BankIt: Empowering Contractors with Income Continuity
| Chris Lindgren
Contracting offers flexibility and freedom that many professionals crave, but it often comes with one major challenge: no paid leave. Unlike traditional employment, contractors don't have the safety net of paid holidays or sick leave, which can make planning for downtime stressful. That's where BankIt comes in—a service we created and designed to put contractors back in control of their income during breaks.
What is BankIt?
BankIt is a tailored service for contractors, enabling you to create your own leave payment system. It's like having a personalised savings account specifically for income continuity. With BankIt, you set aside a portion of your income during work periods, which you can then draw upon during planned or unplanned leave. It sits alongside the rest of our contractor payroll services.
How Does BankIt Work?
- Set Up Your BankIt Account: Decide how much of your income you'd like to allocate into your BankIt account.
- Build Your Balance: As you continue to work, your contributions grow, creating a financial buffer for times when you're not working.
- Access Your Funds: When you decide to take leave—whether it's for the holidays, a family break, or personal time—you can access your BankIt funds to ensure consistent income.
Why BankIt is a Game-Changer for Contractors
Contractors often experience periods of downtime, especially during festive seasons like Christmas, when projects pause, or clients are less active. Without a structured way to manage income continuity, these breaks can cause financial strain. BankIt eliminates that stress by giving you:
- Financial Security: No more worrying about gaps in your income.
- Flexibility: You decide how much to save and when to access your funds.
- Peace of Mind: Plan your leave without the fear of financial instability.
A Real-Life Example: How BankIt Works
Let's take Bruce, for example. Bruce works 40-hour weeks but decides to bank 2 hours of pay each week, meaning he's paid for 38 hours instead of 40. Over the year, Bruce accumulates these banked hours into his BankIt account. When Christmas comes around and his department enters a standdown period, Bruce uses the hours he's banked to ensure he still receives income during the holiday break. With BankIt, Bruce enjoys a stress-free Christmas, knowing his finances are taken care of.
Similarly, if you work over your standard hours for your pay cycle—for instance, working 50 hours in a week while your standard contract hours are 40—you can bank the additional 10 hours. With BankIt, you can take a well-earned holiday and still be paid like a full-time employee by accessing the funds you've secured. You can see how hours translate into pay with our contractor rate calculator.
How to Use BankIt
To utilise the BankIt arrangement, simply state in your email with your timesheet, or in your Astute timesheet submission, that you'd like to bank your additional hours. It's that easy to start building your financial safety net for when you need it most.
BankIt and the Holidays
As we approach the festive season, it's the perfect time to ensure your BankIt setup is ready to go.
- For Current Users: If you're already utilising BankIt, don't forget to email us your Christmas payment instructions if you haven't already. Let us know your BankIt plans now so you can enjoy a well-earned break without emailing instructions over the festive season.
- For New Users: If you're not using BankIt yet, now's the perfect time to get started. It's easy to set up, and we're here to guide you every step of the way.
Not with PayMe Yet?
If you're not currently with PayMe, make the switch today and start enjoying the benefits of BankIt. Call us on 1800 082 006 and ensure your next holiday comes with pay!
