This was posted 5 years 3 months 1 day ago, and might be an out-dated deal.

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$50 When You Open a New Complete Freedom Account @ Bank of Melbourne

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$50 When You Open a New Complete Freedom Account @ Bank of Melbourne
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33sander on 19/01/2019 - 22:19 bankofmelbourne.com.au (470 clicks)

Looking at options for a new transaction account and came across this. The Bank of Melbourne Complete Freedom Account currently offering $50 cash. The account is fee free when you deposit $2000 per month.

Full terms: To receive a one off $50 deposit, customers must open a new Complete Freedom Account between 18/01/19 and 03/04/19 (inclusive) online, or if under 21 years of age or a full-time tertiary student including apprentices, customers may also open an account in branch; and must deposit a minimum of $500 within 30 days of account opening, AND ensure the account remains open for at least 45 days. Offer excludes customers who hold or have held a Complete Freedom Account with Bank of Melbourne, BankSA or St.George Bank at any time. Not available with any other offer. Offer limited to one $50 deposit per customer. Where a joint account is opened, if one of the joint account holders has already received their deposit in respect of another account, then none of the remaining joint account holders will be eligible for the offer in respect of the joint account.

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Bank of Melbourne
Bank of Melbourne

closed Comments

  • askbargain on 19/01/2019 - 22:26
    +7

    Offer excludes customers who hold or have held a Complete Freedom Account with Bank of Melbourne, BankSA or St.George Bank at any time.

    Rip

    • JIMB0 on 19/01/2019 - 23:55

      Not even a time limit on it.

      • [Deactivated] on 20/01/2019 - 00:53
        +1

        Well it does have the intended effect.

        Stops people from gaming the system by opening then closing accounts.

    • sween64 on 28/03/2019 - 10:47

      Bugger. Should have read that.

  • jv on 19/01/2019 - 22:29
    +4

    Complete Freedom Account

    You've gotta give for what you take

    • Zedsdeadbabyzedsdead on 19/01/2019 - 23:46

      Complete freedom in the banking system, yes sure!

      • jv on 19/01/2019 - 23:53
        +5

        All we have to do now
        Is take these lies and make them true somehow

    • chloden on 20/01/2019 - 11:19
      +1

      Well that's in my head for the rest of the day. At least it's a great song, nothing worse than getting Love Shack stuck in you head.

  • kadaj on 20/01/2019 - 00:32

    That $2000 deposit a month to waive $5 fee is almost a deal breaker for me.. Still signed up tho

  • umyob on 20/01/2019 - 01:07
    +1

    allow me to suggest, if you only put say 1200 pcm in an account, you can link it to another account and transfer 800 in and out in a few seconds. I guess its a bit of a loophole…cheers

  • ilikedeals on 20/01/2019 - 02:57
    +2

    Just to clarify - you get the cash back if you deposit $500 in first 30 days. But to keep the account fee-free, you have to deposit $2000 a month. Therefore, keeping the account "active for 45 days" pretty much requires you to deposit $2,000 min (perhaps $4,000 over 2 months) to waive the monthly fee AND get the cashback

    • maxwellian on 20/01/2019 - 07:28
      +2

      Could easily deposit the $2000 then send it out again and repeat the next month. Assume it only costs you access to the $500. That's effectively 120% interest rate annually :)

      • Macky1012 on 20/01/2019 - 08:39

        It only says $50 cashback?

        • WaywardOne on 20/01/2019 - 09:58

          $50 return on a $500 investment in 45 days. Effectively X% annual return.
          Maths? Help? 😄

          • Scantu on 20/01/2019 - 23:57

            @WaywardOne: 10 pct haha

          • haemolysis on 21/01/2019 - 15:49

            @WaywardOne: 10% per 45 day is roughly 81% per annum? But since you don't get any additional after 45 days, it could simply be seen as 10% per annum.

      • txb on 31/01/2019 - 16:54

        Where does it state you need to keep $500 in the account the whole time?
        Deposit, withdraw (the 500 minimum or 2/4k minimum to be fee free), wait 45 days, profit.

  • MrCAMEL on 20/01/2019 - 10:17

    This is a long term deal I think. I know they changed the start date just recently. I signed up for an account with the same promotion over a week ago, got the SMS confirmation and then the message that it will take about 1 business day to set up the account. Have not heard anything since then.
    They are a bit slow.

    • sween64 on 28/03/2019 - 10:48

      Have you received the $50?

      • MrCAMEL on 29/03/2019 - 07:22

        I had a spare minute so I went into branch this week actually and there was no record of me on the system, even after all the confirmations that I got. So I said, I'm opening it for the $50. She tried to sell me all sorts of stuff. Car and home insurances, home loan review and savings accounts. She was persistent.

        She even asked if I was going to give my employer my new bank details as I needed to get my salary credited to that account to meet the 2k requirement and I needed to withdraw $500 cash today and deposit it over the counter. I sorted her out on a few points. I'll be happy to close the account once my wife and I collect our $50 each.

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