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Split your money into ‘buckets’ (different accounts) to help with budgeting. Use the Bankwest App to create, shuffle and nickname accounts in a way that works for you.
3 minute read
Before you get started
Crunch the numbers
Decide how much of your income goes into each bucket, each payday. Let our budget planner do the maths for you.
Budget planner
Download the app
Once you’re a customer, you can set up your buckets and track it all within the Bankwest App.
Learn more
Bucketingin the app
1. Add new accounts
To open a new account, from the home screen in your app tap 'More' and then scroll down to 'Open or browse products'.
2. Give them nicknames
Go to the ‘Manage’ tab of each account to change their names.
3. Shuffle their order
Keep an eye on your most important accounts. Hold them down and drag to the top.
How bucketing helps your home loan
Slice and dice to save on home loan interest
For a less lazy home loan, pair an Offset Transaction Account with your eligible home loan, use it like an everyday bank or savings account, and you could save on your home loan interest. Open up to nine offset accounts and know that your money is always working hard. Use our home loan offset calculator to see how much you could save.
How an offset account works
An offset account is one that’s linked to your home loan, and some or all of the money in it is ‘offset’ against the amount you owe on your home loan. Your home loan interest is calculated on this reduced amount. The more money you keep in your offset account, the less home loan interest you pay. Keep in mind that you can only open an account with people you share your home loan with.
Don't have an offset account with us yet?
See how our Offset Transaction Account works with our eligible home loans, find out your home loan's offset potential and check any fees that might apply. If you don't have a Complete Home Loan Package, you can still link an offset account to any eligible home loan. If you have a regular Bankwest transaction account, you can ask us to switch it to an offset account and use your existing balance to save on home loan interest.
Don't have an account with us yet?
You need at least one account to use the Bankwest App and start bucketing. Take a look at our...
Bank accounts
Find a bank account to suit your everyday banking needs.
Savings accounts
Our range of savings accounts can help you reach your savings goals.
Frequently asked questions
Info at your fingertips
It’s another way of managing your money. You can split your money into ‘buckets’ (different accounts) to help manage where your money goes and to help with budgeting. You might have a bucket for everyday spending, bills, travel, and so on.
It’s completely up to you and depends on your budget or whether you might be saving for something in particular (like a house deposit, car or holiday).
Here are a few tips that could help:
- Use our budget planner calculator to see how much you spend and forecast how much you could save
- Create a savings goal, and we’ll work out how much you should regularly put away.
It really depends on how you’d like to split your money and which account you choose.
You could have an account for:
- everyday spending
- eating out
- bills
- travel
- a rainy day or emergency
- something special, like a house deposit or car
- and more.
Make sure to check how many accounts you can have for each transaction account or savings account.
It’s easy in the Bankwest App and online banking. You can either transfer your money manually between accounts, or you can make saving automatic and set up scheduled payments.
About this article
We take care of all the BS (bank stuff) so you can access the knowledge you need to make informed decisions. When we write a guide or article, we take steps to make sure the information is relevant, accurate and most of all, helpful.
Keep reading
Savings goals
Create a goal in our app to track your progress on the go – whether you're working towards a house deposit, holiday or rainy day fund.
Learn more
Get to know your finances
Check out a few simple ideas to help you get started on reviewing your finances.
Learn more
Consider the PDS from Bankwest and whether the product is right for you. You can have up to 10 Easy Transaction Accounts per person. Other fees may apply.
