This is an everyday transaction account with no monthly fees and no monthly deposit requirement to meet. Use the linked Visa Debit Card for free wherever Visa is accepted in Australia, and to withdraw cash for free at any ATM in Westpac's large Global ATM Alliance when you're overseas.
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Bank of Melbourne Complete Freedom Transaction Account
- Account keeping fee
- $0
- ATM withdrawal fee
- $0
- Overseas ATM withdrawal fee
- $5
- Overseas transaction fee of transaction value
- 3%
Our verdict
This account has no monthly account keeping fees and no monthly deposit to meet, making it a flexible everyday account for day-to-day banking.
There’s no account keeping fees or monthly deposit conditions to meet with account, so you don't need to stress about depositing a certain amount of money each month. The account comes with a free Visa Debit Card which you can use to access your money in a variety of ways.
You can use the Visa Debit Card to make unlimited free transactions in Australia, including free ATM withdrawals at Westpac, NAB, ANZ and CBA ATMs. You can also make free withdrawals at more than 50,000 international ATMs though the Global ATM Alliance which Bank of Melbourne is a part of. If you use an international ATM outside of the alliance you’ll be charged a $5 withdrawal fee. There’s also an international transaction fee of 3% when using the card overseas. So keep this in mind if you travel a lot or you regularly shop online on overseas sites.
This account offers Apple Pay so you can make purchases with your phone or wearable device instead of your debit card. It also offers Cardless Cash, which is a unique feature only offered by a few banks that allows you to withdraw money from eligible ATMs using your phone. This is really handy if you’re out and about and need cash but you’ve left your wallet at home.
Pros
-
No account keeping fees
-
No monthly deposit requirement to meet
-
Free everyday banking transactions
Cons
-
International ATM fees apply
-
Foreign transaction fees apply (this includes shopping online from overseas retailers)
Details
Key details
| Product Name | Bank of Melbourne Complete Freedom Account |
| Monthly account fee | $0 |
| Card access | Visa |
| Own network ATM fee | $0 |
| International ATM Fee | $5 |
| International transaction fee | 3% |
| Monthly deposit required to waive account fee | N/A |
| Contactless Payments | Apple Pay, Google Pay, Samsung Pay |
Eligibility
| Minimum Age | 18 |
| Joint account availability | Yes |
| Minimum opening deposit | $1 |
| Residency status | Have an Australian Residential Address |
SPECIAL OFFER: $30 CASHBACK
Customers under 18 can get a $30 cashback when opening an Incentive Saver along with a Complete Freedom Transaction account (one account must be newly opened). You just need to deposit $100 into the savings account. Ts&Cs apply.Key features
$0 Account keeping fee and no monthly deposit required
This account charges no monthly account keeping fees and there's no monthly deposit requirement to meet.
Free linked Visa debit card
You are issued a free Visa debit card with this account, which you can use to make purchases in stores and online anywhere that Visa is accepted around the world. The debit card comes with Visa payWave so you can make contactless purchases in stores without entering your PIN for purchases under $100.
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Alison Finder
Editor
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Sarah Megginson Finder
June 01, 2023
Hi Chris,
We’re a review site so we’re not directly connected to Bank of Melbourne. You’ll need to contact them directly for customer support on 13 22 66.
Ana
October 18, 2022
Hi,
I would like to know if the bank offers rewards air miles in a debit card.
Alison Banney Finder
February 23, 2023
Hi Ana,
No, this is usually a feature that is offered with credit cards not debit cards.
Thanks,
Alison
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Chris
June 01, 2023
can statements be sent online only instead of posting