Bank of Melbourne savings accounts, bank accounts and term deposits
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.
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
- 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.
- 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.
- You're over 18 years old
- You're an Australian resident for tax purposes
- You have an Australian phone number and residential address
- 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
More guides on Finder
Bank of Melbourne Concession Transaction Account
Simplify your banking with an account that has been designed specifically to help Australian concession card holders.
Bank of Melbourne Retirement Access Plus Account
Australian seniors and pensioners have the chance to bank with ease through the Retirement Access Plus Transaction Bank Account from Bank of Melbourne.
Bank of Melbourne Investment Cash Account
The Bank of Melbourne Investment cash Account has no monthly fees. This account is a cash hub to help you manage your investments. Read our review and apply online.
Bank of Melbourne Incentive Saver
For Australians with long-term savings goals, the Bank of Melbourne Incentive Saver Account is worth considering.
Bank of Melbourne Maxi Saver
The Maxi Saver can put your savings on the fast track with its competitive starter bonus interest rate. Compare with other banks to find the one that accelerates your savings towards your financial goals.
Bank of Melbourne term deposit account
Bank of Melbourne term deposits enable you to start saving without investing too much money. Compare with term deposits offered by other banks before deciding.
Bank of Melbourne Complete Freedom Transaction Account
$0 account keeping fee and free Visa debit card. Enjoy unlimited access to the Westpac ATM network when you're overseas.
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