If you are self managing your NDIS funding, you should set up a separate bank account. You can look at your bank statement to see what money is coming in and what payments are going out. This will help you keep track of your spending.
To find a bank account that doesn’t charge fees, click Choice Top Fee-Free Bank Accounts.
NDIS funding will only be paid into an account that is managed by the person responsible for self managing the plan. The person managing the plan might be the participant or their plan nominee.
You are only allowed to have one account connected to your NDIS plan. If you receive periodic transport payment, you might want to transfer these funds to another account you use day to day. Some people have set up a regular automatic transfer of their transport money to another account.
Some people prefer to set up a bank account that offers credit. A credit card account allows you to pay for services or equipment first, and then make the payment request on your funding. When your payment request comes through from the NDIA, it will clear the debt on your credit card. While a credit card might be very convenient, there are risks involved in using a credit card.
It is very easy to fall into debt using a credit card and then have to pay lots of interest on the debt (you should not use your NDIS funds to pay for interest of late fee charges).
For more information on credit cards, click Choice – How to Choose the Best Credit Card.