Bank of Melbourne Complete Freedom Transaction Account
Pay no monthly account keeping fees if you're under 21, a student or when you deposit $2,000 a month.
This is an everyday transaction account with no monthly fees for students and customers under 21 years old. All customers will get the monthly account fee waived if you deposit $2,000+ each month.
Use the 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.
Fee Free Deposit
Account keeping fee
ATM withdrawal fee
Overseas ATM withdrawal fee
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.
There’s no account keeping fee if you’re under 21, a full time tertiary student or apprentice. If you’re older than 21 or you’re not a student, you can get the monthly account fee waived each month you deposit $2,000 before the last business day of the month.
If you don’t meet the above conditions you’ll be charged a monthly account keeping fee of $5. So make sure you can realistically meet the $2,000 monthly deposit requirement before opening this account.
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.
SPECIAL OFFER: $40 CASH BONUSReceive a $40 cash bonus when you open a new Bank of Melbourne Complete Freedom account online by 31 March 2020 and deposit $500 within 30 days of opening the account. You must also make sure the account remains open for at least 45 days from the date of account opening. New account holders only. T&Cs apply.
$0 Account keeping fee if you can deposit $2,000 per month
If you are able to deposit $2,000 (e.g. your salary) into your Complete Freedom account by the last business day of each month, you will not be charged a monthly service fee. If you do fall short one month you'll be charged $5 that month.
$0 Account keeping fee for students and customers under 21
If you're under 21 years old or are a full-time tertiary student or apprentice, the monthly account keeping fee will be waived without you having to meet the monthly deposit condition.
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.
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 applyIf 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.
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.
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. Start making your monthly deposits in order to avoid having to pay an account management fee.