Bank of Melbourne offers a $1000 minimum deposit across all terms. The standout rate is 5.0% p.a. for both 12-month and 2-year terms, paid at maturity. Rates gradually increase from 1.4% at one month to 3.75% at eleven months, then jump significantly at the 12-month mark. Longer terms beyond two years decline, with 3-year and 4-5 year terms at 4.6% and 4.0% respectively.
Deposits with Bank of Melbourne are protected under the Financial Claims Scheme up to $250,000 per account holder per ADI.
To earn Bonus interest rates, grow your account by at least $50 a month (for customers 21 or over) or $0.01 a month (for customers under 21) and keep your balance above $0. Keep your balance at $0 or above at all times. Add money to your account (interest payments don?t count). Grow your balance before the last business day of the month
Bonus rate applies on balances up to $19,999
+5.05% — To earn Bonus interest rates, grow your account by at least $50 a month (for customers 21 or over) or $0.01 a month (for customers under 21) and keep your balance above $0. Add money to your account (interest payments don?t count). Grow your balance before the last business day of the month
Then reverts to 1.25% ongoing rate.
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The information on this page is general in nature and does not constitute financial advice. Rates are subject to change — verify directly with the provider before making a financial decision.
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