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Your money reset checklist
The university year has a habit of getting busy quickly.
Placements start. Group assignments appear out of nowhere. Your timetable somehow finishes late three days in a row. Suddenly you’re buying coffee between every class just to get through the week.
For nursing and teaching students especially, this part of the year can feel like a constant balance between study, placements, casual work and everyday life all happening at once.
This isn’t about creating the perfect budget or getting every financial decision right. It’s simply a chance to reset a few habits and make the second half of semester feel a little more manageable.
It’s basically money your bank pays you for keeping your savings with them on eligible account balances. Simple enough. But there are different types of interest, and this is where it helps to know what you’re looking at.
Variable interest rate
An interest rate that can go up or down.
If your savings account has a variable rate, the amount of interest you can earn may change over time.
Bonus interest
Extra interest you may be able to earn when you meet certain conditions.
Depending on the account, you might need to deposit a certain amount each month, grow your balance or avoid making withdrawals.
The important bit? Check the conditions.
The things you need to do to qualify for a particular savings rate.
It's helpful when banks make these easy to find and, more importantly, easy to understand.
Because no one wants to read the fine print five times to work out how their savings account works.
A fee some banks charge for having or using an account.
It's always worth checking for fees when you're comparing accounts. Even small ones can add up.
This one's important to us.
A customer-owned bank is owned by its customers or Members rather than external shareholders.
Bank First is customer-owned. That means our Members are at the centre of why we exist and what we do.
That's what we call our customers at Bank First.
When you bank with Bank First, you become a Member and part-owner of the bank.
Okay, this isn't technically a banking term. But we think it belongs here.
When we spoke to students, being able to actually talk to someone came up as something they wanted from their bank.
Sometimes it's easier to talk things through with a real person. Having someone who can answer your questions can make banking feel a little less complicated.
Here's a simple trick
Instead of calling your account "Savings", give it a name that reminds you why you're doing it.
"Japan 2027."
"First Home."
"For the next rainy day."
When your goal feels real, it's much easier to stay motivated.
The information on this website is general advice only and does not take into account your individual objectives, financial situation or needs ("your personal circumstances"). The advertised interest rate is variable and subject to change. Products may be amended or withdrawn at Bank First’s discretion. The bonus rate applies only when eligibility criteria are met. Before using this advice to decide whether to purchase a product, you should consider your personal circumstances and the relevant Product Disclosure Statement. The Product Disclosure Statement and Target Market Determinations are available from Disclosure Documents page.