Bank of Melbourne SENSE Savings Account

Key features: The Bank of Melbourne Sense account works as an everyday transaction account, which you can access 24/7 from over 2950 ATM's in the Bank of Melbourne, Westpac, St George and BANKSA networks. Banking is also available over the counter, phone and online. And by depositing at least $2000 a month into your SENSE everyday account you can wipe out the $5 monthly account fee. The transaction account doesn’t pay any interest, so keep your cash stash in the linked Sense savings account and move across as needed.

The SENSE Everyday transaction account also comes with a free visa debit card which you can use anywhere where Visa card is accepted. Although there's free withdrawals in Australia (within the Bank of Melbourne network), if you're heading overseas ATM cash withdrawals will cost you a hefty $5 per transaction and plus a 3% foreign currency conversion fee.

But what makes the Bank of Melbourne SENSE stand out from other bank accounts is the unique rounding up feature. Every time you make a purchase on your SENSE everyday transaction account, via Visa Debit Card, Freedom Card or BPay, purchases will be rounded up to the next dollar and automatically transferred into your linked SENSE savings account.

So for example, say you purchase a sandwich and a coffee for $12.50 on EFTPOS. Your SENSE transaction account will be debited $13 dollars for the transaction - $12.50 goes to the cafe and 50 cents goes directly into your SENSE savings account. It's an easy way to start saving without really thinking about it, especially when you're earning 4.6% interest on your daily balance.