Bank of Melbourne

Bank of Melbourne savings and bank accounts

Bank of Melbourne has a range of bank accounts to suit different customers, including students, retirees and businesses.

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Bank of Melbourne savings accounts, bank accounts and term deposits

Name Product Card access ATM Withdrawal Fee Fee Free Deposit p.m. Monthly account fee
Bank of Melbourne Complete Freedom
Visa
$0
$0
$0
$0 monthly account fee.
No monthly account fee and no monthly deposit conditions to meet. Access ATMs overseas via Westpac's Global ATM Alliance.
Bank of Melbourne Concession
Visa
$0
$0
$0
Designed for Commonwealth Government Health Concession Card or Seniors Card holders.
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Name Product Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees
Bank of Melbourne Maxi Saver
0.45%
0.05%
0.4%
$0
Introductory rate of 0.45% p.a. for 3 months, reverting to 0.05% p.a. Available on the entire balance.
Bank of Melbourne Incentive Saver
0.45%
0.2%
0.25%
$0
Earn bonus interest when each month your grow your balance by at least $50, or just $0.01 if you're under 21 years old.
Bank of Melbourne DIY Super Saver
0.05%
0.05%
0%
$0
Competitive interest rate for your online SMSF.
Bank of Melbourne Investment Cash Account
0.01%
0.01%
0%
$0
A competitive interest rate on your cash investments.
Bank of Melbourne Business Access Saver
0.01%
0.01%
0%
$0
Ongoing, variable 0.01% p.a. when you link to one of the Bank of Melbourne’s eligible business transaction accounts. Available on the entire balance.
Bank of Melbourne Retirement Access Plus
0.4%
0.4%
0%
$0
Sort out your everyday banking when you retire.
Bank of Melbourne Incentive Saver (Kids)
Bank of Melbourne Incentive Saver (Kids)
0.45%
0.2%
0.25%
$0
Earn bonus interest when each month your grow your balance by at least $50, or just $0.01 if you're under 21 years old.
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Name Product 3 Mths p.a. 4 Mths p.a. 5 Mths p.a. 6 Mths p.a. 7 Mths p.a. 12 Mths p.a. 24 Mths p.a.
Bank of Melbourne Term Deposit
0.10%
0.10%
0.20%
0.20%
0.20%
0.25%
0.25%
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Name Product Card access ATM Withdrawal Fee Fee Free Deposit p.m. Monthly account fee
Bank of Melbourne Complete Freedom
Visa
$0
$0
$0
$0 monthly account fee.
No monthly account fee and no monthly deposit conditions to meet. Access ATMs overseas via Westpac's Global ATM Alliance.
Bank of Melbourne Concession
Visa
$0
$0
$0
Designed for Commonwealth Government Health Concession Card or Seniors Card holders.
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Name Product Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees
Bank of Melbourne Maxi Saver
0.45%
0.05%
0.4%
$0
Introductory rate of 0.45% p.a. for 3 months, reverting to 0.05% p.a. Available on the entire balance.
Bank of Melbourne Incentive Saver
0.45%
0.2%
0.25%
$0
Earn bonus interest when each month your grow your balance by at least $50, or just $0.01 if you're under 21 years old.
Bank of Melbourne DIY Super Saver
0.05%
0.05%
0%
$0
Competitive interest rate for your online SMSF.
Bank of Melbourne Investment Cash Account
0.01%
0.01%
0%
$0
A competitive interest rate on your cash investments.
Bank of Melbourne Business Access Saver
0.01%
0.01%
0%
$0
Ongoing, variable 0.01% p.a. when you link to one of the Bank of Melbourne’s eligible business transaction accounts. Available on the entire balance.
Bank of Melbourne Retirement Access Plus
0.4%
0.4%
0%
$0
Sort out your everyday banking when you retire.
Bank of Melbourne Incentive Saver (Kids)
Bank of Melbourne Incentive Saver (Kids)
0.45%
0.2%
0.25%
$0
Earn bonus interest when each month your grow your balance by at least $50, or just $0.01 if you're under 21 years old.
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Name Product 3 Mths p.a. 4 Mths p.a. 5 Mths p.a. 6 Mths p.a. 7 Mths p.a. 12 Mths p.a. 24 Mths p.a.
Bank of Melbourne Term Deposit
0.10%
0.10%
0.20%
0.20%
0.20%
0.25%
0.25%
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Rates accurate as at: September 20th, 2021 Learn about our information service

Quick facts about Bank of Melbourne

  • Bank of Melbourne is a Victorian-based bank headquartered in Melbourne
  • Bank of Melbourne was purchased by Westpac in 1997, and is part of the Westpac Group along with St.George and BankSA
  • Bank of Melbourne customers have access to the Westpac Global ATM Alliance of more than 50,000 international ATMs
  • Although based in Victoria, anyone in Australia can join Bank of Melbourne
  • Bank of Melbourne regularly offers cash bonus deals to new customers for opening a bank account

Accounts offered by Bank of Melbourne

Bank of Melbourne offers a range of bank accounts to suit a variety of customers, which you can see listed in the table above. Here's a brief snapshot of a few of the bank's most popular accounts.

