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Sub accounts for savings or transactions

Posted by bianca bianca
Message 1 of 9 5,485 Views

Hi,

 

I have heard Suncorp allows people to have up to 9 'sub accounts' on their account which makes it easy to split your money up to save for a range of different expenses.

Does Bankwest have anything similar, or plan to in the future?
The alternative seems to be to open a number of savings accounts that don't have fees, and split the money that way, which seems a little inconvenient.

 

Thanks.

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Re: Sub accounts for savings or transactions

Posted by cgm cgm
Message 2 of 9 5,479 Views

I really want to see this happen too @bianca.  It would be so handy!

 

Please see an earlier post, Creating sub-categories under an online savings account for action Bankwest is taking on this matter.

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Re: Sub accounts for savings or transactions

Posted by SarahF SarahF
Message 3 of 9 5,473 Views

Hi @bianca, I agree this would be great! It is something I've heard discussions about in the past and I'm sure our savings product team are aware that this is something our customers would love. However currently the way I personally do this is by opening multiple savings accounts as you mentioned and then using nicknames via online banking to specify what that account is for.

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Re: Sub accounts for savings or transactions

Posted by bianca bianca
Message 4 of 9 5,469 Views

Thanks Sarah, I think I will do that Smiley Happy

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Re: Sub accounts for savings or transactions

Posted by thewinchester thewinchester
Message 5 of 9 5,464 Views

I couldn't agree more with this thread. This is *absolutely* something BWA needs to introduce.

 

Suncorp have the best example of this that I know of, being their Everyday Options Account, which allows up to 9 sub-accounts.


SarahF wrote:

Hi @bianca, I agree this would be great! It is something I've heard discussions about in the past and I'm sure our savings product team are aware that this is something our customers would love. However currently the way I personally do this is by opening multiple savings accounts as you mentioned and then using nicknames via online banking to specify what that account is for.


Sarah: That's a nice idea, in principal. The big problem is the product limitations BWA has on accounts. There are a large number of everyday transaction account products where you can only have 1 account of that type (Qantas Transaction Account, Hero, Rewards Transaction, Easy Transaction).

 

And for the only everyday account you can hold multiple accounts of (Lite Direct), there's a $3.99 monthly account keeping fee.

 

There's good reasons why people choose to have sub-accounts, especially for monthly expenditure. It's a good budgeting tactic, as it protects the funds you need for rent, bills, groceries, etc from being accidently spent. It also means that you can easily keep funds sequestered for those bills which don't happen every month (i.e. water, gas, electricity, annual subscriptions, etc).

With my current account portfolid for transactions and savings, I have five accounts. Mercifully three of those are fee free due to the deposit levels I make, but the product limits mean I have to keep two accounts which level account keeping fees.

There's room for improvement here Sarah, so let's see if we can't get the product team to make some headway in 2016. Yes, some of this may need some improvements to BOB (which is a thorn in the side of most tech-savvy customers), but this could just be another reason why BWA needs to invest in BOB - being it can offer more dynamic banking products which suit the needs of their customers.

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Re: Sub accounts for savings or transactions

Posted by cgm cgm
Message 6 of 9 5,461 Views

Some great points you highlight here @thewinchester

 

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Re: Sub accounts for savings or transactions

Posted by SarahF SarahF
Message 7 of 9 5,458 Views

Agree @thewinchester and our team are looking into these options. The suggestion I gave above was more in regards to opening savings accounts as most of these do not have account limitations like our transaction accounts. I certainly appreciate your feedback as I'll be passing this onto our savings and product team.

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Re: Sub accounts for savings or transactions

Posted by MartheB MartheB
Message 8 of 9 4,379 Views

Hi SarahF, just wondering if I can open extra savings accounts that will still count as home loan offset accounts without incurring additional offset account fees? If not then the option of opening extra savings accounts is useless to me.

 

cue frustrated rant...

Although in many ways I've found Bank West to offer very good service I must admit the inability to just create sub accounts myself in online banking the way I used to do when I was using ING Direct or Ubank has been frustrating for me since I got a Bankwest home loan and started banking with you guys. I got very used to being able to organise my finances via sub accounts and was able to do that since 2003 with the online only banks. If you don't want to support virtual or sub accounts directly another possibility is to allow 3rd party apps to interface with the account so that virtual accounts can be managed in another program effectively outsourcing this option. When I researched this a couple years ago (after discovering Bank West wouldn't let me set up virtual accounts) it turned out that many USA banks provide this kind of interface and many apps exist that make use of it. What you offer instead are work arounds that are expensive or only work for some people despite the fact that this is a solved problem for so many financial institutions. I know this may not be a high priority for Bank West because it's really just a feature of convenience but it is a very useful convenience and one that I miss.

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