Bank of Melbourne Launch – A New Australian Bank With A Local Conscience

Information verified correct on October 23rd, 2016

Melbourne has a fierce new competitor in the realm of financial institutions. Bank of Melbourne is gearing up for a phenomenal launch. Focused on providing Victorians with outstanding customer service that doesn’t stop with recommendations for a great bite to eat or where to go for the best coffee fix in town.

Bank of Melbourne Vertigo Visa Credit Card

Bank of Melbourne Credit Card Offer

Bank of Melbourne have launched this leading low rate and balance transfer offer into the market. The card also features a low annual fee and up to 55 days interest free on purchases.

  • $55 p.a. annual fee
  • 1% p.a. for 12 months (reverts to 13.24% p.a.) on purchases
  • 0% p.a. for 18 months on balance transfers
  • Cash Advance Rate of 21.49% p.a.
  • Up to 55 days interest free

What is different about the new Melbourne-based bank?

Nothing out of the ordinary when you go by their website. The bank offers a range of standard financial tools and services. Customers will be able to enjoy a range of banking services as outlined in the bullets below…

Personal banking services:

Business banking services:

  • Transaction accounts
  • Savings accounts
  • Payment solutions
  • Business toolbox
  • Super & insurance

Corporate banking services:

  • Business solutions
  • Transactional banking
  • Foreign exchange
  • Financial markets
  • Industry specialists

A bank that promises to listen to its customers

On their about page the Bank of Melbourne claim to be dedicated to their consumers’ needs. Their aim is to turn the bank into a “conversation.” I like the idea of walking into my local branch and having a friendly chat with the branch staff. I’m lucky enough to be able to do this because where I live the world is still considered rural enough.

Back to the future

Melbourne is a big city in anyone’s standard. Creating a friendly and welcoming place where locals can do their banking in confidence is certainly a challenge – especially when banks are moving away from providing one-on-one customer service as is the case with many online-based banks these days.

Where can you bank with Bank of Melbourne?

Bank of Melbourne has several branches in and around the city of Melbourne:

  • Fitzroy
  • Richmond
  • Forrest Hill
  • Point Cook
  • Melbourne Central

There are many more branches, so check their website to find the closest to you.

A local bank for locals

Dedicated to employing locals, the Bank of Melbourne concept has been born out of a genuine concern for the local community. Locally-made decisions at executive levels will ensure that the needs of its local customer base are taken care of in the right manner.

The same applies to the call centre. Staffed and manned locally they encourage you to chat about the latest Rugby results or your favourite hangout in the city (OK, I admit I’m getting carried away here, but I do like the idea of small talk while I’m speaking with my bank on the phone.

An innovative concept

CEO Scott Tanner made a great statement when he mentioned that the bank’s customers will be rewarded for banking with Bank of Melbourne. This means that the more financial services and products you utilise with the bank, the cheaper your home loan interest rate (the standard variable interest rate) could become – this is called the Advantage package.

This is something close to my heart because our bank doesn’t do this at all, despite the fact that we bank with them for private, mortgage, business and investment reasons. You’d think that customer loyalty is rewarded by a giant that makes billions of profits each year. Sadly it isn’t.

The whole shebang

Bank of Melbourne offers its customers the whole shebang of banking tools. You can choose from:

  • Branch banking
  • Phone banking
  • Internet banking
  • Mobile banking

*SMS alerts are charged at $0.25 per SMS

Type of Alerts you can choose:

Alert typeUseful for
Balance AlertsManage your everyday banking. Get the available balance on your nominated account at the beginning of the day.
Withdrawal or Authorisation AlertsChoose the withdrawal alert to enjoy peace of mind knowing your direct debits or loan repayments have been made. Choose the authorisation alert to keep a step ahead of fraudsters. Be notified of each new credit or debit card authorisation.
Deposit alertsKeep track of your salary payment or other direct credits.
High Balance alertsDon’t max out your credit card. Be informed when your balance reaches a pre-determined limit.
Low balance alertsAvoid overdrawing your account. Receive alerts when your balance reaches a pre-determined limit.

