$50 Bonus for New Complete Freedom Accounts ($500 Deposit Required, New Customers) @ Bank of Melbourne

Related Stores

Bank of Melbourne

St.George Bank

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  ShipShapeRC on 28/04/2020 - 08:15

  "Correct me if I'm wrong", I will. I doubt they waive a $0 fee if you are a retiree, and concession card holder. I think it's saying they waive the $5 fee and it becomes a $0 fee, but I get what you were meaning. You can delete this once the text is corrected.

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    mujitee on 28/04/2020 - 08:18

    lol thanks for that

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  aneil915 on 28/04/2020 - 10:20

  To qualify for the $50 and the $0 Account Fee, can I deposit the $2,000 into the account and then just transfer the money back out again?

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  Russ on 28/04/2020 - 12:30

  A reminder for all who have recently become unemployed: you probably won't be meeting the "deposit at least $2,000 by the last business day of every month" condition, so the bank will begin to sting you with fees. Either negotiate a deal with the bank, or move to a bank that doesn't charge monthly fees.

  There are a small number of banks that have transaction accounts without a monthly fee. Of the "big 4", only NAB has an account with no account-keeping fee. Some smaller banks have them too:
  https://www.google.com.au/search?q=which+australian+banks+do…

  However, if you're currently unemployed, and have a credit card, leaving your current bank will cancel your credit card with them, and you won't be able to get a credit card with your new bank. It'll be a debit card, which will take some getting used to if you have a low bank balance (payment refused if balance is insufficient etc). Check if there are fees for declined payments or "insufficient funds" on the debit card.

  For future reference, it's better if you have a credit card that is independent of the bank with your transaction account, e.g. 28 degrees or one of the other fee-free credit cards. If you suspect you may become unemployed in the near future, now is a good time to apply for one.

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  hippo2s on 28/04/2020 - 16:15

  uhmm… need to take ID into a BOM branch to be verified…but there's none in Sydney, any ideas?

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    IsTops on 28/04/2020 - 22:06

    St George will take it on their behalf

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  Purkulator on 01/05/2020 - 20:37

  Im confused so is this a condiiton or not? “ou’re under 21 years old or a full-time student or apprentice, and deposit $500 within 30 days of openin”

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    Russ on 03/05/2020 - 10:06

    You must make a deposit to earn the $50. Deposit must be $500 or more if you're a student or apprentice or under 21. Otherwise, the minimum deposit is $2000.

    For students, apprentices and under 21, you only have to make a single deposit, and the account has no monthly fee while you remain a student, apprentice or under 21.

    If you're not a student, apprentice or under 21, you have to deposit $2000 every month, or you'll be charged $5/month account-keeping fee.