Opening a bank account in Australia

Welcome to Australia! Whether you've moved here for work or study, with your family or by yourself, we're here to help make your banking easier.

What are the types of bank accounts?

Transaction account

A transaction account is traditionally used for day-to-day expenses and often comes with a debit card2 (age dependant) so that you can withdraw cash or pay for things instore or online.

Savings account

Savings accounts are intended for saving purposes. These accounts may offer interest on your money, allowing you to set money aside and grow your funds.

Savings & Transaction bundle

Get the bundle with a linked transaction account and savings account.

Popular bank accounts for migrants

Transaction account

Complete Freedom

  • $0 Account-keeping fee

  • Get a Visa Debit card2 if you are 14 years old or over
  • $0 international transfer fees when you send foreign currency overseas via Internet Banking
  • Manage your money on the go with the Bank of Melbourne Mobile Banking App
  • Open your account online – it only takes a few minutes.


 

Open now

Savings account

Incentive Saver

  • $0 Account-keeping fee

  • Earn up to 5.25% p.a. with a variable base rate of 1.85% p.a., a variable bonus* rate of 3.30% p.a., and an extra 0.10% p.a. to your variable bonus rate for the first 3 months when you open online. New customers only on balances remaining below $250,000. After 3 months the total variable rate will appply. Min monthly deposits apply1
  • Open your account online – it only takes a few minutes.


 

Open now

Transaction + Saving account

Complete Freedom + Incentive Saver

  • $0 Account-keeping fee on both accounts
  • Get a Visa Debit card2 if you are 14 years old or over
  • Earn up to 5.25% p.a. with a variable base rate of 1.85% p.a., a variable bonus* rate of 3.30% p.a., and an extra 0.10% p.a. to your variable bonus rate for the first 3 months when you open online. New customers only on balances remaining below $250,000. After 3 months the total variable rate will apply. Min monthly deposits apply1
  • Open your account online – it only takes a few minutes.


 

Open now

Want $40 cashback on your groceries?

Open a Complete Freedom account and spend at least $160 on your new digital Visa Debit Card within 60 days at Woolworths or Coles and get $40 cashback.

Customers who have held a Bank of Melbourne Transaction account in the last 2 years are ineligible for this offer. Ages 14+ only. Visa Debit Card via a mobile wallet only, either through Tap & Pay or online payment.

Offer expires 30 Sep 2025. T&Cs apply.
Learn more

How to open an account

1.
Have your ID handy
(Types of ID you can use) 
2.
Ages 14 or over: Open your account(s) online via the Open now button.
3.
Start using your account(s).

Shop through ShopBack. Get Cashback.

Link and pay with your eligible Bank of Melbourne debit card to get exclusive bonus Cashback when you shop on the new Bank of Melbourne Lounge on the ShopBack app.

Find out more

Tips on making Australia your new home

Moving to a new country is a big step. We are here to help you settle down and start banking in Australia.

Find out more

Call us

13 33 30

+61 3 8536 7870 (from overseas)

Visit a branch

Find your nearest branch

Before making a decision about any of our products or services, please read all the terms and conditions and consider whether the product or service is right for you. Fees and charges apply and may change.

Read the Visa Debit Terms and conditions, including for fees and charges that may apply, before making a decision and consider if it is right for you.

Read the Terms and Conditions, including for fees and charges that may apply, before making a decision and consider if it is right for you.

For more information on Internet and Mobile Banking, please read Internet and Mobile Banking T&C's.

Bank of Melbourne accounts interest rates.

1. Grow your account balance by at least $50 a month (for customers 21 or over) or $0.01 a month (for customers under 21), excluding interest paid, ensuring your account balance remains between $0 - $249,999.99.

Online bonus offer available for a limited time only. Excludes joint accounts. Offer may be varied or withdrawn at any time.

2. To be eligible for a Visa Debit Card, you must have an Australian residential address and be 14 years old or over.

* $40 cashback offer:

To be eligible for this offer, you must: 

1. Open a new Bank of Melbourne Complete Freedom account either online or in branch between 1st February 2025 to 30th September 2025 and have a linked Bank of Melbourne Visa Debit Card on the account. 

2. Spend a minimum of $160 on eligible transactions (detailed below) within 60 days from the account opening, at Coles or Woolworths supermarkets (excluding subsidiary brands such as Coles Express, Woolworths Metro, service station outlets, and liquor retailers). 

3. The offer will commence from the opening date of your Complete Freedom account. 

  • This offer is available only to customers who open a new Complete Freedom account, either online or in branch. Accounts opened via 3rd Party Brokers are excluded. 
  • To be considered a new customer, you must not have held a transaction account with the brand of the Complete Freedom account you are opening in the last two years. For example: 
    • If you currently hold a Bank of Melbourne (BOM) account, you can still open a St.George or BankSA account and be eligible, as long as you haven’t held an account with St.George or BankSA in the last two years.

Eligible Transactions: 

  • Payments must be contactless, and made using your Visa Debit Card via a mobile wallet only, either through Tap & Pay or online payment (in-store tapping/swiping/inserting of physical cards is not eligible). 
  • When a mobile wallet is used, the payment option must be set to Visa. 
  • The minimum total spend of $160 at Coles or Woolworths supermarkets, (excluding subsidiary brands such as Coles Express, Woolworths Metro, service station outlets, and liquor retailers), must be processed to your account within the 60 days from the account opening.  Refunds, cancelled purchases, and ineligible transactions (as listed below) are excluded. 

Ineligible Transactions: 

  • EFTPOS cash-out only transactions, purchase of gift cards in a single transaction, third party grocery delivery services (such as Uber), purchases processed through PayPal, Buy Now Pay Later providers, and purchases settled via a linked credit card or Freedom card are ineligible.   
  • Refunds or cancelled purchases are ineligible spend.   
  • Joint accounts: Each cardholder’s Visa Debit Card contributes towards the 60 day spending requirement, but only one cashback reward will be issued per joint account. At least one account holder must not have held a Bank of Melbourne transaction account in the last 2 years.
  • Account closure: The Complete Freedom account must remain open during the promotion period to be eligible for cashback. If the account is closed, you will forfeit any cashback reward that has not been credited. 

Cashback Credit: 

  • $40 total cashback is available when you meet the $160 eligible spend within 60 days of account opening. 
  • Cashback will be credited within 60 days of meeting the eligible spend requirement. 
  • This offer is not available in conjunction with any other offer and can be withdrawn at any time. 
  • Fees and charges apply. Read the Terms and Conditions (PDF 1MB) (PDF 1MB), including for fees and charges that may apply, before making a decision and consider if it is right for you.

Important Note: 
Newly opened Debit Accounts will not require approval. However, card delivery [generally] takes 7 – 10 business days to be mailed to customers.