Preparing and managing your money through separation

Have your own bank account

Your first step to financial independence is to open a transaction and/or savings account in your own name, if you don’t already have one.

If you already have your own bank account with us and provided access to another individual, you can ask us to remove their access (including to online banking and Bankwest App) and deactivate any linked cards – even those stored in a digital wallet.

Change your passwords

This often gets forgotten, but it’s important to change your passwords regularly. If you bank with us, you can change your password in Bankwest Online Banking as well as updating the PIN for the Bankwest App.

Update your contact information

It’s also important that Bankwest has your current contact details to ensure that any correspondence is sent to you.

Review your contact details and update your information if required. This should include contact numbers, email, home and postal addresses. If you bank with us, you can update your details in the app by following these steps:

1. Log in to the app
2. Tap on the ‘Profile’ menu in the top left
3. Tap on ‘Settings’ then select ‘Personal details’ under Profile section.

To update your mobile number, please call us on 13 17 19 and one of our team members will assist you.

Review your devices and mobile wallets

Check which devices can still access your online banking account and remove any that are lost, stolen, or sold using Bankwest Online Banking. Consider all your devices – such as tablets, smartwatches, phones, and desktop computers, since you may use a mix of PINs and passwords across them.

You can remove access from any device that you don’t use anymore by logging in to Bankwest Online Banking and selecting ‘Manage devices’ under the ‘Self service’ menu.

Cards registered to an Apple digital wallet can be suspended or permanently removed via Apple ID. Message us in the app to remove cards registered to your Google Pay or Samsung Pay wallet.

Review your recurring payments

Review all direct debits, recurring payments, and subscriptions linked to the account and determine whether they are still necessary. Consider which regular payments should be cancelled or set up alternate accounts most appropriate for the service provider.

Consider your joint account

Think about whether you still need your joint accounts or if it’s time to close them. Before making any changes, make sure you speak with the other account holder.

If you’re in dispute with the other account holder, you can request your bank to put a hold or ‘all must sign’ on your joint account so no money can be withdrawn until a resolution is reached. It’s important to have money put aside in case this happens.

If you have a home loan with us, it’s also important to consider the available funds in any redraw (additional funds paid into the home loan) or offset accounts (reducing your interest payable on the home loan).

Contact us for more information to help you decide what’s right for you.

Review credit cards access

If you are the Primary Cardholder of a credit card, and have provided access to another individual, consider removing their access. This includes access to a physical card and digital wallet which they may have on multiple devices. To remove an Additional Cardholder message us in the app.

Review all regular payments to the card and reassess whether services need to be cancelled, or update payment details to a different account/account holder.

Joint home loan considerations

You’ll both need to agree on what happens to your jointly-owned property, factoring in the fees and charges that may be involved.

For example, you may agree to pay off any loans using savings or sell the property and use the sale proceeds to pay off any loans. On the other hand, if you plan to buy the other individual’s share of the property, you may be able to refinance your home loan, provided you’re able to demonstrate you can make the repayments.

To find out if you’re eligible to refinance, contact us to discuss your options and decide what’s right for you. Alternatively, you may also speak to a lawyer or financial advisor for further guidance.

It’s important to think about what will happen to the money in your home loan redraw or offset accounts linked to your joint home loan. You may wish to update the method of operation to ‘all must sign’ to prevent withdrawals happening without your agreement, or you can apply a stop to any linked joint offset accounts. Contact us to learn more and explore how this may affect your personal circumstances.

If you have concerns about meeting your financial commitments, contact our Financial Assist team on 1300 769 173.

Check your credit score

You may need to apply for credit to help you pay for unexpected expenses. Knowing your credit score can help you understand how much a lender might offer, and it’s important to know that it’s correct. Learn more about Comprehensive Credit Reporting and how to obtain your report.

Financial hardship

Splitting from your partner is often a difficult, emotional time. There’s help out there if you’re experiencing financial hardship. Call our Financial Assist team on 1300 769 173 and we’ll work with you to create a solution tailored to your needs.