Bank of Melbourne SENSE

Moneybuddy says

Bank of Melbourne's SENSE is an award winning product that links two accounts - a savings account and a transaction account. You get the convenience of a VISA Debit card as well as easy-to-read, colour chart statements to show you how you're spending, to help you save. Deposit at least $2,000 per month to avoid any monthly account fees (usually $5 per month) and earn a good interest rate on SENSE savings.

The Basics

Interest paid Monthly

Interest calculated Daily

Headline interest rate p.a. 1.25%

Monthly fee $0

Account type Transaction

The cool stuff: features

ATM access Yes

EFTPOS access Yes

Branch access Yes

Internet Banking Yes

Age restrictions Yes

Cheque book facility No

Debit card Yes


GiroPost No

Phone access No

The Facts & Figures

Balance less than $1k (p.a.) -

Balance less than $5k (p.a.) -

Balance less than $25k (p.a.) -

Balance greater than $100k (p.a.) -

Min. balance -

Min. opening deposit -

Number of free elect transactions per month -

The ugly stuff: fees

Other bank ATM fee -

EFTPOS transaction fee -

Branch assistance fee -

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Warning: These comparison rates are true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

Bank of Melbourne says

SENSE helps you budget and save. Bank of Melbourne's SENSE is an innovative new way to budget and save that makes mastering your money easier than ever. Its two accounts working together: a SENSE Everyday transaction account for everyday banking and a SENSE Savings account to help you save.Features:Easy-to-read, colour chart statements to help you see how you're spending and where you can save a bit extra. Take the hassle out of saving with automatic transfers. Reach your savings goals sooner through ‘top-ups’ and interest earnings. Convenience of VISA Debit Card^ acceptance worldwide and online.No monthly account service fee (usually $5 per month) when you simply deposit at least $2000 a month (your salary, for example~) into your SENSE Everyday account. No minimum monthly balance required.

Key features

  • 2 linked accounts – SENSE Everyday transaction account and SENSE Savings
  • Earn 1.25% p.a. on SENSE Savings
  • Avoid the $5 monthly fee when you deposit at least $2,000 each month
  • One easy statement to set savings goals and track spending history
  • Shop securely with a Visa Debit card
  • 24/7 access at over 2800 St.George / BankSA / Bank of Melbourne / Westpac ATMs and via Internet, Mobile and Phone Banking


  • Earn 1.25% p.a interest on your SENSE savings
  • No monthly fee with $2,000 deposit
  • Save faster with rounding! Purchases using Visa Debit Card, FreedomCard and BPAY are rounded up to the next dollar, with the ‘rounding amount’ automatically transferred into SENSE Savings.
  • Track savings and spending


  • Must be older than 18 to get the VISA debit card

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