With its accompanying Bank of Melbourne Complete Freedom Debit Card, the Bank of Melbourne Complete Freedom account allows you easy access to your funds wherever you are in the world, with no monthly fees to worry about – and no minimum monthly deposit. Apply before 24th January 2022, and you could also get your hands on $40 cashback as part of the bank’s intro offer (terms apply).

What’s great?

Tossing up whether the Bank of Melbourne Complete Freedom account is for you? Let’s take a look at why you may want to choose this account and its accompanying Visa Debit card, so you can decide whether or not it will work for you.

Pay No Monthly Fees

As of 2 June 2020, Bank of Melbourne scrapped the monthly account service fee on its Complete Freedom transaction accounts. That means, as a new accountholder, you will pay no monthly fees, saving you $5 per month – or $60 per year. Unlike certain other accounts that charge no monthly fees, you don’t need to make a minimum deposit each month to enjoy this no fee status.

Get Your Hands on $40 Cashback

Who doesn’t like free stuff? Well, if you open a Complete Freedom account with Bank of Melbourne by 24th January 2022, you can get your hands on $40 cashback to spend as you like. All you need to do to be eligible is deposit $500, then make five eligible debit card purchases within 30 days.

Bear in mind, if you currently have, or have held a Bank of Melbourne, St.George Bank or BankSA transaction account in the past, or if you have received this offer before, you will not be eligible for it now.

Access Your Money… Everywhere

So, you want to be able to use your own money when you pay? That’s one of the most appealing aspects of using a debit card. You know exactly where you stand, and you’re not paying out interest to access credit. With that in mind, you can use the Bank of Melbourne Complete Freedom Debit Card to pay online, over the phone, and in person, wherever Visa is accepted.

As for withdrawing cash, you can do so at any major bank’s ATM within Australia, while paying no ATM withdrawal fees. And, if you’re heading overseas, there are no ATM withdrawal fees to worry about when using ATMs within the Global Alliance network (although other fees may apply).

Enjoy Peace of Mind

Obviously, when it comes to paying for stuff with your own money, you want to make sure each transaction you make is secure. Providing you with some peace of mind on that score, Bank of Melbourne offers a fraud money back guarantee, meaning it will refund you any money taken from your account if you’re a victim of fraud.

Keep Track of Your Funds

Want to manage your money more effectively? Bank of Melbourne has you covered. As you would expect, its mobile app allows you to do all the standard stuff, including checking your transactions and transferring funds. But, it does offer some additional functionality as well.

• With its Spend Tracker, all your transactions will be grouped into categories, helping you track your spending habits and budget better.
• With its Card Lock feature, you can temporarily lock your card for up to 15 days should you misplace your card.
• With Quick Balance, you can quickly and easily see how much money you have to play with, from a glance on your smartphone or smartwatch.
• Using the Beem It app in conjunction with your Bank of Melbourne Complete Freedom Debit Card, you can pay or get paid by anyone, anytime, securely and in real time.

Pay With Apple Pay

If you’re looking for more functionality while shopping online and in person, you have the option to sync your card with Apple Pay. This allows you to leave your wallet at home, and pay with a tap of your device at the checkout, while also making your online shopping experience more streamlined.

What’s worth considering?

While there are no monthly fees or ATM withdrawal fees at major Australian banks and within the Global Alliance network overseas, there are other fees and costs to be aware of. Outwith that Global Alliance network, you will pay a $5 ATM withdrawal fee, plus a 3% foreign currency conversion fee on all transactions made in a foreign currency.

Other fees apply, such as overdrawn fees and dishonour fees. Check the small print before you apply, so you can avoid these fees whenever possible.

Why should you choose it?

If you want a transaction account with no monthly fees, the Bank of Melbourne Complete Freedom account is well worth looking into. You can use your own money with the Bank of Melbourne Complete Freedom Debit Card, while taking advantage of the numerous features on offer, and $40 cashback if you apply by 24th January 2022 and meet the offer’s terms.