Fact checked
The Bank of Melbourne started life as the RESI Statewide Building Society, operating in Victoria. It was granted a banking licence in July 1989 and was acquired by Westpac Bank in 1997. However, after being retired in 2004, Westpac re-launched the Bank of Melbourne brand in 2011 using the infrastructure and employees of St. George Bank, which Westpac also owns.
The Bank of Melbourne now has more than 87 bank branches all over Victoria. It offers a broad range of personal and business banking products including bank accounts, home loans, credit cards, personal loans, insurance, investment and superannuation products. Savvy can assist you to choose between different bank accounts by offering clear and concise comparison information to help you make the best choice for your circumstances.
* Please note that Savvy does not represent the Bank of Melbourne for their personal banking products. All product information and rates are correct as of April, 2022.
The bank offers a large range of bank accounts, including specialist bank accounts for kids and aged pensioners. It frequently offers cash incentives to new customers – for example, in April 2022, it’s offering $40 cash to anyone opening a new Complete Freedom account who deposits at least $500 within 30 days of opening the account and makes 5 eligible transactions using a linked debit card.
The Complete Freedom account is the Bank of Melbourne’s main transaction account. It offers no account-keeping fees, an attached Visa debit card and allows payments using Apple Pay and Google Pay. Those aged between 12 and 14 years of age will be issued a Freedom spending card instead of a Visa debit card.
The Bank of Melbourne online banking app includes a spending tracker which groups all your spending into categories so you can easily keep track of what you’ve spent your money on. It also offers a money-back guarantee if fraudsters take money out of your account (as long as you immediately inform the bank of the theft).
There’s also a concession transaction account on offer for holders of a Commonwealth Government Seniors Health Card, Health Care Card or Pensioner Concession Card. A Retirement Access Plus account is also available to retirees aged over 55 years, which offers 0.05% p.a. interest on balances up to $50,000, 0.10%p.a. on the portion of balances between $50,000 and $250,000 and 0.25% p.a. on the balance of funds over $250,000.
The Maxi Saver savings account offers a 0.05% p.a. standard interest rate plus a bonus interest rate of 0.20% p.a. for the first three months for new customers, with no account-keeping or transaction fees. A linked transaction account is required to open a Maxi Saver account.
The Incentive Saver account is a type of ‘locked' savings account that offers a standard interest rate of 0.15% p.a. but an additional bonus interest rate of 0.10% p.a. if you don’t make any withdrawals and deposit at least $50 a month into the account (if you’re over 21) or make any deposits (if you’re under 21) and keep your account balance over $1. These also come with no account-keeping or transaction fees.
If a Kids Maxi Saver account is opened (in person at a bank branch) for a child aged 15 years or under, the bank will adopt a penguin on your child’s behalf for a year through the Phillip Island Penguin Foundation. Your child will also receive a Four Park Pass to Phillip Island Nature Parks valid for one year.
The bank offers a wide range of term deposits ranging from one month up to five years. The minimum deposit is $1,000 but reaches all the way up to $2 million. Existing customers may be eligible for bonus interest rates if a minimum of 31 days’ notice of withdrawal of funds is given. Term deposits can be added to, withdrawn, changed or rolled over for another deposit period using the bank’s mobile app.
Applying to open an account can either be done online, on the phone or in person at a Bank of Melbourne branch or any of its affiliated bank branches (such as Westpac, BankSA and St. George Bank). Applications are open to anyone in Australia, meaning you don’t have to be a resident of Victoria to open an account. The online process takes less than 10 minutes. The minimum age to open an account in your own name is 13 years old. Under this age, you’ll need to be accompanied by your parent or guardian and have their name jointly on the account.
Before you start applying online, make sure you have the necessary identification available, which includes 100 points of ID. This must include one primary form of ID such as a passport or driver’s licence, or two secondary forms of ID, such as your birth certificate, Proof of Age card or Australian Medicare card. At least one form of ID will need to show your photograph and signature. Those aged under 18, but 14 years or older, will have to register their signature at a branch of the bank.
Multiple ATMs
Bank of Melbourne customers can use ATMs belonging to Westpac, BankSA and St. George Bank free of fees, plus Westpac’s 50,000 international ATMs available through its Global ATM Alliance.
Large range of products
The Bank of Melbourne offers a wide range of banking products, so whatever your age or banking requirements, you’ll be able to find a product to suit your needs. Savvy can help you compare bank accounts from a range of financial institutions.
Frequent special offers
From cash offers to penguin adoption, Bank of Melbourne frequently has special offers or bonuses to tempt new customers or reward existing customers – including a credit card reward program in the My Offers Hub.
Savings account interest disappoints
The interest rate offered on savings accounts doesn’t rank up there with the highest rates on offer, so it may be worth comparing other accounts with Savvy if you’re after competitive interest rates for your savings.
Victorian-centred
If you live in Melbourne, your child may be delighted to receive a free Phillip Island Natural Park Pass, but such state localised benefits may not tempt prospective customers from other Australian states.
High fees for overseas ATM usage
A $5 fee applies for each cash withdrawal overseas if the ATM used is not part of Westpac’s Global ATM Alliance, which could be costly if you’re overseas and don’t have time to check which foreign banks are in the Alliance.
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© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
