Bank of Melbourne Complete Freedom

Bank of Melbourne Complete Freedom

Maximum Variable Rate

0.00

Account Keeping Fee

5
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Enjoy the freedom of a transaction account that gives you multiple purchase options and no monthly fees.

  • $0 Account keeping fee if you deposit $2k per month
  • Unlimited access to the Westpac ATM network
  • Fraud protection against unauthorised transactions
  • Linked Visa debit card

Product details

When you open a Bank of Melbourne Complete Freedom transaction account, you are arming yourself with the shopping power of a Visa debit card. This allows you to make purchases in person, online and over the phone, with the cost directly debited from your account. This allows you the purchase power of Visa without having to pay any interest fees.

No monthly account service fee when you deposit $2,000+ by the last business day of every month, otherwise the fee is $5.

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
No ATM fees when you use Bank of Melbourne, BankSA, St.George or Westpac ATMs. No monthly fees when you deposit at least $2000 into this account each month.
Joint Application
Yes

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 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 but can go right back to zero payments the next month once you meet the minimum deposit obligation. You can make that easier to meet by having your pay directly deposited into your transaction account.

Linked Visa debit card

You are issued a Visa debit card, which gives you most of the same shopping advantages of a Visa credit card without having to pay interest on your purchases. You can take advantage of free EFTPOS and Visa debit transactions. Also, you will get free direct debit, cheque, staff-assisted, internet, mobile and phone banking transactions.

Unlimited access to the Westpac ATM network

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 will be charged a $5 fee if you use your Visa debit card to withdraw money at an overseas ATM. Other charges may also be made towards your account, originating from the financial institution issuing the funds.

Using your debit card overseas

In the event that the Bank of Melbourne needs to make a conversion of currency on a purchase or cash withdrawal made using your Visa debit card, you will be charged 3.0% of the Australian dollar amount.

Minimum opening deposit

You can open this account with $1, but if you also want free cheque facility the minimum opening balance is $1,000.

Stay in control of your banking

You can opt for free SMS and email alerts with your bank account.

The BoM mobile banking app

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

Your banking is secure

BoM 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.

Compare other BoM products.

Pros

  • Account keeping fee is waived if minimum deposit is reached
  • Free everyday banking transactions

Cons

  • There is a $5 monthly service fee
  • There are fees for bank transactions abroad

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.

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