SENSE savings offers a unique way to save by automatically linking your savings account to your transaction account. Each purchase you make is rounded up to the dollar, and the spare cents are sent to your SENSE savings account. One statement shows activity for both accounts, making it easy to see how quickly your savings is adding up.
You'll get two linked accounts that work together to help you track your money.
What are the features of the Bank of Melbourne SENSE Savings Account?
Before choosing to save with SENSE, compare the features of this savings account with those that are offered by other Australian banks.
Flat interest rate of 1.25%
With a SENSE Savings Account your money grows with the help of a competitive interest rate. This interest rate is applied to your account balance no matter what - so there are no withdrawal or deposit requirements you need to meet.
How is my interest calculated?
Your balance will earn interest that is calculated daily and deposited the following month. The interest rate is a variable one, this means it moves alongside the RBA cash rate.
Rounding purchases feature
When you make purchases using the SENSE Everyday accounts Visa debit card, FreedomCard or BPAY, the total is rounded to the next dollar, with the spare cents transferred into your SENSE Savings account.
$0 Account keeping fee is you at least $2,000 deposit for the month
There is no monthly service fee for the SENSE Savings Account and the $5 monthly service fee for the SENSE Everyday account is waived if you deposit at least $2,000 into account for the month.
Receiving your statements
Your SENSE Savings statement is issued side by side with your everyday accounts, allowing you to see exactly how you are spending and saving your money at the same time using a series of colour coded graphs.
Online banking available
Moving money in and out of your SENSE Savings account is easy and free with the Bank of Melbourne’s online banking feature.
Bank of Melbourne app
To make banking even more convenient you can register for online banking with the Bank of Melbourne and then download their app onto your mobile device. Working with both an iPhone and Android, the app gives you total management of your SENSE account, even when on the go. Customise your app to send you email alerts or SMS when certain goals are reached, and change the display to show you only the information important to you when you login into your account.
- Nominate a rounding amount on transactions to grow savings
- If you deposit $2,000+ there is no account keeping fee
- Flat interest rate; so you don't need to worry about making withdrawals
- Must meet minimum deposit amount to get fee-free banking
- Fee to receive monthly statement
How do you apply for the Bank of Melbourne SENSE Savings Account?
You don’t need to already be a Bank of Melbourne customer to apply online.
Eligibility to apply online
Before clicking ‘Go to Site’ to start the application check to make sure that you are eligible:
- Minimum age. Applicants must be at least 18 years of age.
- Residency requirements. The Bank of Melbourne can only open accounts for permanent residents of Australia who have a verifiable Australian address.
- Depository requirements. There are no minimum opening balance requirements for the SENSE Savings account but you will need to deposit at least $1.00 when opening the SENSE Everyday account.
Documentation to apply online
Once you have verified that you are eligible for the SENSE Savings account it should take approximately ten minutes to finish filling out the online application. Having the following information readily available will help you in filling out the application quickly:
- Tax file number. By providing your tax file number (TFN) you can avoid paying a withholding tax.
- Identification. Information from your driver’s licence or passport should be sufficient in helping to prove your identity if you are already a Bank of Melbourne customer. If you are new to the Bank of Melbourne you will need to visit a branch to verify your identity in person and register your signature before your application can be completely processed.
What happens after I submit the application?
Once your application has been submitted to the Bank of Melbourne you will receive a confirmation email providing you with an application number and any next steps you need to take. Once complete you will receive a Bank of Melbourne welcome pack in the mail with relevant information about your account.