Formerly St.George in Victoria, The Bank of Melbourne provides a banking alternative to customers with its large range of products in home, personal and business banking. Based in Victoria the Bank of Melbourne offers its customers bank accounts, credit cards, term deposits, private banking services, home loans and personal loans. Bank of Melbourne also scored a 2023 Mozo Experts Choice Award for their Excellent Banking App.
I have no issues with this bank and the main positive is that you can have up to 99 offset accounts linked to your home loan
I have been with this bank for quite a number of years and their Customer Service no matter what branch you attend is superior, always welcoming and helpful.
Bank of Melbourne has 4.10% for 12 months which is good, as at Jan 2023. however they are paying my interest into a non interest account so every month I have to shift it , which is a pain. Also the account I have selected works on a variable return so it has to be watched constantly. I also see they are not adjusting investment returns along with the RBA advice and their own lending rates , thus the profit return is climbing. Good for share holders I suppose Furthermore I get varying advice from branch to branch which can be different again from on line My advice to anyone looking to term deposits , trust no one read everything and check and re check constantly , unfortunately yes ' they are all the same ' with fast talking staff who often do not fully brief you. Its what they don't say that counts
Bank of melbourne had the most competitive mortgage during 2021...and that's saying something given everyone was buying houses then. Their app is no where near commonwealth's but their customer service is incredible, I have never left feeling like my time was wasted.
They seem to be like most banks. Online system is easy to use, but local branch recently closed which was convenient to have near by.
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