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
+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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