Bank of Melbourne Maxi Saver Review (2026)

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, the3.65% fixed component expires and the rate drops sharply to approximately1.70% 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

Variable rates subject to change — check Bank of Melbourne's website for current rates before applying.

Pros and Cons

How It Compares

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.

• 
  Rabobank High Interest Savings Account

  5.90% — intro (4m), then 4.00% ongoing — better long-term rate
• 
  ubank Save Account

  6.10% — intro, then 5.35% ongoing — far better after intro
• 
  St.George Maxi Saver

  5.35% — intro (6m), then ~1.70% — identical product (same group)
• 
  Bank of Melbourne Maxi SaverReviewed here

  5.35% — intro (6 months), then ~1.70%
• 
  ING Savings Maximiser

  5.50% — ongoing (with conditions) — better for long-term

→ Compare all savings accounts