As a 100% member-owned bank, Beyond Bank is deeply committed to improving the financial wellbeing of our members. We return our profits to you through highly competitive rates and fairer fees. Here are 15 smart strategies to help you optimize your banking, save effectively, and achieve your financial goals faster.
1. Establish a Strong Financial Wellbeing Foundation
Financial wellbeing starts with understanding your cash flow. Before setting aggressive savings targets, map out your monthly income against your essential expenses to find a realistic savings margin.
2. Automate Savings with a Dedicated Account
Set up an automatic transfer in Internet Banking to move a portion of your salary into a Beyond Bank Savings Account on payday. Out of sight means out of mind, preventing impulsive spending.
3. Maximize Interest with Term Deposits
If you have a lump sum of cash you don’t need immediately, locking it in a Beyond Bank Term Deposit guarantees a fixed return, shielding your money from fluctuating market rates.
4. Reduce Fees with the Purple Transactor Account
Why pay to access your own money? Switch your everyday banking to the Beyond Bank Purple Transactor Account, which features no monthly account keeping fees, ensuring more money stays in your pocket.
5. Utilize the Budget Planner Tool
Our website and app feature a comprehensive Budget Planner. Input your income and recurring bills, and let the tool calculate exactly where your money goes and where you can cut back.
6. Leverage Offset Accounts for Home Loans
If you have a Beyond Bank home loan, utilize an offset account. Every dollar sitting in this account reduces the principal amount you are charged interest on, saving you thousands over the life of the loan.
7. Consolidate Debt with a Personal Loan
High-interest credit card debt can derail your savings goals. Consider consolidating multiple debts into a single, lower-rate Beyond Bank Personal Loan to simplify your repayments and pay less interest overall.
8. Save While Supporting the Community
Open a Community Reward Account. It allows you to save money for yourself while Beyond Bank donates a percentage of your average balance to a charity of your choice, letting you do good without spending extra.
9. Optimize Your Business Banking Transaction Costs
For our business members, structuring your cash flow correctly between a Business Transaction Account and Business Term Deposits ensures liquidity while maximizing interest earnings on idle capital.
10. Take Advantage of Salary Packaging
If you work in the community or not-for-profit sector, speak to Beyond Bank about our specialized salary packaging services. You can legally reduce your taxable income, effectively increasing your take-home pay.
11. Avoid International Transaction Fees
When traveling or shopping online from overseas merchants, review your card’s foreign transaction fees. Use Beyond Bank's specific travel-friendly card setups to minimize unnecessary conversion charges.
12. Review Insurance Premiums Regularly
Beyond Bank offers competitive Car, Home, and Travel insurance. Review your current premiums annually and get a quote through us to see if you can lower your monthly outgoings without sacrificing coverage.
13. Set Goals with the Deposit Planner
Use our online Deposit Planner to calculate exactly how much you need to save per week or month to reach a specific goal, like a house deposit or a new car, within your desired timeframe.
14. Monitor Spending Habits via the Mobile App
The Beyond Bank Mobile App categorizes your spending automatically. Review these insights weekly to identify habits—like excessive dining out or subscriptions—that you can trim down.
15. Seek Guidance from Lending Specialists
Don't navigate large financial decisions alone. Our lending specialists are available in-branch or via phone at 13 25 85 to help you structure your home loans and savings in the most tax-effective, efficient way possible.