Bank of Melbourne products

Starting on 2 June 2020, we will no longer be charging a monthly account service fee on our Complete Freedom transaction accounts.

No, we will not be reimbursing any funds charged prior to 2 June 2020.

No, the monthly fee was waived for customers who deposited $2,000 into the account in that month.

No, the monthly fee has only been removed from the Complete Freedom account. You can easily open a new Complete Freedom account online or in-store to take advantage of this great feature. If you'd like to keep the same BSB and account number that you currently have, please give us a call on 13 22 66 or talk to us in-branch.

A Visa Debit Card lets you to use your own money to make purchases online, overseas and over the phone or wherever Visa is accepted. You must be 18 years or older and an Australian resident.

A Fixed Term Deposit offers you the security of earning a fixed rate of interest on your savings over a fixed term and allows you to plan your finances with certainty.

A Fixed Term Deposit account can be opened online, at any Bank of Melbourne branch or over the phone on 13 22 66:

To open a Fixed Term Deposit online:

• Click Open Now on the Term Deposit page, or
• Log on to Internet Banking and go to “Open New Account”

If you need to break the term of your Fixed Term Deposit, you can call us on 13 22 66 or visit a Bank of Melbourne branch. The interest you earn will be adjusted on the amount withdrawn as a result.

You need a minimum investment of $1,000 with a minimum term of 1 month to open a Term Deposit. A maximum of $250,000 can be invested. The maximum term is 60 months (5 years).

Interest is calculated daily. You can choose how often you wish the interest to be paid to you. Depending on the term, the interest rate will vary depending on the length of the investment.

Check out the current interest rates for the Term Deposits, including any current special rates.

Your Term Deposit has a grace period of 14 days. During this period you can make changes to your Term Deposit such as the amount, term and the interest payment frequency. You can also withdraw your funds and close your account during this period. If you don’t need to make any changes to your Term Deposit, we will automatically reinvest your Term Deposit for the same term at the current applicable rate for that term.

You can make changes to your Term Deposit within the 14 day Grace Period via Internet Banking, in branch or by calling us on 13 22 66.

Each bank sets BPAY limits, so if you don’t bank with us you’ll need to check with your financial institution. If you do bank with Bank of Melbourne, you can find out about Bank of Melbourne BPAY limits.

The Flexi Term Deposit is no longer available to new customers.

Before you choose a savings account, think about what your savings goals are and whether you want to lock your money away, or keep it accessible at all times. The amount you have to invest and the way you prefer to access your money will affect the savings account you choose.

Use our savings account comparison table to help you choose the product that suits your banking or savings needs. You can also talk to us at any Bank of Melbourne branch or call 13 22 66.

You can transfer funds through Internet Banking for all accounts. You can also transfer funds at the branch and through Phone Banking.

The Complete Freedom Account offers unlimited everyday banking transactions with no monthly account service fee and is ideal for for U21’s, Students and apprentices.

If you are 14 years of age and older and an Australian resident you can also enjoy the flexibility of a Visa Debit Card. This is a card that allows you to shop securely at home, online or overseas accessing money from your linked transaction account. 

Accounts where Internet and Phone Banking are free are designed for people who do most of their transactions over the phone, accessing an ATM or online. Depending on the account, you are able to make branch-assisted withdrawals; however, there may be a charge for this service. Our comparison table will provide you with more details.

Some examples of Australian Government benefit payments that make you eligible to hold a Concession or Health Care card (including Pensioner Concession card, Commonwealth Seniors Health Care card or Health Care card) include:

• Age Pension or ABSTUDY paid by Services Australia; or
• Service Pension paid by the Department of Veterans' Affairs.

A list of eligible payments can be found at Service Australia and Department of Veterans' Affairs.