Bank of Melbourne Complete Freedom Transaction Account

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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


Product NameBank of Melbourne Complete Freedom
Monthly account fee$5
Debit Card AccessVisa
ATM Withdrawal Fee$0
ATM withdrawal fee (overseas)$5
International transaction fee3%

Expert review

Alison Banney

Review by

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 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.


Receive 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.

Key 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.

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.


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.

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