Why choose a Budgeting Account?
Flexible access
Link your Budgeting Account to any of your P&N cards for payments on the go.
Money management, simplified
Keep your everyday banking and your bills separate.
No minimum balance
Start mastering your budget, stat!
Budget on the go
Move your money with ease using internet banking or our mobile app.
Make budgeting a breeze
- No minimum balance or opening amount required.
- Open up to five accounts to budget in buckets.
- Transfer or make payments using our mobile app or internet banking. Payments made with PayID or using Osko are received in near real-time.
- Free cash withdrawals at atmx terminals and all major bank ATMs across Australia when you link your account to an existing P&N Bank Visa Debit card.
Budget like a boss with mymo
mymo is your personal banking buddy. It’s an app you can use with your P&N Bank accounts to help you budget like a boss.
Link up all your bank accounts to see all your income and expenses at a glance, track your spending, and set up bill reminders. Budget smarter, save more, and waste less.
Rates & fees
We’ve taken it back to basics with our Budgeting Account to make budgeting as simple as possible.
Interest rates
| Balance | Variable rate | Interest calculated | Interest credited |
|---|---|---|---|
| Under $100,000 | 0.00% p.a. | Minimum monthly balance | End of month |
| $100,000 + | 0.00% p.a. |
| The basics | |
|---|---|
| Monthly fee | $0 |
| Minimum monthly balance | No |
| Everyday transactions | |
|---|---|
| EFTPOS and Visa purchase | Free |
| Withdrawal at atmx and major bank ATMs in Australia | Free |
| Internet banking & mobile app transfer | Free |
| BPAY® transaction | Free |
| Direct debits and direct credits | Free |
| Non-standard transactions | |
|---|---|
| Bank@Post™ withdrawal | $3.00 |
| Bank@Post™ deposit | Free |
| Card replacement - standard | $10.00 |
Other fees and charges may apply. For more information, please read the full list of account fees and charges.
Open a bank account online in minutes
To open an account online, you'll need to be:
New customer
You can open a Budgeting Account online in just a few minutes – no queues, no paperwork, just a few clicks and you're good to go.
Existing customer
It's quick and easy to open a new account anytime using internet banking or the mobile app.
Already bank with us?
You can open a new account through the mobile app or internet banking – no additional ID required.
Open an account online
To open an account online, you’ll need to:
- Be at least 18 years old
- Live in Australia with a current residential address
- Be applying as an individual (not a business or association)
- Have two forms of ID from the following:
- Western Australian driver’s licence
- Australian passport
- Green Medicare card
We also recommend having your tax file number (TFN) ready. If you earn more interest than the limit set by the ATO and you haven’t provided us with your TFN, withholding tax may be deducted from the interest you earn.
If you don’t meet the eligibility requirements to open an account online, you can still open an account at one of our branches.
Open an account in a branch
If you’d rather see a friendly face in person, or don’t meet the eligibility requirements to open an account online, drop into one of our branches. Make sure you bring the required documents with you so we can set up your account.
Got a question about budgeting accounts?
You can have up to five Budgeting accounts to take your budgeting to the next level.
Once you’ve opened your first account with P&N Bank, simply log into internet banking or our mobile app to open additional accounts in a matter of minutes.
You’ll be budgeting in buckets in almost no time!
The 50/30/20 budgeting rule is a way to budget your money. Your income is split into three areas to help you know what you can spend and save.
With this guide you allocate:
- 50% of your income to 'needs'. Needs can be your rent or home loan repayments, transportation, your weekly grocery shop, debt repayments, insurances, education and utility bills.
- 30% of your income to 'wants'. Wants can be your daily takeout coffee, eating out, shopping, entertainment, hobbies and holidays.
- 20% of your income to savings. Savings can be an emergency fund, a savings goal, additional debt repayments and investments (which can include superannuation).
You can personalise the name that appears for each of your accounts in the mobile app and internet banking. This can be helpful when saving for different goals or managing accounts for specific purposes (e.g. house deposit, new car, takeaway fund).
In the mobile app: Select the account you want to personalise, tap the three dots in the top-right corner, then choose Rename account > Personalised account name > Update.
In internet banking: Go to Settings > Account preferences > Preferred account name > Update and save.
You can change or remove your personalised account name any time. To revert to the original name, just delete the custom name and save your changes.
mymo and our mobile app are a match made in money management heaven.
Our mobile app gives you access to all your P&N Bank accounts, products, and a heap of banking functionality at your fingertips.
And mymo complements this by bringing together all your financial data and account info – from both P&N and your other financial institutions – helping you budget like a boss, manage your finances, save money, and smash your financial goals.
We're here to help
Get answers online
Got a question? Our help centre is the ideal place to start.
Important information
Banking and Credit products issued by Police & Nurses Limited (P&N Bank).
Any information on this website is general in nature and does not consider your personal needs, objectives or financial situation. Our rates are current as of today and can change at any time. Credit eligibility criteria, terms & conditions, fees & charges apply.
Read the relevant product terms and conditions before deciding if a product is right for you.
Bank@Post™ deposits and withdrawals are available only with a P&N VISA Card. Cheques must be made out in the name of the cardholder to be accepted at Bank@Post™ and require a minimum of 7 business days for clearance.
BPAY® is registered to BPAY Pty Ltd ABN 69 079 137 518.