You can monitor your account activity 24/7 with Bank of Melbourne. Whether you’re at home, at work or travelling to some exotic locations. As long as you have internet or phone reception and your mobile has international roaming you will be able to manage your account on the go.

Share Trading with Bank of Melbourne and directshares

If you’re investing in securities you can also take advantage of Bank of Melbourne’s online share trading service ‘directshares’.

A range of credit cards to manage your finances

The Bank of Melbourne offers a number of credit cards that can help you simplify business and the handling of purchases at home and on the go – provided you treat your card responsibly. As a savvy consumer you already know this, right?

Below is an overview of some of these cards and why they could be a match for you.

Business Vantage Visa

Business is more fun with the Business Vantage Visa Credit Card. The card offers the standard 55 days interest free shopping provided your statement is paid in full each month and a very reasonable yearly fee of $55.

In addition you get to enjoy a range of security and card management features. If you want to learn more about this card click here now.

Credit card expense management has just become easier

If you apply for or already own the Corporate MasterCard you will like the fact that you can manage your expenses and your account online with the bank’s easy-to-use connections online suite.

A balance transfer card with heart

In a time when most Australians are worried about global financial issues and other increasing expenses it’s always nice to see a tool like the new Bank of Melbourne Vertigo Visa.

Learn more here about the Bank of Melbourne Vertigo Visa.

Business ToolBox?

The Bank of Melbourne Business ToolBox gives you the edge. Groovy products like the Business Benchmarker and the Business Mentor Program tap deep into the operations of doing business. You get access to a range of online tools that intend to simplify the way you do business.

There is also a way to network with like-minded people via a two day intensive workshop.

Who’s behind Bank of Melbourne?

The Bank of Melbourne is a division of Westpac

The best way forward for you is to go and visit one of their branches in and around Melbourne, or better yet, bet there at the launch party on Monday.

Was this content helpful to you? No  Yes

Related Posts

Ask a Question

You are about to post a question on

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Disclaimer: At we provide factual information and general advice. Before you make any decision about a product read the Product Disclosure Statement and consider your own circumstances to decide whether it is appropriate for you.
Rates and fees mentioned in comments are correct at the time of publication.
By submitting this question you agree to the privacy policy, receive follow up emails related to and to create a user account where further replies to your questions will be sent.

One Response to Bank of Melbourne Launch – A New Australian Bank With A Local Conscience

  1. Default Gravatar
    Yuri | January 5, 2012

    I find the credit cart authorisation alert feature extremely useful and used to have it with St George Bank for more than two years until in October 2011 it suddenly stopped working for my credit card account and unfortunately St George (now Bank of Melbourne) doesn’t seem to be able to rectify the issue.

    Can you please advise if there are any other Australian bank institutions (apart from Bank of Melbourne and their affiliates) who offer the similar feature?

Credit Cards Comparison

Rates last updated October 23rd, 2016
Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
Enjoy a 0% p.a. balance transfer offer for 18 months and also earn 2 bonus Velocity Points in the first 3 months on everyday spend.
20.74% p.a. 0% p.a. for 18 months $64 p.a. annual fee for the first year ($129 p.a. thereafter) Go to site More info
ME Bank frank Credit Card
Enjoy a low and consistent interest rate on purchases and cash advances, combined with no annual fee.
11.99% p.a. $0 p.a. Go to site More info
HSBC Platinum Credit Card
Receive a full annual fee refund and save $149 if you meet the $6,000 spend requirement. Enjoy a balance transfer offer and platinum card benefits such as complimentary insurances and concierge services.
19.99% p.a. 0% p.a. for 15 months $149 p.a. Go to site More info
NAB Low Rate Credit Card
The NAB Low Rate Card offers 0% p.a. on purchases and balance transfers for 15 months. This card also comes with a low annual fee.
0% p.a. for 15 months (reverts to 13.99% p.a.) 0% p.a. for 15 months with a one off 3% balance transfer fee $59 p.a. Go to site More info

* The credit card offers compared on this page are chosen from a range of credit cards has access to track details from and is not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms 'Best' and 'Top' are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your own personal financial circumstances when comparing cards.

Ask a question