This was posted 2 years 11 months 27 days ago, and might be an out-dated deal.

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$40 Bonus for New 'Complete Freedom' Accounts ($500 Deposit Required, New Customers, No Monthly Fee) @ St Georges/BoM/BankSA

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$40 Bonus for New 'Complete Freedom' Accounts ($500 Deposit Required, New Customers, No Monthly Fee) @ St Georges/BoM/BankSA
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Russ on 27/04/2021 - 12:51 stgeorge.com.au (394 clicks)
Last edited 27/04/2021 - 13:18 by 1 other user

Just got an email from St George, saying they have removed the $5/month fee if you don't deposit $2k/month. So now it's a completely free transaction account, no monthly or annual fee.

Free ATM use (including "Big 4" ATMs), free transfers to/from other banks, free BPay, free debit card. Also suitable for people under the age of 14, instead of a debit card you will be sent a "Freedom Card" for ATM/EFTPOS access.

Like all other banks though, transaction accounts are not interest-bearing. If you want interest, you'll have to open a savings account and keep most of your money in that account.

St George participates in Osko transfers, so if you want quick access to cash stored in another bank's online-only account (perhaps for better interest rates), you can instantly transfer it to your Complete Freedom account, and withdraw it at an ATM. This assumes that the other bank supports Osko transfers.

To get the $40 sign-up bonus, you just have to use the online sign-up, and deposit $500 within 30 days of opening the account. Bonus is paid "within 50 days of opening". Judging from previous St George sign-up bonus deals, you don't have to keep the $500 in the account. Sign-up bonus expires 30 June, but the fee-free status is permanent.

Previous similar deals had $50 sign-up bonus, but those deals had the $5/month fee. This one doesn't.

Mods, if this is better as a forum post, please move it there. I think it should be a deal, there aren't many completely-free transaction accounts that give you ATM access, and that you can walk into a branch to sort something out.

Mod Note: Offer also available at Bank of Melbourne & Bank SA

Financial Bank Account Transaction Account

Related Stores

St.George Bank
St.George Bank
Bank of Melbourne
Bank of Melbourne
BankSA (Bank of South Australia)
BankSA (Bank of South Australia)

closed Comments

  • Flintz on 27/04/2021 - 12:58

    I think St George/Westpac, CBA and ANZ are the only ones left with monthly account fees left right? NAB, HSBC, ING, Macquarie, all the neo banks etc. have no monthly fees for their transaction accounts

    • Russ on 27/04/2021 - 13:01

      Other than NAB, none of those have easily accessible branches that you can walk into, to sort something out. I believe Commonwealth Bank also has a fee-free account. Do the Neo and online banks have access to the "Big 4" ATMs?

      Fee-free accounts at a bank with branches are rare. And as many branches are closing, this will help people with a St George/ BoM/ BankSA branch nearby, if the branch of their current bank is closing or far away.

      • Flintz on 27/04/2021 - 13:09

        I believe so, don't think the big 4 ATMs charge fees for any domestic card. That said, I usually don't use cash and would get cash out from colesworths if really desperate. Anyways I think it's a good thing they are removing account fees.

    • [Deactivated] on 27/04/2021 - 13:26

      As of today

      We’ve removed our monthly account fee (Complete Freedom) for all our customers, so there’s no need to make a minimum deposit each month

  • NinjaChicken on 27/04/2021 - 14:11
    +1

    Downside - the St. George iOS app is a pile of crap, and transfer, deposit, etc push notifications may come through at some random stage after you make the transaction. Or they may not arrive at all…

    • Russ on 27/04/2021 - 15:43
      +1

      I just use StGeorge's email alerts for deposits, withdrawals (including BPay) and low-balance alerts. Never had one of those go missing. I find them great for checking to see if I've already paid a bill, I just search my emails.

    • douglasac10 on 27/04/2021 - 19:55
      +1

      St. George Group's online banking platform is a hot mess.

