Offset account with additional accounts

Discussion in 'Money Management & Banking' started by Yani Vee, 10th Mar, 2021.

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  1. Yani Vee

    Yani Vee Well-Known Member

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    Hi there. Looking for recommendations on institutions that offer offset accounts with the ability to have additional accounts linked for things such as spending. Also the offset being able to be debated. Trying to organise my money better and just not sure where to start looking in terms of who might be my best bet. Currently bank everyday accounts with Commonwealth and savings are sitting in Ubank.

    Any help on recommendations or even where to start would be greatly appreciated
     
  2. Trainee

    Trainee Well-Known Member

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    what’s that?
     
  3. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    many lenders offer multiple offset accounts on one loan. See a broker to find out more
     
  4. Yani Vee

    Yani Vee Well-Known Member

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    Sorry. Meant debted
     
  5. Trainee

    Trainee Well-Known Member

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    still dont get it.

    an offset account to be able to be debted?
     
  6. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    'debited'?
    All offset accounts can be debited. They are merely savings accounts that are linked to a loan
     
  7. mr_alex

    mr_alex Well-Known Member

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    Do you mean multiple offset accounts linked to the same loan? - AMP and CBA are some that offer that.
     
  8. Yani Vee

    Yani Vee Well-Known Member

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    Sorry, my mistake. That was what I meant. And more so not getting charged fee's for doing so as a friend of mine has a surcharge for doing it
     
  9. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    Generally - all offsets involve some type of cost. A "cheap rate" loan might not have a offset at all...and many will charge a fee per month or not charge any fee and the rate reflects a high cost. eg UBank dont offer offsets.
     
  10. Phil_22

    Phil_22 Well-Known Member

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    Regional Australia Bank offers up to 8 offset (100%) accounts at no extra cost for both PPOR & Investment loans