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

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Seems like this deal is back again. There's also the same deal running for St George's Bank

Correct me if I'm wrong but I think the only change is that the $5 account fee is waived for retirees, and concession card holders as well.

Details:

Get $50 with a new Complete Freedom everyday bank account when you apply online by 1st June 2020 and deposit $500 within 30 days. T&Cs apply*

$50 Offer: Fees and charges apply. Read the terms and conditions available at bankofmelbourne.com.au before making a decision and consider whether the product is right for you. To be eligible for the $50 offer you must: open a new Complete Freedom account online between 01/04/2020 and 01/06/2020, or via any channel if you’re under 21 years old or a full-time student or apprentice, and deposit $500 within 30 days of opening. If eligible you will receive $50 into your Complete Freedom account within 45 days of opening. All account holders on the new Complete Freedom account must not have held a Bank of Melbourne, St.George Bank or BankSA transaction account, or received this offer at any time to be eligible. Offer is limited to one eligible account and is not available in conjunction with any other offer.

$0 Account Fee (originally $5/month) when you deposit at least $2,000 by the last business day of every month (or if you are under 21, student or apprentice, a retiree, or a concession card holder)

For more information go to the Bank of Melbourne website.

Related Stores

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

closed Comments

  • "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.

    • lol thanks for that

  • 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?

  • 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.

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

    • St George will take it on their behalf

  • 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”

    • 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.

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