Bank of Melbourne
ChallengerBank 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.
Savings Accounts
ongoing rate
Rate breakdown
Base rate: 0.10%
Bonus rate: + 5.05%
How to earn it
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
Rate current since 19 May 2026.
1.25% p.a.
ongoing rate
Rate breakdown
Base rate: 1.25%
How to earn it
No conditions
Introductory rate
4.90%
for 6 months
Then reverts to 1.25% ongoing rate.
Rate current since 15 May 2026.