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Open a Complete Freedom Account, Deposit $500 (or $250*) in 30 Days & Get $50 Bonus (New Customers) @ St George / Bank of Melb.

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* $250 qualifying deposit for students and individuals under 21

This deal has been renewed with a few changes pertaining to students and individuals under 21.
The account keeping charge of $5/month can be avoided by depositing $2000 per month. Students and under-21 do not pay any charges to keep the account.

Terms of the deal:

To receive a one-off $50 deposit, customers must open a new Complete Freedom Account between 04/04/19 to 03/07/19 (inclusive) online; and must deposit a minimum of $500 ($250 if under 21 years of age or a full-time tertiary student) 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 St.George Bank, Bank of Melbourne, BankSA or 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.

Bank of Melbourne Link

Related Stores

St.George Bank
St.George Bank
Bank of Melbourne
Bank of Melbourne

closed Comments

  • Full time student or???

  • How long do they take to deposit the $50? I couldn't find any confirmation.

  • You lost me at deposit 2k a month or pay a fee

  • $5 per month fee if you don't deposit 2k per month, so they get their 50 dollars back eventually and im sure they did their calculations and consumer base

    • $2000 just needs to be credited to your account once in a calendar month and the fee is waived, you could deposit $2000 and just transfer it back to your main (non St-george) account instantly.

    • +8 votes

      The account keeping $5 fee is not charged for the first month of holding the account. So if you open an account today and fund it, you will receive your $50 by 45 days which would be mid-May. Giving you plenty of time to close the account before the $5 fee is charge on the last day of May.

  •  

    Easy $100.. thank you OP…

  • Signed up with them once for Qantas points on a credit card. Worst Customer Service ever. If you want to make money with less effort and running around, become an Uber driver :)

    • They're poor customer service I agree. That being said, the 80k free qantas points isn't anything to sniff at!

  • By the way, has to be 14+ yo. Can't get one for my 1 year old baby ><

  • Closed an account last year, am I still eligible? How strict are they with the t&c?

    •  

      We’re strict on that rule: Offer excludes customers who hold or have held a Complete Freedom Account with St.George Bank, Bank of Melbourne, BankSA or at any time.

      However if you open it up online by re-registering there’s a chance you’ll have a duplicate profile and it won’t register you previously held an account.

      I definitely do not recommend doing this though, as we have Data team that actively looks to merge duplicate profiles.

      • My account profile name sounds a little bit like James Packer's.
        Can you please ask your Data team to merge our accounts? Thanks!

      • Seriously the worst decision I have taken to open a bank account with them for 50$.. terrible customer service and online banking experience.

        I tried to transfer money out of my BoM bank account to the same account from where the money came in and they wanted to make me physically attend the branch because they considered it as a "fraud". Not worth the hassle. The only good thing is I got to experience how they handle customer service so I will never bank with them again.

  • At George are the worst bank I've ever dealt with. Setting up an automatic payment to pay off a credit card is impossible. Even their collections team can't do it which is ridiculous. Nothing is worth the pain of dealing with them again.

  • Was just about to sign up and then read….

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

    HAVE HELD… AT ANY TIME.. and there's the deal breaker.

  • +4 votes

    FYI and reminder to some who have seen this deal before,
    St George is Australia-wide however in Melbourne they are branded “Bank of Melbourne” and in South Australia they are branded “BankSA”.

    So you are not eligible for this promo if you have taken up Bank of Melbourne’s or BankSA’s related deals.

    E.g. https://www.bankofmelbourne.com.au/personal/bank-accounts/tr...

  • Easy to open account, get 50$ and close after 1.5 months?

    • Yes. You'll have to call the bank to close your account.
      This comment has pointed out how to avoid the account fee by opening the account today and closing it before the fee is charged from the second month onwards.

  • Is this applicable for those holding long stay "tourist" visa ? Or it needs to be a resident/citizen?

    •  

      Yep :)
      And a foreign passport with suffice for ID (as long as it’s in English).

  • I’m aware that many of you thinking about opening an account for the sole purposes of the reward however I will say do not do it to make it your primary bank account. This and the westpac network infrastructure is atrocious constant outages for hours with poor communication on an almost minimum monthly basis and I am speaking from experience on this it is beyond annoying. I switched to commbank and haven’t looked back.

  • Thanks, just opened an account. Took about 5 minutes, including the online ID verification. Set myself a reminder on May 30th to ring St George to close the account. I'm happy with the reward/time spent ratio. Beats the old days when you had to print a form, fill it out, photocopy ID, get it witnessed, then drop it all in a mailbox, for the same $50!

  • The privatised banking system doing it's usual terrible job compared to the previous Government monopoly savings banks eg Commopnwealth Bank of Australia.

    The Government guarantees that the four largest privately owned banks will not go out of business. Despite insisting that nationalised banking is a dreadful model as per the usual neoliberal economic theory for idiots.

    So corporate welfare for the wealthy corporations providing the bad deal for consumers. Meaning your tax dollars.

  • For the $2,000 deposit, does it have to be one lump sum >= $2,000? Or it can be the sum of a few transfers of smaller amount?

    I’m thinking deposit $500 and withdraw it for 4 times and avoid the account keeping fee.

    Another question, St George doesn't have PayID (instant transfer between accounts with different banks), does it?

    • I don't think you need to add money as a lump sum. And St. George isn't on the NPP (PayID) yet so the transfers can take time (2-3 business days). I didn't want to wait so long so I withdrew money from my main account and used a St. George cash deposit machine to deposit money to my St. George account. That being said, not everyone has one of these machines nearby. But if you've got a St. George branch nearby, they will probably have a deposit machine.

    • It doesn't have to be a lump sum as long as the deposits total $2000 over the month the fee will be waived. You don't need to keep it in there either. I took this deal up a month or two ago and found the bad thing about St george is that they don't have PayID, so transfers aren't instant. I had to plan my deposits to maximize where my money was so it wasn't stuck in limbo over the weekends.

  • How do they know if you’re a student?

  • Just a heads up for those who might not be aware and may not want the extra hassle: if you're a brand new customer you might have to pop in to a branch to do ID check before your account is activated (i.e. being able to transfer money out). I was under the impression supplying ID details online (i.e. DL and medicare) was enough these days, but it wasn't.

  • Been using st.george for over a year now, 2 months ago i opened 5 more transaction accounts and transferred $500 each.All the accounts received $50 each.Transferred all the money back to my savings account.Visited a branch today and closed all the transaction accounts.

  • Seems broken at the moment, tried on desktop firefox and chrome, and phone and all just lead me in circles when trying to sign up as a student

  • St.George does not have NPP/Osko/PayID, nor Apple Pay. This is an account with features from 1999, not 2019.

  • Update!
    I opened account on 19/4 card arrived the next week! Deposited $2k on 2/5 to cover myself for $5 monthly fee from 2nd month & withdrew straight away (using smart ATM)
    Anyway $50 was deposited yesterday 27/5 I withdrew it today and called them to close account which took maybe 5mins at most no hassles at all!
    So my recommendation is don't bother with the $2k deposit unless you get right to the end of the 2nd month! 37days total!
    I can confirm card is no good for Samsung/Google Pay otherwise I think I would've kept it open! Annoying

  • I opened the account, got the bonus and closed it last week. easy!