• long running

Complete Freedom Transaction Account, Unconditional $0 Monthly Account Fee (Was $5, Removed) @ Bank of Melbourne


Hi Peeps,

Came across this recent update, so sharing further. Since 2 June 2020, Bank of Melbourne is NO longer charging any monthly account service fee on their Complete Freedom transaction accounts.

So there’s NO need to make a minimum deposit each month as was the condition earlier, and is $0 for ALL customers (used to be free only for under 21, student or apprentice, a retiree, or a concession card holder).

$0 monthly account fee is now ongoing & UNCONDITIONAL and this is now a freebie as we term it in OZB style.

Better late than never in joining ranks of other banks such as NAB, Macquarie, Suncorp etc. who made this meaningful change ages ago.

Other FREE features:

  • Visa Debit Card included - You can use your own money to shop in-store, online or over the phone
  • Bank of Melbourne mobile banking app - Manage your money on the go
  • Spend Tracker - All your transactions grouped into categories to help you track your spending habits.
  • Card Lock - Temporarily lock your card for up to 15 days while you look for it.
  • Beem It - Pay or get paid by anyone, anytime, securely and in real time with the Beem It app when you link your Visa Debit Card.
  • Quick Balance - Know exactly how much money you have on hand at a glance on your smartphone or watch.
  • eftpos, Visa Debit, Internet, mobile and phone banking transactions.
  • ATM use in Australia (Bank of Melbourne/ St.George Bank/ BankSA and Westpac ATMs in Australia)
  • Overseas cash withdrawal from a Global Alliance Partner ATM - Foreign currency conversion fees still apply
  • Direct debit
  • Cheque
  • Staff assisted (branch and telephone)

Check out their T&Cs & webpage for details.

P.S. - $50 conditional bonus offer for new Complete Freedom account remains, but my focus is not on that. Feel free to avail that if you qualify, bonus after all. T&Cs on account page.

Related Stores

Bank of Melbourne
Bank of Melbourne


  • +4

    Most major banks don't charge monthly fees for personal bank accounts if you deposit $2K or more (NAB is free with no minimum deposit) and free ATM withdrawals.

  • -6

    How is this a deal?

    • +7

      Was $5 per month, now $0, no monthly fee anymore. $60 annual saving mate.

      • +11

        Basically every other bank already has an everyday account for $0.

        • +6

          My post is in relation to Complete Freedom Transaction Account at Bank of Melbourne mate, not other banks. It is a permanent $5 monthly fee removal. Helps those who were earlier making monthly deposits to get this conditional waiver. It is unconditional now.

        • Normally comes with conditions like deposit $x per month, or make # transactions. I don't think the neg is justified IMO.

  • +4

    Unlimited unbeneficial benefits too :)

  • +1

    lots of banks charging for cheque and branch deposits these days, this is pretty good since its all free

  • +1

    I got rid of them yearss back due to the bank fees….if I don't move my money then every month they deduct monthly fees!

    might consider going back to them now! thanks OP!

  • +1

    Be sure to check the 2019 and 2020 ozbargain best banks for the year before switching as something may suit you better.

  • i guess anyone who has had an account the past but closed it many years and any current or past customers dont qualify for the $50 conditional bonus offer? ref ""All account holders on the new Complete Freedom account must not hold or have held a Bank of Melbourne, St.George Bank or BankSA transaction account, or received this offer at any time to be eligible."" do they offer a cash backs like westpac extras?

    • Not that I am aware of, no such mention on BOM website.

  • +1

    No Google pay. Booooo BOM!

    • True that, only BOM credit cards compatible at this stage, not the debit card.

  • -2

    Practically all banks are fee-free these days, no deal

  • For those goats in the comments bleating that "AlL BaNkS OfFeR fReE aCcOuNtS" you need to remember that that simply isn't true.

    The major banks still charge $4-$5 per month for their regular transaction accounts unless you deposit $2k per month into them (forcing you to use it as your main account, or perform a ridiculous $2k transfer between accounts every month for each account you have).

    Yes, Macquarie, Citibank, ING and a bunch of second-tier banks offer fee-free transaction accounts but then you have to deal with the consequences of having no branch access.

    Until now, NAB was the only major bank that offered fee free transaction accounts. Bank of Melbourne, being a branded version of Westpac, now offering free transaction accounts is a genuine deal.

