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.
What are the features of the Border Bank Budget Manager account?
The Budget Manager is a specialised account that helps you keep your money separate to suit your various needs. Compare its features with other accounts to help you find one that makes budgeting your money easy, for the least cost to you:
- Monthly account keeping fees. No monthly or annual account keeping fees apply with this account.
- Transaction fees. 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.
- Interest rate. With this account your balance is also earning interest income at a modest rate.
- Interest payments. 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.
- Membership. 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.
- You can have a fixed amount from your pay deposited into this account as frequently as you like
- No monthly account keeping fees
- Earn modest interest on balance
- Only available for paying bills
- Need to be an Australian resident
How do I apply for the Border Bank Budget Manager account?
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.
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.