Savings accounts for all students

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 Bureau of Statistics found that people under 35 were far more likely to have difficulty or stress associated with their finances than people in older age brackets1. But if you open a savings account tailor-made for student finances, it can potentially help you grow your savings faster and achieve your financial goals. It might be a holiday, or it might be a fancy dinner; whatever it is, 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 offer 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, as this particular 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 potential 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.  To be eligible for the bonus interest, Reward Saver Kick Start account holders simply need to deposit at least $20 per month, and not make any withdrawals. 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 hopefully 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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Important Information


1. Australian Bureau of Statistics

# Kick Start Package comprises an Everyday Unlimited Kick Start account & Reward Saver Kick Start account. The Kick Start Package is available to individuals aged 13-17 and students, trainees and apprentices aged 18-30, studying or training with an organisation recognised by IMB in its absolute discretion. Once a Kick Start Package holder no longer meets the eligibility criteria or fails to provide proof of eligible status, the Everyday Unlimited Kick Start and Reward Saver Kick Start accounts convert to the standard terms and conditions applicable to the Everyday Unlimited and Reward Saver accounts.

This article has been prepared by IMB Bank and contains general information only. It is not intended to be relied on as advice. It does not take into account your objectives, financial situation or needs. You should seek your own legal,  financial, taxation or other professional advice before you make any decisions about your business. Consider the relevant Terms and Conditions or Product Disclosure Statement and Target Market Determination available here before deciding whether to acquire any products or services offered by IMB Bank. Lending criteria, terms and conditions, fees and charges apply to IMB loan products. We do not recommend any third party products or services referred to in this article and we are not liable in relation to them. Any links to third party websites are for your information and we do not endorse any content on those sites.