$0 MONTHLY ACCOUNT FEES
All trainees and apprentices can get an Everyday Account with free electronic transactions and no monthly account or withdrawal fees*. If you're 21 or over, just pop into a local branch and show your student ID.
Whether you’re training, an apprentice or working full-time, you want to make every dollar count. Here are some simple ways to help you sort out your finances and enjoy more from your hard earned cash.
Set up the basics
Our Everyday Account offers free electronic transactions and no monthly account or withdrawal fees* while you’re studying. And even after you’ve finished training, you can still avoid fees if you get your pay deposited into your account. To avoid monthly fees you’ll just need to deposit $1,000 a month if you’re under 25, or $2,000 if you’re over 25.
We have templates ready to give to your employer for salary credits. Visit our Switching Service to see how easy it is to transfer direct debits to a new account.
Choosing between hands-on training and university is a big decision - probably one of the biggest you’ll make. So it’s important to know what you can expect from either choice. Here are some things to consider:
It’s heaps hands-on
Many university courses include work placements or internships, but as a trainee or apprentice you’ll generally get a more hands-on, practical experience, learning as you go.
Whatever career you choose, you’re going to need the right equipment to get started (and keep going). ‘Tools of the trade’ isn’t a saying for nothing, and they can be expensive.
Tools For Your Trade payments
To help you get set up, the Australian Government offers ‘Tools For Your Trade’ payments. These are five tax-exempt cash payments totalling up to $5,500 over the life of your apprenticeship. The payments are designed to help you with the purchase of tools, costs of training and other costs that come with being an apprentice.
As soon as you start working and earning money, tax and super appear on the scene. Both can be a bit mystifying but we’re here to help make sense of both.
Who or what is a TFN?
Wherever you see ‘TFN’ it’s referring to your Tax File Number, which is issued by the Australian Taxation Office. It’s their way of keeping track of your tax records.
- Important information
*Excludes non-Commonwealth Bank ATMs, overseas ATMs, EFTPOS transactions overseas or involving currency conversion, third party payments within a payment group, international money transfers and separate services such as bank cheques, periodic payments and transfers/deposits to other banks.
As this advice has been prepared without considering your objectives, financial situation or needs, you should, before acting on the advice, consider its appropriateness to your circumstances.
blog comments powered by