      I had a credit card with BankSA, the app on Android had UI elements all over the place and was generally clunky, email notifications for online statements would often arrive days late and on at least one occasion, all online banking could tell me was that I had a Visa card - no balance, transactions, or even that it was an Amplify card. Just that I had a Visa card.

      They also seem to have gone out of their way to prevent password managers from working on their online form, so that's fun too.

  • coolsteps on 27/04/2021 - 14:29

    how do you get access to the rewards program like cba? how does one have to wait to become a new customer for this promo if they closed their account over 10 years?

    • Russ on 27/04/2021 - 15:39

      StGeorge has a small benefits program: https://www.stgeorge.com.au/online-services/my-offers-hub
      As you're in QLD, perhaps the Suncorp rewards program would be better for you? Just open an account with their bank. Also, why not sign up with the CBA, I believe they have a fee-free bank account. Also check RACQ rewards, which you can also get by opening a bank account with them.

  • antkey on 27/04/2021 - 16:08

    during previous promotion, I applied online had to go to branch to verify ID.

    • jasong on 27/04/2021 - 21:23

      Just happened to me too. Unfortunately there's no branch near me open on weekends or within an hour of my workplace :(

      • [Deactivated] on 21/05/2021 - 14:38

        How long did it take to receive the confirmation email after signing up online?

  • IsTops on 27/04/2021 - 16:20
    +1

    if you open an account for each bank, does that mean $120 total?

    • douglasac10 on 27/04/2021 - 19:57
      +1

      No, the terms and conditions say this:

      All account holders on the new Complete Freedom account must not hold or have held a St.George Bank, Bank of Melbourne 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.

      Behind the scenes, St. George, BankSA and Bank of Melbourne are all the same bank. You can long into any of their online banking portals with the same details and it'll work fine. The only real differences between the three is the colour\picture you will get on your card and occasionally promo offers (e.g. BankSA often do a promo as a tie in for the Adelaide Fringe festival, which won't be available at Bank of Melbourne or St. George.)

    • Russ on 28/04/2021 - 01:05

      No, but you can open accounts for your children and partner, and get more bonuses that way.

      • Shieldsy85 on 28/04/2021 - 01:25
        +1

        Is this for children under 13? Or 13 and older ?

  • Shieldsy85 on 28/04/2021 - 01:24

    So can a multiple children under 13 get the bonus?

    4x children =$160?

    Reading terms and conditions seems signatory parent or guardian would this prevent the above i.e only $40?

    • Russ on 28/04/2021 - 19:08

      I've read some of the terms and conditions.

      Children 13 and older can open an account in their own names, provided they can show a birth certificate or passport. So it looks like they will be eligible for the $40 bonus.

      It looks like children aged 12 or 13 need a family member to open a joint account with them, but "family member" includes grandparents, so maybe they can get the bonus that way.

      I can't see it explicitly stated, but it looks like children younger than 12 can't have an account.

      • Shieldsy85 on 28/04/2021 - 19:19
        +3

        Cheers

        I'll be the guinea pig and try it with just me as the parent and see if it works shall report back with my findings.

        • Russ on 28/04/2021 - 21:05
          +1

          I'm now wondering if child accounts can be fully opened online, or whether you'll need to visit a branch. For adults, I believe most types of identity verification can be done automatically, e.g. if you give them your driver's licence number, they can read the full details. But that may not be so for birth certificates.

          I await your findings!

          • IsTops on 29/04/2021 - 00:23
            +1

            @Russ: hey Russ, afik they require you to pick up the debit card in branch at least for the first time. Thus, this will enable them to ID you. So for kids, you'll still have the guarantor requiring to complete this step on behalf of the kid.

            • Russ on 29/04/2021 - 00:59

              @IsTops:

              afik they require you to pick up the debit card in branch at least for the first time.