    • +2

      I'm sure you weren't serious when you called HSBC a "second-tier bank".

      How about the Bank of Queensland? Or somehow in your view Bank of Melbourne is top tier, but these are second-tier?

      And Suncorp?

      Are all these banks in this list below are "second-tier" compared to Bank of Melbourne? Are you for real or just trolling?

      86 400 Pay Account
      AMP Access Account
      AMP Bett3r Spend Account
      Australian Military Bank Access Account
      Australian Unity Transaction Account
      Bank First Everyday
      Bank of Queensland Day2Day Plus Account
      Bank of Sydney Everyday Saver Account
      BankVic Everyday Account
      Beyond Bank Purple Transactor
      BOQ Specialist Everyday Plus Account
      BOQ Specialist One Account
      Citi Global Currency Account
      Citi Plus Transaction Account
      Coastline Credit Union Pay As You Go Account
      Community First Credit Union Access
      Credit Union SA Access Account
      CUA Everyday Account
      CUA Everyday Snap Account
      Defence Bank Everyday Access
      Delphi Bank Savings Account
      Endeavour Mutual Bank Transaction Account
      Gateway Bank Edge Account
      Gateway Bank Everyday Savings
      GMCU Personal Account
      Goldfields Money Essential Account
      Greater Bank Access Account
      Greater Bank Ultimate Access Account
      Heritage Bank Simply Access
      HSBC - Day to Day Account
      HSBC Everyday Global Account
      Hume Bank All Purpose
      Hunter United Premium Access Account
      IMB Bank Everyday Account
      ING Orange Everyday
      Macquarie Platinum Transaction Account
      Macquarie Transaction Account
      Macquarie Credit Union Access Account
      ME Everyday Transaction Account
      MyState Bank Glide Account
      NAB Classic Banking Account (with Standard Visa Debit Card)
      Newcastle Permanent Basic Access Account
      P&N Bank Transaction Account
      P&N Bank Budgeting Account
      Police Bank Easy Access Account
      Police Credit Union RediAccess Account
      QBANK On Call
      Qudos Bank General Savings Account
      RACQ Bank Everyday Account
      RAMS Action Account
      Summerland Credit Union Everyday Account First Choice
      Suncorp Everyday Basics
      Suncorp Everyday Options
      Sydney Mutual Bank Transaction Account
      The Mutual Bank Express Savings Account
      UBank USaver Ultra Transaction Account
      Unity Bank Access Saving Account
      Up Everyday Account
      Xinja Bank Account

      • Yes, I am serious. None of those banks (except for NAB which I already mentioned in my post) have the number of branches that Bank of Melbourne (in Victoria) has.

        And yes, HSBC is a second-tier bank in Australia. It isn't Australian-owned, for starters. How many HSBC branches are there in Melbourne?

        • +1

          Ah, I see: so your argument is that if we arbitrarily remove some better-value banks from the list, then eventually somehow Bank of Melbourne is not that bad after all.

          Very poor argument, and an even worse "bargain"

          EDIT: I forgot about BankWest, owned by CBA. I guess that's second-tier in your mind as well somehow. Have a good day

          EDIT2: "number of branches" - have you heard about online banking? People don't go to branches these days. You should try it, that's where the new crazy world is heading.

          • @ocoolio: I wholeheartedly agree with you that many of those banks you have listed actually offer better deals than the "tier 1" banks (which I am limiting to the Big 4 and their subsidiaries). Especially the neobanks like 86:400 and Up. But none of them have anywhere near the branch access that BoM does (again, at least in Victoria, I'm not sure if you can access your BoM accounts through Westpac or St George/Bank SA branches).

            I just realised BankWest offers a fee-free transaction account as well now (they used to offer one but it was severely gimped), so yes I would put them in the same category as Bank of Melbourne because they are a CBA subsidiary.

            For the record, most of my banking is with BankWest and I use my Citibank and Macquarie accounts a lot when I'm overseas. But for someone who wants fee-free banking with the benefit of lots of local branches (at least in Victoria), this is still a deal.

          • @ocoolio: Branches? I bet Xyron still uses a passbook and pays by cheque

      • +1

        where did you come up with this list?
        It's quite impressive.

    • consequences of having no branch access

      Given Bank@Post is a thing, what are the consequences of not having bank branches?

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