Bank of Melbourne first came to be in 1989 and has since undergone several significant transformations.
Westpac acquired the locally-focused bank in 1997 and, after a brief hiatus in which Bank of Melbourne appears to have been largely rebranded, it was relaunched in 2011.
The reiteration saw St. George’s Victorian footprint take on Bank of Melbourne's signature purple hue.
Bank of Melbourne offers a comprehensive range of financial products and services, including personal, business, and corporate banking. Its portfolio covers everyday banking needs such as savings and transaction accounts, home and personal loans, credit cards, insurance, and investment services.
However, it only exists in Victoria. While customers in other states can access many of the bank’s features through Westpac channels, you won’t find a Bank of Melbourne branch of ATM outside of its home state.
Bank of Melbourne has embraced technology to enhance customer experience. Its online banking platform and mobile app offer convenient, secure banking options, with features like instant payment notifications and mobile check deposits.
While not as pronounced as some in the ethical banking space, Bank of Melbourne engages in various community programs and initiatives. The Bank of Melbourne Foundation offers grants of up to $50,000 and resources for organisations improving their local areas, for instance.
As a subsidiary of Westpac, Bank of Melbourne can be seen to benefit from the financial stability and resources of a major banking group.
When it comes to interest rates offered on products such as savings accounts, home loans, and term deposits, the bank is rarely out in front of the market nor does it commonly lag its peers.
Its major draw card appears to be its local ethos, boasting a team and contact centre based in Victoria.
