This bank account takes bill automation to the next level
Nominate bills and set up auto payments.
South Australia's Credit Union SA has launched an innovative deposit account intended to help customers pay bills on time.
The Easy Budget Account aims to minimise the stress of budgeting, automatically spreading bill payments evenly across the year.
Through manageable deposits, account holders can reduce the chance of incurring late notices and overdue payment reminders, while potentially benefiting from discounts for paying on time.
Here's how it works:
- After opening the account, customers nominate recurring bills they would like paid, initiating a 12 month regular deposit agreement for the payment of those bills.
- Manageable deposits are made weekly, fortnightly or monthly to cover the dues.
- Bills are paid when they are due, regardless of customer bank balances.
- If a customer's account is temporarily overdrawn, no interest will be charged.
Credit Union SA CEO Grant Strawbridge says the new account is exclusively available to South Australians.
“It provides members with a much clearer picture of their outgoing expenses so they can more confidently set and achieve realistic savings goals," he says.
For a limited time Credit Union SA customers can open a 12 month fee-free account.
Aussie banks and lenders score billions in penalties and late fees. One way to avoid this happening on your credit card is to set up automatic payments using AutoPay. This feature is very similar to direct debit and can help to improve your credit rating.