
$0
on the Maxi Saver
About Bank of Melbourne Maxi Saver
The Bank of Melbourne Maxi Saver is an introductory savings account offering 5.35% p.a. for the first 6 months for new customers. The headline rate is made up of three components: a 3.65% p.a. fixed introductory rate, a 0.45% p.a. online bonus rate, and the 1.25% p.a. standard variable rate.
Important: After the 6-month introductory period, the 3.65% fixed component expires and the rate drops sharply to approximately 1.70% p.a. If you are looking for a competitive ongoing rate, you should plan to either switch accounts or move funds when the intro period ends.
Bank of Melbourne is a division of Westpac Banking Corporation, not an independent bank. It operates primarily in Victoria. The Maxi Saver rate structure is identical to the St.George Maxi Saver (also a Westpac Group brand). You must hold an eligible Bank of Melbourne transaction account (such as Complete Freedom) to open a Maxi Saver. Deposits are covered by the government deposit guarantee up to $250,000.
Interest Rate Breakdown
| Period | Rate | Components |
|---|---|---|
| First 6 months | 5.35% p.a. | 3.65% fixed intro + 0.45% online bonus + 1.25% standard variable |
| After 6 months | ~1.70% p.a. | 0.45% online bonus + 1.25% standard variable (intro expires) |
Variable rates subject to change — check Bank of Melbourne's website for current rates before applying.
Pros and Cons
Pros
- ✓ 5.35% p.a. intro rate for 6 months
- ✓ No conditions to meet during the intro period
- ✓ No account-keeping fee on the Maxi Saver
- ✓ Unlimited online access to funds
- ✓ Government deposit guarantee up to $250,000
Cons
- ✗ Rate drops sharply to ~1.70% p.a. after 6 months
- ✗ Requires a Bank of Melbourne transaction account
- ✗ Intro rate for new customers only — no rollover
- ✗ Ongoing rate well below Rabobank (4.00%), ubank (5.10%), and others
How It Compares
- Rabobank HISA: 5.90% intro (4m), then 4.00% ongoing — better long-term rate
- ubank Save: 5.85% intro, then 5.10% ongoing — far better after intro
- St.George Maxi Saver: 5.35% intro (6m), then ~1.70% — identical product (same group)
- Bank of Melbourne Maxi Saver: 5.35% intro (6m), then ~1.70% — this account
- ING Savings Maximiser: 5.50% ongoing (with conditions) — better for long-term
The Maxi Saver is best suited to short-term savings parking over 6 months. For ongoing savings, accounts like Rabobank, ubank, or Macquarie offer far better rates after the introductory period.
Information verified 24 May 2026. Rates variable and subject to change. Confirm current rates and conditions on Bank of Melbourne's website before applying. This is not financial advice.