Bank of Melbourne Complete Freedom Transaction Account

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.

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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Alison Banney

Last Updated Dec 30, 2020

Account keeping fee

ATM withdrawal fee

Overseas ATM withdrawal fee

Overseas transaction fee

of transaction value

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Details

Product Name	Bank of Melbourne Complete Freedom
Monthly account fee	$0
Card access	Visa
ATM Withdrawal Fee	$0
International ATM Fee	$5
International transaction fee	3%
Monthly deposit required to waive account fee	N/A
Contactless Payments	Google Pay, Apple Pay, Samsung Pay

Minimum Age	18
Joint account availability	Yes
Minimum opening deposit	$1

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)

Review by

Alison Banney

alison.banney@finder.com

Alison Banney is the banking and investments editor at Finder. She has written about finance for over six years with her work featured on sites including Yahoo Finance, Money Magazine and Dynamic Business.

Expert review

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.

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.

Free transactions in Australia

For all transactions in Australia, including internet and phone banking and withdrawals made at Bank of Melbourne, Westpac Bank, St.George Bank or BankSA ATMs, there are no transaction fees.

Withdrawing from an overseas ATM

You can withdraw money from ATMs within Westpac's Global ATM Alliance with no withdrawal fees. When using your debit card overseas at an ATM outside of the alliance, you will be charged a $5 withdrawal fee. You may also be charged third-party ATM operator fees.

3% foreign transaction fee applies

There's an international transaction fee of 3% of the transaction value when using your debit card overseas to pay in a currency other than AUD. This fee also applies when you use your debit card to shop online from overseas sites.

Small minimum opening deposit

You can open this account with just $1.

Get SMS or email alerts

You can opt for free SMS and email alerts with your bank account when you make transactions over a certain value.

The Bank of Melbourne mobile banking app

Fingerprint ID has been enabled for the app and you can check your balance instantly.

Your banking is secure

Bank of Melbourne will reimburse any losses from unauthorised charges - as long as you report it as soon as you notice and you didn't contribute to the loss.

How to apply

If you have compared the Bank of Melbourne's Complete Freedom transaction bank account with similar everyday accounts in other banks and find this one suits your needs then you can get started by clicking 'go to site' to be redirected to the secure application page.

Eligibility

You should check first that you meet their eligibility requirements before proceeding:

Your age. In order to open the Complete Freedom transaction account you must be at least 18 years of age.
Your residency. You must currently be in Australia and have a verifiable Australian residential address.

Opening deposit. You will need to deposit at least $1 in order to open the Complete Freedom account.

Documentation needed

If you can meet these requirements you will need about five minutes to complete the application online and the following documentation on hand to help fill it in completely:

Identification. If applying online you are going to need two forms of id. This could be a passport, driver's licence, Medicare card or your birth certificate. This allows Bank of Melbourne to verify your identity electronically.
Residential address. You will need to provide a valid Australian residential address.
New customer. If you are new to Bank of Melbourne you will need to visit a branch in order to complete the identification check.

What happens after I submit my application?

It typically takes two business days for a transaction account to be opened, at which time you will be issued the Visa debit card.

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Bank of Melbourne Complete Freedom Transaction Account