Five things every student can do to boost their banking

It's the best of times (and sometimes the worst of times), but being a student isn't always easy on the finances. Check out our top tips on getting the most out of your money.

1. Track your spend and set up a budget

It sounds simple, but knowing how much money you have coming in and out each month is the first step to managing your money better. Bankwest Easy Alerts can help you do this - they're push notifications to your phone that let you know how much you're spending, and alert you when your account balance falls under a certain amount.

It may also help to split your income into two or more accounts - one for non-negotiable expenses such as rent, and one for spending money. Our Easy Transaction Account lets you open more than one account, to help you do this. Plus, it has no monthly maintenance fees and lets you withdraw money from all major bank ATMs without charging you a fee.
 

2. Upgrade to a Debit Mastercard® when you hit 16

Our Easy Transaction Account comes with a debit card that lets you withdraw money and make EFTPOS transactions as and when you need. Once you turn 16 though, you can choose to get a Debit Mastercard linked to your account. It works in a similar way to your debit card, but also lets you make contactless payments using Tap & go™, shop securely online and over the phone, and more.

Once you have a Debit Mastercard, you can also utilise convenient payment options. At Bankwest, we offer our Debit Mastercard customers the option to use Google Pay™ on their mobile. Customers can also get a wearable Bankwest Halo payment ring, meaning you can pay with a fist bump!

If you're already 16 and would like to upgrade to a Debit Mastercard, head to the 'Self Service' section of Bankwest Online Banking, click on 'Forms' and select 'Debit Mastercard Request'.

3. Open a savings account

While you might not have loads of extra money to be stashing away at this time in your life, it's never too early to kick start good habits. One of our most popular savings accounts is the Hero Saver account, which offers a bonus rate when you deposit at least $200 a month and make no withdrawals. It's a great way to encourage you to save more.

If you don't think you'll make the $200 deposit each month, our Smart eSaver account lets you put as much or as little money away as you like and pays bonus interest each month you don't make a withdrawal.

It's easy to set up regular payments to your savings account through Online Banking or the Bankwest App - even small contributions made regularly can add up to big savings.
 

4. Get discounts on the brands you love

Enjoy all the perks of being a student while you can. As a student customer of Bankwest, you get access to exclusive offers and benefits from some of your favourite brands thanks to our partners at Student Edge. Make the most of discounts from brands including Apple, McDonald's, Hoyts, The Iconic and much more. Simply download the Student Edge App to start saving - it's free!

Plus, if you have a Debit Mastercard, you can also access great offers and competitions through the Debit Rewards program.
 

5. Enjoy banking at your fingertips

Do your banking anytime, anywhere with the Bankwest App. Featuring fingerprint login, the App is the most convenient way to access and manage your money. You can see all your bank statements in the one place, and there's an international section so that you can quickly and easily let us know when you're travelling overseas.

What's the difference between a Debit card and a Debit Mastercard?

Things you should know

Bankwest Easy Alerts are available for your mobile personal transaction and savings accounts. Limited alerts only are available for credit card transactions. Bankwest Easy Alerts will be sent to any compatible iOS and Android device on which you have the Bankwest App and enabled notifications. Whilst some alerts may be sent to your device once you have enabled notifications, in order to receive the full range of Easy Alerts available you will also need to activate the Bankwest Easy Alerts service within the Bankwest App. Terms of Use apply. Bankwest Easy Alerts is currently supported on iOS 9 and Android 5.0 devices and above. Bankwest Easy Alerts is not available on tablets and Windows devices.

Mastercard and the Mastercard brand mark are registered trademarks, and the circles design and Tap & go are trademarks of Mastercard International Incorporated.

Terms and conditions apply to the use of Google Pay. Google Pay is a trademark of Google Inc.

The Bankwest Halo payment ring is only available to Australian citizens and Permanent or Temporary Residents over 16 years of age with an Australian residential address. Fees and charges apply.

Fingerprint recognition is available on Android devices running Android 6 Marshmallow or later and iPhone devices running iOS 9 or later (except for the iPhone X). Fingerprint Login is not available on tablets and Windows devices.

The information contained in this article is of a general nature and is not intended to be nor should it be considered as professional advice.