Money Management /

Savings accounts for all students

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Saving for your goals can be difficult at the best of times, let alone when you're studying. Leaving home for the first time and dealing with rent, student loans, university fees and other associated costs can make your first steps as a budgeter quite stressful.

Research from the Australian Securities and Investments Commission (ASIC) in 2015 found that people under 35 were far more likely to have difficulty or stress associated with their finances than people in older age brackets. But if you open a savings account tailor-made for student finances, it can be possible to grow your savings faster and achieve your financial goals. It might be a holiday, or it might be a fancy dinner; there are ways to make it happen.

Trying to save money as a student?

Getting by in this new financial situation can be a lot. It means dealing with an ongoing series of costs that you might not have dealt with before, but it doesn't mean that you can't also save money at the same time.

At IMB, we have dedicated student bank accounts that can help you grow your finances and get a head start on big life goals.

Stop paying for things you don't need to

There's nothing worse than having the last of your money drained by transaction fees at the end of the month. With the IMB Everyday Unlimited Kick Start Account, students can go about their business without dealing with some of the bank fees that can make life difficult. This specific account has no monthly account fees.

Getting rid of these fees puts more in your pocket to do what you want, whether it's a more luxurious shopping spree or putting extra aside into student savings account every week.

Minimise the risk, maximise the reward

Another way to grow your savings faster is to use a high-interest rate savings account. Saving money as a student can also be made easier with accounts that reward you for depositing money without withdrawing it. The IMB Reward Saver Kick Start Account encourages students to deposit a starter amount, by rewarding them with bonus interest.  Simply deposit at least $20 per month, and don't make any withdrawals to earn bonus interest. It's a great way to grow your savings faster, as well as get in the habit of putting your money aside without touching it. Some people may have their savings sitting in a transaction account, earning no interest at all. By using a dedicated student savings account with high-interest rewards, you can watch your finances grow and reach your goals more quickly.

Grow your savings faster and get your rewards

Everyone has different financial goals. It could be saving for a new car, a dream holiday, or even your first home deposit. However, there's a big difference between knowing what you want and knowing how to get it.

At IMB, we encourage students to develop their goals and use the right student savings account to make it happen. The IMB Everyday Unlimited Kick Start Account allows you to smooth out your day-to-day cash management without fees getting in the way, which can help you to put more into the IMB Reward Saver Kick Start Account. Both accounts complement each other in a way that lets you plan out specific financial goals and achieve them.

No matter what you want, using a personalised account that works for you means you have the skills to then save for bigger and better things. You can customise an account with your own details and even give it a unique name, and set up automatic payments so your savings flow with maximum efficiency. Want to open up multiple savings accounts? No problem at all. Teach a man to fish, as they say, and you feed him for a lifetime.

Achieving your goals can be difficult, but it doesn't have to be. If you want to get a head start and save money as a student, get in touch with the team at IMB. We can help you get everything you need to manage everyday costs and save up for that something special.
 

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Source:

Australian Bureau of Statistics

National Financial Literacy Strategy

 

Why choose IMB Bank?

Established in 1880, IMB has been helping people achieve their financial goals for 140 years. IMB offers a full range of banking solutions including home and personal lending, savings and transaction accounts, term deposits, business banking and can arrange financial planning, insurance and travel products.

IMB has a growing branch network throughout the Illawarra, Sydney, NSW South Coast, the ACT and Melbourne. We have a lending specialist in every branch and a team of mobile lending specialists who will come to you. IMB members enjoy access to free automated phone and internet banking and a team of professionals who are just a phone call away at our locally based call centre.

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