Your banking arrangements are a fundamental part of how you organise your money. Like many things in life, banking is often best when you keep it simple. Having too many accounts, or accounts of the wrong type can cause confusion, result in extra work for you and cost you money in extra account keeping fees and lost interest.

At MoneyBrilliant we recommend keeping your banking arrangements as simple as you can. Our ideal banking structure is to have:

• a basic transaction account (or an oset account if you have a mortgage)
• a high interest savings account (if you don’t have an oset account)
• a dedicated bill paying account – for those that need extra discipline
• a credit card

Optimise my Banking analyses your banking structure by asking you to tell us the purpose for each of your accounts:

• transactions
• savings
• bills
• mortgages
• offset
• credit cards
• emergency funds

Once you have done this it provides recommendations on how to simplify or structure your banking. You can easily accept or ignore these recommendations.

We exclude your superannuation and investment accounts as this priority is specific to your everyday banking needs.