P&N Budgeting Account

Ensure your lights stay on with an account that keeps your monthly expense needs separate from your daily spending money.

With the P&N Budgeting account, you can gain better management of your monthly finances. Use it to store money on the side earmarked to take care of your monthly expenses, keeping it separate from your everyday transaction account. This can help you stay on budget and always pay your bills on time.

Shirley Liu

Last Updated Mar 2, 2020

Account keeping fee

ATM withdrawal fee

Overseas ATM withdrawal fee

Overseas transaction fee

of transaction value

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Details

Product Name	P&N Budgeting Account
Monthly account fee	$0
Card access	Visa
ATM Withdrawal Fee	$0
International ATM Fee	$5 + 3%
International transaction fee	3%
Monthly deposit required to waive account fee	N/A
Contactless Payments	Google Pay, Apple Pay, Samsung Pay

Minimum Age	18
Joint account availability	No
Minimum opening deposit	N/A

Pros

No monthly account keeping fee
Fee-free transactions
Access to over 3,000 ATMs

Cons

Lack of branches

Shirley Liu

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Shirley Liu is Finder's global program manager. She was previously the publisher for banking and investments and has also written comparisons for energy, money transfers, Uber Eats and many other topics. Shirley has a Master of Commerce and a Bachelor of Media, Journalism and Communications from the University of New South Wales. She is passionate about helping people find the best deal for their needs.

Key features

Monthly maintenance fee

There are no account keeping or maintenance fees charged to the Budgeting Account.

Unlimited free transactions

You are able to keep your balance and pay your expenses with any of the following methods without charge; payroll and direct credits, Bank@Post deposits, internet and phone transfers, cheque and cash deposits, BPAY, cash withdrawal and electronic transfers.

Transaction fees

You are allowed up to six combined EFTPOS, member cheque or direct debit transactions a month before being charged $1.25 for each one. You will also incur a fee for withdrawals made at Bank@Post of $1.95.

Debit card access

You are permitted to link this account to any of your existing P&N cards if you have an existing P&N Transaction Account.

ATM network

When you have a P&N ATM card or Visa debit card linked to the account you can access cash at any rediATM or ATMs in the NAB or Bank of Queensland networks.

How to apply

Eligibility

If you like the idea of holding some of your funds separate for your regular payments you can apply for the Budgeting Account over the phone or in person at a P&N branch. Alternatively, you can visit P&N website and fill out an enquiry form to schedule an appointment. You will first be asked about the following to make sure that you are eligible for this account:

Minimum age. The minimum age required to open the Budgeting Account is 18 years of age.
Residency requirements. You must be an Australian resident and have an Australian residential address in order to be eligible for this account.

Depository requirements. There are no stipulations made for a minimum opening balance, nor are you required to maintain a balance in order for the account to remain active.

Documentation needed

P&N Bank also makes some recommendations on the documentation you will need before meeting for your application appointment:

Tax file number. You are not obligated to provide your tax file number (TFN) or claim an exemption but if you don't you could have withholding tax deducted from any of your interest earnings.
Identification. If you are applying for this account as a brand new member you will need you will need your Australian driver's licence or your Australian passport to verify your identity. You are also permitted to use one form of primary ID that does not contain a photo such as your birth certificate along with a second document such as a recent power bill.
Membership number. If you are already a member you will need to provide your membership number as a part of the application. Non-members can buy a share for $10 to become a member. This charge will be deducted from your account after it has been activated.

What happens after I submit my application?

After having reviewed your information, P&N bank will issue you your Budgeting Account so that you may begin making your regular deposits and monthly payments. If you already have a transaction account with P&N Bank then your debit card will also allow you to access the funds in your new Budgeting Account.

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