Product details
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.
You can use the free linked Visa Debit card in Australia, and to withdraw cash for free at any ATM in Westpac's large Global ATM Alliance when you're overseas.
Make sure you deposit $2,000+ by the last business day of every month to avoid the account keeping fee.
- Product Name
- Bank of Melbourne Complete Freedom
- Monthly Account Fee
- $5
- Debit Card Access
- Visa
- ATM Withdrawal Fee
- $0
- Interest Rate p.a.
- 0.00%
- Details
- $0 account keeping fees if you deposit at least $2,000 per month. Otherwise, a $5 monthly fee applies. Unlimited free withdrawals at Bank of Melbourne, St.George, Westpac and BankSA ATMs.
- Joint Application
- Yes
- Fee Free Deposit p.m.
- $2,000
- Overseas ATM Withdrawal Fee
- $5
- Overseas Eftpos Fee
- 3%
- Phone Banking
- Yes
- Fees
- $5
- Internet Banking
- Yes
SPECIAL OFFER: $50 CASH BONUS
Receive a $50 cash bonus when you open a new Bank of Melbourne Complete Freedom account online by 16 January 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.What are the features of the Bank of Melbourne Complete Freedom Transaction account?
When comparing the different transactions accounts available from other Australian banks, consider that the Complete Freedom from the Bank of Melbourne has the following features:
$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.
Free transactions
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.
Pros
- Account keeping fee is waived if minimum deposit is reached
- No account fees for students and under 21s
- Free everyday banking transactions
Cons
- There is a $5 waivable monthly service fee
- International ATM fees and foreign transaction fees apply
How do you apply for the Bank of Melbourne Complete Freedom Transaction Bank Account?
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 to apply online
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 for your online application
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.