              Not all banks require that, I joined RACQ bank without ever going into a branch, and they mailed out my Visa debit card: https://www.racq.com.au/banking/accounts/transaction-account…

              I already have a Complete Freedom account with StGeorge, so I'm not eligible, I can't find out for myself. And all of my kids do too, it makes it easy to pay their weekly pocket money, I have automatic bank transfers from my account to theirs.

              • IsTops on 29/04/2021 - 08:33

                @Russ: correct, not all banks require you to go to the branch and most don't. But St George/BoM/BSA does.
                how old are your kids? But not a bad concept to introduce money to them early.

                • Russ on 29/04/2021 - 19:41

                  @IsTops: My youngest was 14 or 15 when I started paying pocket money by automatic bank transfer. The transfers take place on a Friday, the same day as many workplaces have their payday.

                  It did teach them to save for things they want, and not to depend on "bank of dad" when they wanted something.

                  They still come to me when they want to do an online purchase via credit card (via PayPal), but they either hand me equivalent cash or transfer money to me.

                  The best part about the automatic transfers is that I don't have to remember to pay them, and there is a paper trail.

  • Partake0486 on 28/04/2021 - 14:05

    How hard is it to close the account once i get the $40? Can it done be online?

    • IsTops on 29/04/2021 - 00:25

      if you don't have an account with them then you can by all means to so.
      But they are quite aware of this method, as many people before you have done this, so if they ran another promo in the future, there's records there to state you previously opened an account before so you won't be eligible.

      As it's free, you might as well be better off keeping it opened. There's no harm in a debit account.

    • Russ on 29/04/2021 - 01:14

      How hard is it to close the account once i get the $40? Can it done be online?

      It appears you have to ring them, or you can turn up at a branch. See this page, click on "How do I close my everyday or savings accounts (including DIY Super Saver accounts)?"

      https://www.stgeorge.com.au/personal/bank-accounts/tools/faq…

      • IsTops on 29/04/2021 - 08:34

        pretty sure you can also just close it in-app or via IB

  • coolsteps on 30/04/2021 - 14:42

    wife applied online still no email or sms and application end message said takes up to 2 biz days and then ill will get an email. dont we get a ref number or anything as soon as we click submit?

    • coolsteps on 30/04/2021 - 16:14

      just got an email 1 hour later with ac number only no internet access number and saying still need to go into a branch to have id verified even though we were previous customers so what a waste of time best go into a branch to apply not online.

      • flam on 04/05/2021 - 16:31

        I applied online on Sunday night and still haven't gotten an email. I agree it's weird that they don't even give you a reference number or send an email confirming you've applied.

  • coolsteps on 01/05/2021 - 20:54
    +2

    correction was able to download app and add account number and register for internet banking eventually but cant make withdrawals until a branch visit.

  • gimme on 16/06/2021 - 08:44

    Anyone received their bonus yet?

    • Russ on 16/06/2021 - 10:33

      Today is exactly 50 days since I posted this deal, was your account opened on 27 April? Note that the 50 days is counted from account opening, not from when you applied for the account.

      If it is more than 50 days from opening your account, and you met the conditions, ring them up and chase the bonus.

      • gimme on 16/06/2021 - 10:36

        I should buy a lottery ticket! Had no idea it had been exactly 50 days. To be honest I hadn't even read/registered that it'll take 50 days.

      • Paul B on 18/06/2021 - 16:56
        +1

        Is account opening when ID was approved? I applied then couldn't get ID approved in person for a few weeks. Hopefully I didnt miss the 30 days to make deposit.

        • Russ on 18/06/2021 - 18:27

          I don't know. Suggest you ring them and ask

        • coolsteps on 30/06/2021 - 12:29

          any updates Paul B? wife is in the same boat after approx 1 month was only able to visit a branch yesterday to unlock account and make a $500 osko deposit today. does anyone know how to access and get the st George visa debit card rewards offers ? are they targeted depending on your spend?

          • Paul B on 30/06/2021 - 18:28

            @coolsteps: I haven't received bonus yet but it would take a while after June 30. I deposited and made a few transactions so I'll contact support to check if it was OK.

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