What is Budget Wise?
Budget Wise is an exciting new deposit account that spreads your bill payments evenly across the year, removing the bumps in your budgeting - taking away the stress of balancing your finances each month, and giving you the peace of mind that even if several bills arrive at once, your Budget Wise Account has you covered.
How it works
Sign up to a Budget Wise account and Coastline will pay all your nominated bills on your behalf. It’s simple and easy to set up…
1. Nominate your bills for the year and enter a 12-month regular deposit agreement with Coastline for the payment of those bills. These bills can include everything from loan repayments for your car, home, or investments, to insurance premiums, council rates, electricity/gas, telephone/mobile and school or day-care fees.
2. We calculate your recurring payment amount by adding all these bills together. We include a safety margin of 10% to account for any variable bills such as phone or electricity and a monthly service fee of $6. We then divide the total of your bills by the number of pay days for the year, to determine your regular payment amount and the frequency of your payments.
3. Activate your account by paying your first deposit up front. Each subsequent payday, your nominated payment will be deducted and placed in your Budget Wise account.
4. Present your bills to us at least 7 days before they are due and Coastline will pay them on your behalf from your Budget Wise account.
Key features
· Convenient way to pay your bills.
· Low monthly fee.
· No interest charged if the account becomes overdrawn.
· Simple and easy to use through Coastlines Internet Banking portal.
· Avoid late fees and start collecting discounts for paying on time.
· Confidently set and achieve savings goals, understanding what your outgoing expenses will be.
· Reward yourself. At the end of the 12 months, we’ll transfer whatever is left in the account to your nominated bank account – a great way to boost your savings.
Download our Budget Wise brochure here