Budget Wise
Paying bills is easy with a Budget Wise Account.
Key features
Coastline manages your nominated bills
Bill payments are spread evenly across the year, avoiding financial strain
A 10% buffer covers variable bills like utilities
Monitor your account anytime in internet banking
Set up automatic transfers to simplify bill payments
Avoid late fees and dipping into your savings for bills
Nominate an account to transfer any leftover funds and give your savings a boost
Fees and requirements
For Coastline members aged 18 and over
No account fees
No interest charges if your account is overdrawn
Have a question about this account? Contact us
Application requirements
To apply for a Budget Wise Account, you must meet the following requirements.
Be a member of Coastline Credit Union Ltd T/A Coastline Bank—if you’re not a member, we can set this up when you apply.
- Be at least 18 years old
- Have not been declared bankrupt or have an active arrangement under the Bankruptcy Act 1966 (Cth).
Proof of income
Coastline Bank may request proof of income when applying for a Budget Wise account, renewing, or modifying an existing agreement.
Budget Wise Agreement
When you open a Budget Wise account, you’ll sign an agreement. The agreement contains:
- A 12-month term for the Budget Wise agreement.
- A deposit commitment, known as"the Deposit Value" in the agreement.
- The first deposit must be made on the agreement start date.
- An initial balance requirement—if the balance is projected to be negative in the first 8 weeks (i.e., if the sum of due bills and monthly service fees exceeds regular deposits), you may be required to deposit the difference.
Bill payment eligibility
Nominated bills included in the agreement may be presented for payment.
- Bills must not result in a negative balance within the first eight weeks unless agreed upon in writing.
- Bills resulting in a negative balance of $5,000 or more at any time require a prior written agreement from Coastline Bank.
Missed deposits
- Coastline Bank will assess your ability to maintain regular deposits. If deposits are missed, bill payments will cease.
- Coastline Bank reserves the right to terminate the agreement if missed deposits are not addressed promptly.
Changes to your agreement modification
- Changes to the agreement, including nominated bills, deposit amounts, or payment schedules, must be approved by all account members in accordance with the signing authority.
Account termination
The account may be terminated if:
- A missed deposit is unresolved.
- The agreement has fewer than three nominated bills.
- The member is declared bankrupt or enters into an arrangement under the Bankruptcy Act during the agreement period.
Bill payment requirements
Bills must be presented to Coastline Bank at least 7 business days prior to their due date.
- Bills must not be overdue or pre-dated before the agreement start date.
Bill exclusions
Bills for business operations, savings deposits, or credit facilities held with Coastline cannot be included in the agreement.
Cash withdrawal exclusion
Cash withdrawals are not permitted from the Budget Wise account. Nominated bill payments are made via BPAY or electronic funds transfer.
Conditions of use | Schedule of fees and charges | Financial services guide | Summary of accounts
How to open
Sign up for a free Budget Wise Account. Just follow the steps.
Eligibility criteria
You must be:
- A member of Coastline Bank
- Aged 18 years or older
Ineligibility
Individuals who have been declared bankrupt, voluntarily entered into bankruptcy, or are currently under any arrangement under the Bankruptcy Act 1966, are ineligible for a Budget Wise Account.
Step 1: Nominate your bills
Select the bills you want us to manage. This can include loan repayments, utilities, school fees, and vehicle registrations.
You’ll also sign a 12-month deposit agreement with Coastline Bank, which will distribute your bill payments evenly throughout the year and allow us to pay your nominated bills when they arrive.
Step 2: Get your regular deposit amount
We’ll calculate the total of your nominated bills and add a 10% buffer to cover any variable bills like utilities. This total is then divided by your number of paydays per year, creating your regular deposit amount. All you need to do is deposit this amount into your Budget Wise Account each payday.
Step 3: Activate your account
Make an initial deposit to activate your Budget Wise account. Then simply set up a scheduled transfer so your regular payment amount is added to your Budget Wise account each payday.
Step 4: Submit your bills
Submit your bills via email or to a Coastline branch at least 7 days before their due date. We’ll pay them directly from your Budget Wise Account. All that’s left to do is sit back and enjoy the peace of mind that comes with knowing that your bills are organised and paid on time.
FAQs
To open a Budget Wise account, you must:
- Be a member of Coastline Bank
- Be 18 years of age or older
- Not be declared bankrupt or have an active bankruptcy agreement.
If you’re not a member of Coastline Bank, don’t worry, it’s free to join when you open your Budget Wise Account.
To open a Budget Wise account, you must:
- Be a member of Coastline Bank
- Be 18 years of age or older
- Not be declared bankrupt or have an active bankruptcy agreement.
If you’re not a member of Coastline Bank, don’t worry, it’s free to join when you open your Budget Wise Account.Yes, you can make modifications, including adding or removing bills, changing due dates, and adjusting your payment amounts.
Modifications must be confirmed in writing or, email us or send us a secure msg via online banking to request a modification.
Please note: modifications that result in a large negative balance may not be approved.
Yes, bills related to business operations, savings deposits, or credit facilities held with Coastline cannot be included in the agreement.
If you miss a deposit, Coastline will stop paying your bills and notify you within 24 hours. Once the missed deposit is paid, bill payments will resume. Coastline is not responsible for any late fees due to missed deposits.
If your account is overdrawn, you’ll need to deposit sufficient funds to bring the balance back to zero. If you’re coming towards the end of your agreement period, it’s important to keep on top of your balance. If the agreement ends or is terminated, you may be charged interest on overdrawn amounts.
MyCOAST App
Experience the freedom and convenience of managing your money anywhere, anytime with the MyCOAST Mobile Banking App. Whether you’re on a coffee break, at home, or travelling our app is designed to keep you connected to your finances.
Download the app.
General advice warning
This advice has been prepared without taking your objectives, financial situation, or needs into account. Before acting on this advice, you should consider whether it is appropriate for your circumstances. For more details, access the relevant Product Disclosure Statements, Target Market Determinations or Financial Services Guides under 'Important information' on our product pages.
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