Bank of Melbourne Complete Freedom Student

Bank of Melbourne Complete Freedom Student

Fee Free Deposit

0

Account Keeping Fee

0.00

This account is designed for students and apprentices. It offers easy access to your money with no account fees.

  • Access your money with no monthly fees
  • Available to under 18s, full time students and apprentices
  • A range of free everyday transactions are available

Product details

The Bank of Melbourne Complete Freedom Student Transaction Account is specially designed for apprentices, full-time tertiary students and students under 18. You can easily access your money via the mobile app, online and ATM access, all while paying no account keeping fees.

This account in designed with students in mind, so charges no account keeping fees. You can open one in less than 5 minutes.

Product Name
Bank of Melbourne Complete Freedom Student
Monthly Account Fee
$0
Debit Card Access
Visa
ATM Withdrawal Fee
$0
Interest Rate p.a.
0.00%
Details
A low cost transaction account for students – no account keeping fees and no ATM withdrawal fees at Bank of Melbourne, BankSA, St.George and Westpac ATMs.
Joint Application
Yes
Fee Free Deposit p.m.
$0
Overseas ATM Withdrawal Fee
$5
Overseas Eftpos Fee
3%
Phone Banking
Yes
Fees
$0
Internet Banking
Yes

What are the features of the Bank of Melbourne Complete Freedom Student Transaction Bank Account?

Compare the features this account offers with other student bank accounts. If you're not after a student bank account, or are looking for a savings account instead, take a look at the other accounts offered by Bank of Melbourne.

No monthly maintenance fees.

There are no fees deducted from your account for monthly maintenance. That;s bloog

Easily access your account.

You will be able to manage your account online from a PC or mobile device via the mobile banking app.

Linked Visa debit card.

This account comes with a Visa debit for all users over the age of 14. With the Visa debit card you can make purchases wherever Visa is accepted either in store or online. The daily limit on purchases is $8,000. For younger students a Freedom Card can be applied for.

Access free ATM withdrawals.

You can use the issued Visa debit card to make withdrawals for free at Bank of Melbourne, BankSA, St.George and Westpac ATMs. This network includes over 3,000 ATMs across Australia. Be advised that there is a daily limit of $1,000 for cash withdrawals, including cash outs when you make a purchase at an EFTPOS.

Withdraw cash overseas for free.

You can withdraw cash from ATMs within the Westpac Global ATM Alliance for free. You are charged $5 for every cash withdrawal you make overseas from an ATM that's not within the network.

Currency conversion fee applies.

For any transaction that requires a conversion of currency you will be charged 3% of the Australian dollar amount as the transaction fee.

Free mobile app available.

A free Bank of Melbourne app is available for both iPhone and Android devices. With this app on your smartphone you have the same access to your account as with online banking. Bank of Melbourne has also added a cardless cash feature which allows you to make withdrawals from an ATM without having to use your Visa debit card.

Pros

  • $0 monthly account keeping fee
  • Access thousands of ATMs in Australia and world-wide for free
  • Mobile banking app with cardless cash

Cons

  • This account is for students and under 18s only

How do you apply for the Bank of Melbourne Complete Freedom Student Transaction Bank Account?

If the features and benefits of the Bank of Melbourne Complete Freedom Student Transaction Account fit in with your student lifestyle, you can apply online. You should first familiarise yourself with the eligibility requirements to make sure that your application will be accepted.

Eligibility requirements:

  • Minimum age. The minimum age requirement for this account is 14, and applicants over 18 must be a full time student or apprentice.
  • Residency requirements. This account can only be opened if you have an Australian residential address and are currently located in Australia.
  • Depository requirements. There is a $1 minimum deposit required to open this account.

Documentation needed when applying:

  • Identification for students. Students can provide any of the following for identification purposes; student identification card, public transport student concession card or a letter from your educational institution on official letterhead that confirms your current full-time status.
  • Identification for apprentices. Apprentices will need to provide a copy of the letter from your state or territory training authority which confirms the registration of your apprenticeship. Make sure that it includes your registration number, training contract ID and expected completion date.

 

What happens next?

Filling out the application should take approximately five minutes if you have prepared your information in advance. Make sure that you are providing Bank of Melbourne with a working email address in order for them to contact you with the details of the account once your details and identity have been verified.


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