Bank of Melbourne Complete Freedom Account

The Complete Freedom Account comes with a linked Visa debit card, giving you easy access to your money, and no monthly account keeping fee. You can access all Bank of Melbourne, BankSA, St.Geroge and Westpac ATMs for free, as well as all CommBank, NAB and ANZ ATMs in Australia.

Read our full review of the Bank of Melbourne Complete Freedom Account.

Bank of Melbourne Incentive Saver Account

This account encourages you to save by offering a bonus interest rate every month you don't make a withdrawal and make at least one deposit. It does not charge any ongoing account keeping fees, and does not have any minimum balance requirement.

Read our full review of the Bank of Melbourne Incentive Saver Account.

Bank of Melbourne Term Deposit

You can open a Bank of Melbourne Term Deposit and pick a length from 1 month to 5 years at a time. You'll earn a fixed interest rate for the length of the term, however you're unable to access your money until you reach the end of your term.

Read our full review of the Bank of Melbourne Term Deposit.

Different ways to bank with Bank of Melbourne

Bank of Melbourne offers many different ways to do your banking.

BankSA bank branches

Bank of Melbourne has roughly 90 bank branches spread across Victoria. Customers can also go into one of more than 1000 Westpac branches for assistance with day-to-day banking, to deposit cash or cheques, to open or close accounts or to speak to a professional banker.

Bank of Melbourne ATM network

You can use all Bank of Melbourne, St.Geroge and BankSA ATMs for free, of which there are hundreds across the country. Bank of Melbourne is also part of the Westpac Group which includes around 3,000 Westpac ATMs around Australia, and 50,000 internationally as part of Westpac's Global ATM Alliance. You can also use your Australian debit cards to withdraw cash for free at CommBank, NAB and ANZ ATMs throughout Australia.

Bank@Post

If you need to deposit cash into your Bank of Melbourne account, you can do this at a participating Australia Post shop using Bank@Post. It's free to deposit cash into your account this way.

Bank of Melbourne Internet and mobile banking

Customers can access Bank of Melbourne's Internet banking portal 24/7 to review transactions and balances, see more detailed transaction data, pay bills, transfer money between accounts and make BPAY payments. You can also view and download your statements and open new Bank of Melbourne accounts.

The Bank of Melbourne app is free to download, and has a 3.1 star rating in the App Store and a 3.7 star rating in the Google Play store. You can do your day-to-day digital banking using the app 24/7.

Bank of Melbourne contactless payment options

Bank of Melbourne offers Apple Pay, Google Pay and Samsung Pay to customers with a Bank of Melbourne debit or credit card. This means you can use your phone (or any compatible device, such as an Apple Watch) to make contactless payments for everyday items instead of using your physical debit card.

Pros and cons of banking with Bank of Melbourne

Pros

  • Lots of choice. Bank of Melbourne has a bank account to suit personal customers, students, business customers, retirees and concession card holders.
  • ATMs and branches. Bank of Melbourne still has hundreds of ATMs and bank branches, unlike many other smaller banks which mostly operate online.
  • No account keeping fees. There are no account keeping fees on bank accounts or savings accounts.

Cons

  • Presence limited to Victoria. While Bank of Melbourne has a good presence in Victoria, its absence in other states can be a drawback if you're not from Victoria or you travel a lot.
  • Lower savings rates. Bank of Melbourne's savings account interest rates are often less competitive than many other banks.

How to apply for a Bank of Melbourne account online

You can apply for a new Bank of Melbourne account online in less than 10 minutes. Just make sure you meet the eligibility criteria and have the necessary documents handy before you start your application.

Eligibility

  • You're over 18 years old
  • You're an Australian resident for tax purposes
  • You have an Australian phone number and residential address

Documentation

  • Personal details like your name, date of birth, residential address, phone number and email address
  • ID documents such as your driver's licence, Medicare card, passport or proof-of-age card

If you haven't found what you're looking for yet, you can compare a wide range of additional savings accounts and bank accounts from other providers with Finder.

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