this post was submitted on 16 Aug 2025
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Apparently I have too many bank accounts, ATO can only manage 20.
Edit: Tax return has now been completed (despite the annoyance of having to look up my interest manually because all the pre-fill data didn't fit). Now I just need to sit back and wait for the sweet, sweet tax return money.
You have more than 20 bank accounts??
Yes. Most of them are with Macquarie that give you the full high interest on all the savings accounts and you can make transactions directly to/from them, so I have multiple accounts set up to use as my budgeting buckets. I have automatic payments come out of each pay, then I just spend money from the appropriate account to keep track of spending instead of having to record anything seperately.
I've also got some savings with other banks, partly to get a little bit higher interest and partly so I've still got access to funds if there is a computer problem.
yah, I have a few with Bank Aust. There's the one linked to my card, personal savings, the bill kitty, the cat emergencies fund, the rates kitty, the car kitty, the house reno kitty which gets an extra interest bonus with a min 100 deposit and no withdrawls per month.
We both chuck X amount into each one every pay and then we don't ever have to worry about being short for something.
If they're gonna offer an extra 1% interest for the first four months, every four months I'm opening a new account. I've had to deal with the fraud department a few times as I roll my house deposit around the place to maximise my interest.