Border Bank Budget Manager
Border Bank makes it easy to meet your monthly obligations with a special account just for bill paying.
Rather than having to worry that your everyday spending is going to leave you short for your bills, the Budget Manager keeps those funds separate, ensuring that all of your periodic debits are being taken care of. You can have a fixed amount deposited from your salary every month, or set up transfers from another Border Bank account.
Monthly account keeping fees
No monthly or annual account keeping fees apply with this account.
Certain transaction fees may apply for the payment services you choose. Any that are in excess of your monthly fee allowance will be debited to your account on the last day of the month.
Available transaction methods
Your money is at call and you can access your account and take care of paying your bills with internet banking, Redidial, direct debit, periodical payments, electronic transfers, direct credits and BPAY
With this account your balance is also earning interest income at a modest rate.
Interest is calculated daily and will be paid into the account twice a year, once on the 30 June and the second time on 31 December.
Minimum ongoing balance
You are not required to maintain a minimum balance with the Budget Manager.
Border Bank is a customer owned financial institution backed by Police Bank. In order to open any financial product with them, you must first apply for membership which is exclusive to individuals who are employed by the Australian Customs and Border Protection Agency or their family members and friends.
How to apply
If you are an existing member of Border Bank you can apply for the Budget Manager through online banking. If not, you will first need to complete an application form which can also be found online by visiting Border Bank website. This will allow you to also fill out the information needed to open your account, but first make sure that you are eligible:
- Minimum age. Applications are only accepted from individuals who are aged 18 or older.
- Residency requirements. In order to be considered you must be an Australian resident with an Australian residential address.
- Depository requirements. You are not required to make a minimum opening deposit for the Budget Manager.
Having the following documentation close by as you fill in the application form will ensure that all of the information provided is accurate:
- Tax file number. A tax file number (TFN) or exemption code is used by the mutual bank to ensure that the withholding tax rate applied to any interest earnings is correct. It is not mandatory that you provide this, but if not the bank will apply tax at the highest marginal rate.
- Identification. Border Bank is required by Australian law to first verify your identity before they can issue an account in your name. This can be done electronically by using information found on your driver's licence, passport or Medicare card.
What happens after I submit my application?
With your new membership established your Budget Manager account can be activated, allowing you to keep your spending money separate from what you need for your living expenses.