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Sub account

Posted by Dragonbw65 Dragonbw65
Message 1 of 3 898 Views

Bankwest

 

Do the 9 sub accounts each come with a separate card?. I am hoping not, as I just want to be able to use each as 9 separate storage facilities. We want to squirrel away money in each of them for bills, holidays, etc.

I understand that at least one account card is needed.

 

When the time comes to pay these things can we easily transfer the funds from these sub accounts to our current account to pay the bills? The account we currently have is linked to all insurances, bills etc, so I don't want to have to change my current account. Therefore I would imagine that we would end up with our current account/card as well as an additional card for the new account. Or am I wrong and we end up with 11 cards?

 

Kind regards

A.

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Re: Sub account

Posted by DanaeC DanaeC
Message 2 of 3 880 Views

Hi @Dragonbw65, thanks for your question.

 

It sounds like you're referring to the 9 Offset Transaction accounts you can have linked to a home loan. Whilst these are individual accounts, with individual BSB and Account Numbers - you don't need to order a card for any of these if you don't want to. If all of the accounts are listed within your Online Banking, you can process an Internal Transfer between accounts, for instant access to the funds.

 

If this is not what you're after, please let me know and confirm which account type(s) you're referring to and I can clarify Smiley Happy

 

Thanks!

 

 

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Re: Sub account

Posted by Dragonbw65 Dragonbw65
Message 3 of 3 876 Views

Thanks DanaeC

 

I did not realise they were offset accounts, but I think you have answered my questions.

 

Thanks for your help.

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