Having a bank account with multiple sub-accounts can help you reach savings goals, manage your spending and make tax time a breeze. Find out what they are and how to use them effectively to help you organise your finances with Savvy. Compare accounts from around Australia here to help you find one which best fits your banking needs.
Sub-accounts are divisions within a bank account, a bit like individual drawers in a filing cabinet. They allow you to divide your money up into separate accounts, each with a different name, to assist you in organising your finances and keeping track of your spending. Accounts which allow them are often referred to as split accounts.
However, you only have one bank account number and only pay one set of account fees (if any are charged). How many sub-accounts you’re permitted to have will depend on which financial institution you choose, but the average is between eight and 12.
In Australia, there are accounts which allow sub-accounts for savings, everyday accounts and business accounts, so whatever type of account you’re looking for, you should be able to find one which allows for account splitting. Savvy can help you decide which split account is best for you by presenting you with simple comparison information. Use this information to compare accounts and find the best one for your personal needs.
Sub-accounts can be extremely useful within savings accounts, transaction accounts and small business accounts. Here are some suggestions to get you started when determining how to use and compare them:
Sub-accounts in savings accounts
Sub-accounts in transaction accounts
Using sub-accounts within a business account
There’s many ways that sub-accounts can assist you and your accountant to keep track of your business finance, for example: