Multiple offset accounts: which banks offer them?

Multiple offset accounts let you split your money into buckets, say bills, holidays and an emergency fund, while the eligible balances reduce your home loan interest. Macquarie, NAB and Westpac allow up to 10 on eligible loans, and CommBank allows up to 99 on Standard Variable. I’d start with which loan it comes with, what that loan costs and whose names the accounts need to be in.

If you already run separate accounts for bills and savings, you can usually keep that system and have it work on your loan as well. I wouldn’t move your loan for the offsets alone. Compare the rate and fees first, and we can do that side by side for you.

New to offsets? Our offset account guide explains how they work and how they differ from redraw. This guide focuses on having more than one.

The limit depends on the loan, not just the bank. NAB’s Tailored Variable allows 10, for example, while its Base Variable has no offset at all. Tap a bank’s name for our full review.

UniBank and Firefighters Mutual Bank also offer Your Way Plus with up to 8 offsets. Membership rules apply to each brand.

CommBank Simple has a $10 monthly loan service fee and no separate offset feature fee. Standard Variable has its own fee structure, so compare the total cost of the CommBank loan you’re considering.

BankSA and Bank of Melbourne also allow up to 10 offsets on eligible Standard Variable loans, like St George. The Advantage Package is available across all 3 brands. Compare the package cost with the savings you expect to keep.

Athena’s Power Up variable loan has a main offset plus up to 10 Cash Stashes. Money in each stash helps reduce your loan interest. Payments to and from other banks go through the main offset, and you can move money between it and the linked stashes.

That may suit you if you want separate savings goals without a card for every account. Athena does not charge extra offset fees on Power Up. The money sits within its loan facility and is not covered by the government deposit guarantee.

Athena’s direct Power Up range and its Connective range can have different features. We confirm the offset setup on the product available through us before recommending it.

ANZ and ING generally offer 1 offset per eligible loan account. At ANZ, each eligible split can have its own offset and fee. ING links 1 Orange Everyday account to an Orange Advantage loan. Neither setup gives you several offsets linked to the same loan account.

Bluestone allows 1 offset per eligible variable loan split. Separate offsets need separate loan accounts. I’d only add splits if they suit the rest of your loan setup too.

The lender adds up the money in the offset accounts linked to your loan. With a 100% offset, it subtracts that total from your loan balance when working out the interest. You still owe the loan amount and need to make the required repayments.

Say you have a $600k home loan and organise $50k like this:

At an assumed 6% annual loan rate, keeping $50k in offset for a full year would avoid about $3k in interest before fees. The actual saving changes as you spend, save, repay the loan or your rate changes.

The same $50k in 1 offset would save the same interest. The benefit of separate accounts is being able to organise your money. You save more interest if you move extra money into offset from accounts that weren’t reducing your loan interest before.

It’s easy to look at your balance and forget that school fees or insurance are due next month. Keeping that money in a separate account makes it easier to see what’s left to spend. You can divide your pay between the accounts on payday.

If you like the bucket approach, our Barefoot Investor bank accounts guide explains how to give each part of your pay a job. You can adapt that idea with separate offsets for everyday expenses, spending money and savings goals, while the linked balances reduce your home loan interest.

If school fees are also affecting a new loan application, read our school fees and borrowing capacity guide. Money in offset still needs to be available for the costs you have set it aside for.

With Westpac, you can have a joint loan and keep separate Choice accounts in your own names. Everyone named on an offset must also be a borrower on the loan. Other Westpac account types cannot be linked as offsets.

NAB also requires everyone named on the offset to be a borrower on the linked loan. Each offset can reduce interest on 1 home loan only. Bankwest requires the offset account to be in the same names as the loan.

Check who can see each account and withdraw money. Linking your own account to a joint loan does not automatically give the other borrower access to it. Accounts in your child’s, parent’s or company’s name may not be eligible to offset your personal mortgage.

Start with the accounts you will actually use. For many households, bills, emergency savings and a longer term goal are enough. Opening 10 accounts just because they are available can make transfers and direct debits harder to track.

If 1 offset is working for you, I wouldn’t add more for the sake of it. What actually saves you money is how much sits in there day to day, and what the loan costs.

There are 4 costs to look at: the rate, the loan fee, any package fee and whether the bank charges per offset. A loan with free offsets can still have a package fee or a higher rate.

Bankwest Simple is a useful example: 5 offsets at $10 each per month cost $600 a year. Complete has a different fee structure, with offsets included under its $395 annual package. That comparison alone does not tell you which loan is cheaper, because the rates and other features can differ.

At an assumed 6% loan rate, an average offset balance of $5k avoids about $300 a year in interest. If the extra annual cost of having the offset is also $300, that saving has only covered the fee.

That assumes the rate is the same with or without the offset. As an example, if the offset loan were 0.10 percentage points higher on a $600k loan, that’s roughly another $600 a year your balance has to beat. When we run this for you, we use what normally sits across your accounts through the month after bills and spending, not the balance on payday.

Most multiple offset options are tied to variable loans. Auswide offers 100% offset on eligible Freedom Package fixed loans with terms of 1, 2, 3 or 5 years. Bendigo Bank offers 100% offset on its Flex and Complete loans, fixed and variable. Its Easy Home Loan has no offset.

Check how much of your savings counts. Bankwest’s eligible fixed loans have a 40% offset. With $50k in the linked accounts, you avoid interest on $20k of the loan. A 100% offset would avoid interest on the full $50k.

Bankwest currently charges no monthly offset fee during the fixed term. Once that term ends, a $10 monthly fee per offset applies unless your package waives it.

Bank Australia has a different fixed-loan limit: 1 offset account, with only the first $20k counting towards the interest saving. If you keep $50k there, the remaining $30k does not reduce that fixed loan’s interest. Bank Australia is not on our lender panel, so we cannot arrange its loans.

With Macquarie, you need to start with a variable loan account of at least $20k to keep an offset alongside any fixed splits. You cannot fix the whole loan and keep the offset benefit. Only the linked variable balance benefits from the savings.

If you split your loan between fixed and variable, confirm which part the offsets are linked to. Savings linked to the variable split do not automatically reduce interest on the fixed split. Our home loan features guide explains the features to compare.

After the move to ANZ, only the linked main offset account will keep reducing your loan interest. Suncorp Bank says its Everyday Options sub-accounts will become ANZ Access Advantage transaction accounts. Money left in those accounts will no longer offset the loan.

You can combine that money in the main offset, or compare loans that let you keep separate savings accounts with an offset benefit. Check the timing in your bank notice and update any payments affected by moving the money. Our Suncorp Bank review covers the other changes and your refinancing options.

Opening an account does not always switch on the offset benefit. In July 2026, ASIC reported that banks had paid more than $55m in compensation for offset failures reported between September 2023 and August 2025. Its review covered 8 banks holding more than 70% of Australia’s home loans.

The most common failure identified was an account that had been opened but never linked. With several accounts, confirm each one is linked to the right loan. Look for the offset details in the app or on your statement. If they are unclear, ask the bank to confirm the link and how it calculated your interest.

Do this again after refinancing, splitting or changing loan products. An offset may need to be linked again. If you think it has not been working, send us a couple of statements and we’ll help you work out what to ask the bank.

If you already have a Macquarie loan in a company or trust, you cannot open more offsets after settlement. Those loans allow up to 4 offsets requested in the original application. The 10-account limit in the table is for individual and joint borrowers.

An offset cannot reduce interest below zero on the loan it is linked to. If that loan balance is $40k and the linked offsets hold $60k, the extra $20k does not automatically help another loan. Ask us to review the links if you have several splits.

Before refinancing, compare discharge and setup costs, any fixed loan break cost, and the rate over your remaining loan term. Our refinancing guide walks through the decision. You may also be able to change products with your current lender.

Lenders generally pay us commission when a loan settles and may pay an ongoing trail commission. In most circumstances, we do not charge a customer broker fee for residential home and investment loans. We explain any fee that applies and our commission before you proceed.