Bank of Melbourne
Freedom Business Account
The Bank of Melbourne Freedom Business Account is a transaction account for business customers to deposit or withdraw funds by various channels. The account has a monthly plan fee and is designed for those who mainly bank electronically.
Savings & transaction accountsBank updated 29 July 2026
At a glance
- Base rate
- 0.00%
- Monthly fee
- $10
§ 01 — Rates · 10
| Type | Applies to | Term | Band | Rate | Comparison | Conditions |
|---|---|---|---|---|---|---|
| PenaltyThe Unarranged Lending Rate (ULR) is a debit interest rate charged to a transaction account if it becomes overdrawn without arrangement. It will be calculated daily on the debit balance (and deducted… | — | — | — | 15.01% | — | Currently not applicable |
| Variable | — | — | up to $4,999 | 0.00% | — | paid every 1 mo; Currently not applicable |
| Variable | — | — | $10,000–$19,999 | 0.00% | — | paid every 1 mo; Currently not applicable |
| Variable | — | — | $100,000–$249,999 | 0.00% | — | paid every 1 mo; Currently not applicable |
| Variable | — | — | $1,000,000+ | 0.00% | — | paid every 1 mo; Currently not applicable |
| Variable | — | — | $20,000–$49,999 | 0.00% | — | paid every 1 mo; Currently not applicable |
| Variable | — | — | $250,000–$499,999 | 0.00% | — | paid every 1 mo; Currently not applicable |
| Variable | — | — | $5,000–$9,999 | 0.00% | — | paid every 1 mo; Currently not applicable |
| Variable | — | — | $50,000–$99,999 | 0.00% | — | paid every 1 mo; Currently not applicable |
| Variable | — | — | $500,000–$999,999 | 0.00% | — | paid every 1 mo; Currently not applicable |
§ 02 — Fees · 16
| Fee | Type | Amount | When | Notes |
|---|---|---|---|---|
| Cheque Clearing (deposit) | Deposit | $3 | — | — |
| Direct Credit | Deposit | No fee | — | — |
| Overdrawn Fee | Event | $15 | — | — |
| Periodical Payment | Payment | No fee | — | — |
| Account Keeping Fee | Periodic | $10 | Every 1 mo | Account Keeping Fee Waiver |
| Agency | Transaction | No fee | — | — |
| Bank@Post | Transaction | No fee | — | — |
| Business VISA Debit Card | Transaction | No fee | — | — |
| Collection Item | Transaction | $3 | — | — |
| EFTPOS | Transaction | No fee | — | — |
| Foreign Currency Conversion Fee | Transaction | 3.00% of transaction | — | — |
| Internet Banking | Transaction | No fee | — | — |
| Phone Banking | Transaction | No fee | — | — |
| Staff assisted transactions | Transaction | $3 | — | — |
| Cheque Clearing (withdrawal) | Withdrawal | $3 | — | — |
| Direct Debit | Withdrawal | No fee | — | — |
§ 03 — Features
Digital bankingFraud protectionUnlimited transactionsOverdraft
- · Make non-cash payments via services such as BPAY, Pay Anyone, OSKO, Overseas Telegraphic Transfer (OTT), Direct Debit and optional cheque book.
- · Statements: Monthly statements are available
- · Cheque book, Periodical payments and direct debits, Agency banking features are available
- · Cash flow supported: Bank of Melbourne business accounts use Osko, which deposits payments into your account near instantly for immediate use.�
- · Fast, secure payments enabled: Set up PayID to receive payments using your ABN as a unique identifier, which deters scammers.
- · Online security guaranteed: We?ll repay any missing funds if your account is compromised by Internet fraud, as long as you?ve complied with our T&Cs.
- · Bonus MYOB for a year - Pay for 1 month of MYOB Business and get a bonus 12 months, when you subscribe with your business transaction account, eligible debit or credit card to take up the offer. Conn…
§ 04 — Eligibility & limits
- · Minimum age 18
- · Available to businesses
- · Customer must be operating using an Australian address.
- · Sole trader, partnership, company, association, self-managed super fund, trust, or not-for-profit organisation.
§ 05 — Compare
§ 06 — Run the numbers
Put this product through a calculator
Published by Bank of Melbourne under the Consumer Data Right, last changed by them on 29 July 2026. Figures are shown as the institution publishes them and can change without notice; confirm on their site before applying. The Finance Algorithm earns nothing from any product listed here.