Bank of Melbourne Express Freedom

Bank of Melbourne Express Freedom

Fee Free Deposit

1,000

Account Keeping Fee

3.00

With monthly deposits that total $1,000 Bank of Melbourne waives the monthly fee off their everyday account.

  • $0 Account keeping fee if you deposit at least $1,000 that month
  • Linked Visa debit card
  • $0 Overseas ATM withdrawal fees (conditions apply)
  • Unlimited access to the Westpac ATM network

Product details

Important Information

Bank of Melbourne Express Freedom Account is no longer available for sale. This information has been kept here for the benefit of existing customers.

When you meet the minimum monthly deposit requirement each month for your Express Freedom transaction account, you will pay no monthly service fees. In addition, you get flexibility in shopping with a Visa debit card that can be used to make purchases in multiple ways without any added cost to you. No service fees plus no transaction fees equals a bank account that manages your money like cash.

What are the features of this bank account?

The Express Freedom transaction bank account has a lot to offer for the Australian who doesn’t like to pay multiple bank fees:

$0 Account keeping fee if you deposit at least $1,000 that month

If you are able to deposit a total of $1,000 or more by the last business day of the month you will not be charged the nominal $3 a month account service fee.

Linked Visa debit card

Upon opening a Bank of Melbourne Express Freedom transaction bank account you will be issued a Visa debit card that is linked directly to it.

Unlimited ATM access to the Westpac network

There are over 3,000 Bank of Melbourne, St.George, BankSA and Westpac banks around Australia where you can withdraw money from your account using the Visa debit card for free.

Unlimited transactions

Internet and phone banking with the Express Freedom transaction account is free of charge along with any Visa debit transaction in Australia. There is free internet, mobile and phone banking, as well as free direct debit.

Withdrawing money overseas?

If you withdraw from an ATM within Bank of Melbourne's Global ATM alliance you won't be charged an overseas ATM fee, though an international transaction fee is still charged. A list of these are provided below.

If you use your linked Visa debit card to withdraw cash at an overseas ATM that is not within Bank of Melbourne's Global ATM alliance, you will be charged $5 for the transaction. Other charges may also apply depending on the institution.

Global ATM partners

CountryATM Network
New ZealandWestpac NZ
Solomon Islands, Papua New Guinea, Tonga, Samoa, Cook Islands, Vanuatu, FijiWestpac Pacific Banking
Italy, FranceBNP Paribas
Poland, Spain, GermanyDeutsche Bank
Zimbabwe, Zambia, Uganda, Tanzania, Seychelles, Mauritius, Kenya, Ghana, BotswanaBarclays Bank
UK, Portugal and GibraltarBarclays Bank
South AfricaABSA
USABank of America
UkraineUkrsibbank
ChinaBank of Nanjing
SingaporeDBS, POSB
Canada, Chile, Mexico, Peru, Caribbean, JamaicaScotiabank

3% International transaction fee

If your transaction requires conversion of a foreign currency to the Australian dollar, you will be charged 3.00% of the Australian dollar amount. This may also include online shopping if a currency conversion is required.

Link with a Bank of Melbourne Savings account.

Pros

  • $0 Overseas ATM withdrawl fee (conditions apply)
  • Free internet and phone banking access
  • Free transaction fees for everyday banking
  • Deposit requirement is fairly low

Cons

  • Flat service fee of $3 if deposit is below $1,000 each month
  • International transaction fees still apply

How do you apply for the Bank of Melbourne Express Freedom Transaction Bank Account?

This account is no longer available for new customers, you can not apply for this account. Take a look at the range of alternative banking products available through Bank of Melbourne.

You may close the Bank of Melbourne Express Freedom Transaction bank account at any time. You can do this by speaking to a customer service representative at the Bank of Melbourne.

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