Finding the best rates…
Bank One
Best available
Up to 4.35% p.a.
Line-up
1 live product
Compare Australian Military Bank and Bank of Melbourne savings accounts side by side. In March 2026, Australian Military Bank offers 1 account with rates up to 4.35% p.a., while Bank of Melbourne has 2 accounts reaching 4.85% p.a. Bank of Melbourne currently leads by 0.50%.
Bank Two
Best available
Up to 4.85% p.a.
Line-up
2 live products
1 live product
Best available rate
Online Saver
Highest ranked offer currently surfaced for this bank on the compare page.
Base rate
0.10%
Bonus
4.25%
Conditions
Bonus rules apply
2 live products
Best available rate
Maxi Saver
Highest ranked offer currently surfaced for this bank on the compare page.
Base rate
1.00%
Bonus
0.00%
Conditions
No monthly hoops
Live edge
Bank of Melbourne leads on headline savings rate by 0.50% p.a. right now. Use the feature table below to see whether that edge comes with extra conditions.
Feature Comparison
Side-by-side view of the strongest offers surfaced above.
| Feature | Australian Military Bank | Bank of Melbourne |
|---|---|---|
| Max rate | 4.35% | 4.85% |
| Base rate | 0.10% | 1.00% |
| Bonus rate | 4.25% | 0.00% |
| Has conditions | Yes | No |
Every tracked savings accounts option from Australian Military Bank.
Every tracked savings accounts option from Bank of Melbourne.
In March 2026, Australian Military Bank's Online Saver offers up to 4.35% p.a. (0.10% base + 4.25% bonus), while Bank of Melbourne's Maxi Saver reaches 4.85% p.a.. Bank of Melbourne currently leads by 0.50% p.a.
Bank of Melbourne offers its top rate unconditionally, while Australian Military Bank requires monthly conditions. Bank of Melbourne's rate includes an introductory component for 6 months.
Australian Military Bank has 1 savings product and Bank of Melbourne has 2, giving you a range of options to compare.
| Feature | Australian Military Bank | Bank of Melbourne |
|---|---|---|
| Max Rate | 4.35% | 4.85% |
| Base Rate | 0.10% | 1.00% |
| Bonus Rate | 4.25% | 0.00% |
| Conditions Required | Yes | No |
| Balance Cap | $500,000 | Unlimited |
Bank of Melbourne currently offers a 0.50% higher savings rate.
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Common Questions
Bank of Melbourne currently offers the higher rate at 4.85% p.a., compared to 4.35% p.a. Rates are sourced from live data and change frequently.
Australian Military Bank's best savings rate is 4.35% p.a. on the Online Saver, consisting of a 0.10% base rate and 4.25% bonus rate. This rate requires meeting monthly bonus conditions.
Bank of Melbourne's best savings rate is 4.85% p.a. on the Maxi Saver.
Bank of Melbourne's top rate has no ongoing conditions, while Australian Military Bank requires meeting bonus conditions each month to earn the full advertised rate.
Based on current rates, Bank of Melbourne pays approximately $250 more in interest per year on a $50,000 balance. This is based on the headline rate difference of 0.50% p.a.