Compare Bank Accounts

Provider Account Name Maximum Rate Standard Rate Bonus Rate Account Fees Minimum Balance  
Bank of Melbourne SENSE
Maximum Rate
Standard Rate
Bonus Rate
Account Fees
waived if you deposit a minimum of $2,000 by the last business day every month
Minimum Balance
We Say...

SENSE is an everyday transaction and savings account, working together to help you get ahead. Two accounts, one statement.

Why Choose This Account?
  • Combined transaction and savings account.
  • Earn interest on your everyday bank account.
Additional Information
  • A more standard savings accounts offers a higher rate of interest.
  • Foreign currency transaction surcharge.

Key Features

Two accounts, one statement

An everyday transaction and savings account, working together to help you get ahead. We wanted to make it easier for the savers among you to keep track of exactly what you’re saving and spending. So we thought it made sense to bring two accounts together on the one customised monthly statement

  • Earn 2.20% p.a. on SENSE Savings – Earn a competitive rate of interest on SENSE Savings, and pay no account service fees when you deposit at least $2,000 a month into your SENSE Everyday account1.
  • Save faster with rounding purchases using Visa Debit Card5, FreedomCard and BPAY are rounded up to the next dollar, with the ’rounding amount’ automatically transferred into SENSE Savings2.

Our Review

The great thing about the Bank of Melbourne SENSE account is it is really two accounts rolled into one and as its name suggests, this means you can make sense of your personal finances because your savings and transaction accounts are linked. This means if you manage to save some extra money, it is easy to tuck away in your savings account and if for whatever reason you need to draw down on savings that can be done in flash.

This account is suitable for working professionals who want to simplify and consolidate their finances. There are two interlinked account, with the transaction account enabling you to receive cash such as monthly salary from which you can withdraw using an ATM. It is also a savings account that allows you to continue building a nest egg.

The savings account pays a respectable interest rate though there are higher interest savings account on the market. However that is more than made up for by the fact that the account statement is clear and consolidated, and you can quickly see where you are spending your money and how you are saving money all on the same page.

Some people claim that it is easier to save money when people link their transaction account to their savings account because it encourages people to tuck a little extra away.

The account obviously comes with a Visa Debit Card and this means you can shop online or over the phone and withdraw cash from a network of 2,800 ATM’s.

There is also a monthly fee which is waived if you make a minimum monthly deposit such as your salary for example.

There is a foreign currency conversion charge when you use your ATM internationally and if you use an overseas ATM withdrawal charge. This means if you intend to travel you should plan in advance for your foreign currency requirements.

The SENSE account is perfect for people looking to consolidate their banking. If you want to be able to compare spending and savings over several months SENSE will do this for you. Because the monthly fee is waived when there is a minimum deposit every month, this account is ideally suited towards the working professional.

All in all this is a great way to make sense of your monthly finances.

Bank of Melbourne SENSE Rates & Info
Account Name
Bank of Melbourne SENSE
Bank Of Melbourne
Maximum Rate
2.20% p.a.
Standard Rate
2.20% p.a.
Minimum Balance
Bank of Melbourne SENSE Fees & Charges
Account Fee
$5 waived if you deposit a minimum of $2,000 by the last business day every month
Terms & Conditions

1.A flat monthly service fee of $5 will apply to your SENSE Everyday account if you do not deposit at least $2000 before the last business day of the month. There is no monthly fee for your SENSE Savings account.
2.‘Purchases’ refers to those made in Australian dollars to a merchant in Australia. We also round withdrawals using your Visa Debit Card when you press the credit button at an ATM, withdraw from an Electronic Agency and through Bank@Post, and purchase overseas using your Maestro/Cirrus ATM card.
3.Subject to systems availability.
4.The breakdown of transactions is a guide only. It is not intended to be a substitute for your own budget or financial plan.
5.To be eligible for a Visa Debit Card, you must have an Australian residential address and be over 18 years of age.

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