Banks with multiple offset accounts

Noslien90 on 01/08/2020 - 22:19
Last edited 02/08/2020 - 20:22

I’m aware Commonwealth bank offers a mortgage package where you can have multiple offset accounts, with no limit (that I’m aware of, I’m sitting at 10+ offset accounts) and it doesn’t cost anything extra.

Is anyone aware of any other banks that offer a similar product? I tried ANZ but they couldn’t offer me a similar package.

For some content - When our income comes in, automatic transfers are set up to put money aside for bills, car payments, savings etc, and the leftover is allocated to be spent within the pay period. All into offset accounts.

Edit - thanks for all the suggestions!

Financial

Comments

  • PissLUR on 01/08/2020 - 22:28
    +4

    Bankwest

    • 87percent on 02/08/2020 - 12:30

      Yep, I’m with BankWest. Have the main offset, and one each for the kids. Dump birthday money into their “account”

      • Noslien90 on 02/08/2020 - 20:17

        Thank you, will follow up!

  • WreckTangle on 01/08/2020 - 22:32

    Not Westpac either

  • unco on 01/08/2020 - 22:36
    +1

    Macquarie Bank has multiple offsets feature. Been using it for the last year, love their web and mobile app experience.

  • manja on 01/08/2020 - 22:39
    +1

    bankwest allows multiple offset accounts

  • haydoz on 01/08/2020 - 23:16
    +1

    St George

  • miwahni on 01/08/2020 - 23:17
    +2

    St George offers up to 99 offset accounts but you need to deposit at least $2000pm into them to avoid the fee - first one usually free as part of loan package but the others will cost. Need to set up an auto rolling transfer from one to the next, to avoid the fee.

    • miwahni on 01/08/2020 - 23:19
      +1

      Suncorp also offers a good system whereby you open an offset account then you can have nine more subaccounts of that offset account, all of which will offset your loan balance, and all of which are free.

    • Noslien90 on 02/08/2020 - 20:18

      How often do you need to deposit $2k into each account?

      • miwahni on 03/08/2020 - 22:24

        Each month, hence the rolling transfer.

  • randombrick on 02/08/2020 - 09:05

    Newcastle permanent

  • Team Ozgiftcards on 02/08/2020 - 14:57

    Are you talking about a package where you have the balance of 2 offset accounts offsetting 1 loan account?

    If not, the Westpac Premier package allows you to split your loan into multiple offsets and multiple loan accounts.
    E.g. original loan 100k, split into 70k, 30k, with offset accounts attached for both.

    • Noslien90 on 02/08/2020 - 20:21

      Sorry, to clarify, we currently have 13 everyday offset accounts, 1 MISA account. All 14 of those offset our home loan (single loan).

  • b2tf on 05/08/2020 - 00:20

    Suncorp bank

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