---
title: "Freedom Business Account — Bank of Melbourne"
description: "Transaction & Savings Accounts from Bank of Melbourne. Rates, fees, features and eligibility as published under Australia's Consumer Data Right."
canonical: https://www.cdrcompare.au/brands/bank-of-melbourne/products/BOMTrBusFreedomBusinessAccount
source: "CDR Compare"
language: en-AU
last_updated: 2026-07-29T05:50:34Z
---

# Freedom Business Account — Bank of Melbourne

> Transaction & Savings Accounts from Bank of Melbourne. Rates, fees, features and eligibility as published by the provider under Australia's Consumer Data Right, compared on CDR Compare.

**Transaction & Savings Accounts**

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.

## At a glance

- **Base rate:** 0%

## Interest rates

| Type | Rate | Comparison | Applies to |
| --- | --- | --- | --- |
| Penalty (The 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 on the last business day of each month) using the then current ULR until the account balance is positive again. · Currently not applicable) | 15.01% | — | — |

## Deposit rates

| Type | Rate | Applies to | Interest paid |
| --- | --- | --- | --- |
| Variable (Currently not applicable) | 0% | 0 to 4999 | monthly |
| Variable (Currently not applicable) | 0% | 5000 to 9999 | monthly |
| Variable (Currently not applicable) | 0% | 10000 to 19999 | monthly |
| Variable (Currently not applicable) | 0% | 20000 to 49999 | monthly |
| Variable (Currently not applicable) | 0% | 50000 to 99999 | monthly |
| Variable (Currently not applicable) | 0% | 100000 to 249999 | monthly |
| Variable (Currently not applicable) | 0% | 250000 to 499999 | monthly |
| Variable (Currently not applicable) | 0% | 500000 to 999999 | monthly |
| Variable (Currently not applicable) | 0% | 1000000+ | monthly |

## Fees

| Fee | Type | Amount |
| --- | --- | --- |
| Account Keeping Fee — Charged monthly · Discount −$10.00 — Account Keeping Fee Waiver (eligibility: Introductory period: Open a new Freedom Business Account plan to have monthly account-keeping fees waived for the first 12 months. At the end of the 12-month period, the standard monthly account-keeping fee (currently $10) will apply. T&Cs apply.) | Ongoing | $10.00 |
| Internet Banking | Transaction | $0.00 |
| Phone Banking | Transaction | $0.00 |
| Business VISA Debit Card | Transaction | $0.00 |
| EFTPOS | Transaction | $0.00 |
| Foreign Currency Conversion Fee | Transaction | 3% of transaction |
| Bank@Post | Transaction | $0.00 |
| Direct Credit | Deposit | $0.00 |
| Direct Debit | Withdrawal | $0.00 |
| Staff assisted transactions | Transaction | $3.00 |
| Periodical Payment | Payment | $0.00 |
| Cheque Clearing (withdrawal) | Withdrawal | $3.00 |
| Cheque Clearing (deposit) | Deposit | $3.00 |
| Collection Item | Transaction | $3.00 |
| Agency | Transaction | $0.00 |
| Overdrawn Fee | Event | $15.00 |

## Features

- **Free transactions** — 5 (5 in-branch transactions a month : Covers over-the-counter transactions, including cheque deposits and withdrawals)
- **Unlimited transactions** (Unlimited electronic transactions : Covers online and mobile transfers and payments, and direct debits and credits.)
- **Card access** — Business Visa Debit card: Separate your business purchases from personal, with a card linked to your business account.
- **Digital banking** (Access anytime, anywhere: Manage and access your account online, on your mobile device, in branch, and via ATMs.)
- **Digital banking** (With PayTo, you can see, review and authorise all new PayTo payments for things such as recurring bills, memberships and subscriptions before the money leaves your account.)
- **Notifications** — Real-time security alerts delivered: Keep track of your account activity and help identify suspicious activity, with SMS and email alerts.
- **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**
- **Overdraft available** (Overdraft option is available )
- **Cash flow supported: Bank of Melbourne business accounts use Osko, which deposits payments into your account near instantly for immediate use.�**
- **Fraud protection** (The product includes limited range of FRAUD_PROTECTION features.)
- **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. Connect to your bank accounts, create and send invoices, and monitor payments. Track income and expenses, scan and store receipts, manage GST, and lodge BAS.**

## Eligibility

- **Minimum age** — 18 years (Applicant plus all signatories)
- **Customer must be operating using an Australian address.**
- **Business customers** (Open an account in minutes if you?re: A sole trader or 1-director company, OR Already a Bank of Melbourne business customer.)
- **Sole trader, partnership, company, association, self-managed super fund, trust, or not-for-profit organisation.**

## More information from Bank of Melbourne

- [Overview](https://www.bankofmelbourne.com.au/business/bank-accounts/freedom-business-account)
- [Terms & conditions](https://www.bankofmelbourne.com.au/content/dam/bom/downloads/business/bank-accounts/business_accounts_terms.pdf)
- [Eligibility](https://www.bankofmelbourne.com.au/business/bank-accounts/freedom-business-account)
- [Fees & pricing](https://www.bankofmelbourne.com.au/content/dam/bom/downloads/business/bank-accounts/business_accounts_terms.pdf)

## Data provenance

- Published by Bank of Melbourne under the Consumer Data Right
- Product ID: `BOMTrBusFreedomBusinessAccount`
- Last updated by the provider: 29 July 2026
- Source payload (JSON): https://www.cdrcompare.au/api/raw/bank-of-melbourne/BOMTrBusFreedomBusinessAccount
- Provider page: https://www.cdrcompare.au/brands/bank-of-melbourne
- CDR register entry: https://www.cdr.gov.au/find-a-provider?provider=000142

---

Source: [CDR Compare](https://www.cdrcompare.au/brands/bank-of-melbourne/products/BOMTrBusFreedomBusinessAccount) — product data published by Australian data holders under the Consumer Data Right. Not financial advice; no rankings, recommendations or affiliate relationships. Always confirm details with the provider.

Site map: [all providers](https://www.cdrcompare.au/) · [how this works](https://www.cdrcompare.au/about) · [agent guide](https://www.cdrcompare.au/agents.md) · [llms.txt](https://www.cdrcompare.au/llms.txt) · [sitemap.xml](https://www.cdrcompare.au/sitemap.xml)