Designed for both young adults and students, this everyday account from Bank of Melbourne provides access to the Bank of Melbourne Complete Freedom Student Debit Card, with no monthly fees to worry about. In choosing this account, you can access your own money wherever you are in the world, with no ATM withdrawal fees within the bank’s Global Alliance network.

What’s great?

Before you open a new account, it pays to find out more about what it has to offer. To help you decide whether the Bank of Melbourne Complete Freedom account and Visa Debit card is right for you, we’re going to look at some of its most appealing features – as well as how much it will cost you in potential fees.

No Monthly Fees

Prior to June 2020, the main thing that set this account apart from the standard Complete Freedom account was the fact that the latter charged a $5 monthly fee. However, now that Bank of Melbourne has scrapped its monthly account fees across all of its Complete Freedom accounts, both this and the standard account are pretty similar.

With that being said, you are still saving $5 each month. While this may not sound like much in the grand scheme of things, $5 is better in your pocket than in your bank’s.

No ATM Withdrawal Fees

No one wants to pay fees when they don’t have to, so it’s nice to see Bank of Melbourne also helps its Complete Freedom accountholders to save on ATM withdrawal fees. Using your Bank of Melbourne Complete Freedom Student Debit Card, you will pay no ATM withdrawal fees when accessing cash at major Australian bank ATMs, or overseas within the Global Alliance network.

Added Peace of Mind

Helping to keep your money safe and secure, Bank of Melbourne provides a fraud money back guarantee to all of its accountholders. That means, should you be a victim of fraud, you will receive a full refund of any money taken from your account, as long as you let the bank know right away.

Easy Account Management

Being able to track your account is essential, which is why it’s nice to see Bank of Melbourne offers plenty of functionality within its mobile banking app. Here are some of the features to keep an eye out for:

Card Lock: If you misplace your card, you can lock it instantly via the app, giving you up to 15 days to look for it, safe in the knowledge that no one else can use it in the meantime.

Cardless Cash: Even with your card locked, you can access your cash 24/7 using Cardless Cash through Bank of Melbourne, St.George, BankSA or Westpac ATMs. Get up to $500 per day, and $1000 per week.

Account Alerts: You can set up SMS and email alerts on a wide range of notifications, such as warning you when your balance is low or letting you know when you get paid.

Spend Tracker: By grouping your transactions into categories, you can use Spend Tracker to monitor your spending, and make changes where needed to manage your money more effectively.

Beem It Compatibility: Used in conjunction with the Beem It app, you can link your card to pay or get paid by anyone, anytime, securely, and in real time.

Sync With Apple Pay

Want to pay with your device? As long as your device is compatible, you can sync your Bank of Melbourne Complete Freedom Student Debit Card with Apple Pay to tap and pay at the checkout, with your wallet safely at home. Apple Pay also makes shopping online faster and easier, auto-filling your info and allowing you to pay with just a few clicks.

What’s worth considering?

While monthly account fees are no longer something to worry about on the Complete Freedom account, you should still be aware of any other fees that might apply. Like most banks, Bank of Melbourne charges overdrawn fees and dishonour fees, but these can be avoided with good management of your account.

If you plan on travelling overseas, know that transactions made in a foreign currency will come with a 3% foreign currency conversion fee – and if you use an ATM outside of the Global Alliance network, a $5 ATM withdrawal fee will apply. The foreign currency conversion fee is also applied to transactions made online in a foreign currency, so be aware when shopping online.

Why should you choose it?

If you are looking for an everyday account with no monthly fees, it would be hard to go past this option. With the Bank of Melbourne Complete Freedom Student Debit Card, you can save on monthly fees and ATM withdrawal fees, while enjoying easy account management and functionality through the bank’s app and Apple Pay.