Money tips

Look for jobs and internships

Getting a job can be the cash lifeline you need throughout your studies, as well as being a great way to meet new people. If you’re lucky enough to secure an internship during the break too, you could find yourself better placed to join a company on a graduate training program once you graduate.

Organise your bill payments

It’s probably the first time you’ve had to manage basic living ‘stuff’ like paying rent and bills. Getting stung by late payment fees or facing the threat of eviction because you’ve forgotten to pay your rent multiple times, can all be avoided.

Tip: Set up credit card AutoPayBPAY View AutoPay, view and update credit card regular payments, or schedule payments so your bills are paid automatically on time, every time (just make sure you have enough balance to cover the payment).

Manage your cash flow

Life on campus can get expensive if you don’t have the right plan in place. Creating a budget can help you save for the fun things you want to do both on and off campus.

Tip: Use our budget calculator to work out how much money you have to manage each month.

Grab a deal

As a student you may be eligible for student travel concessions – as much as 50% off the standard fare. Keep an eye out for other student discounts on things like cinema tickets, retail shopping and international travel.

You can also buy second hand to get the best deal. When buying things like textbooks consider trying e-books instead, or keep an eye out for second hand textbooks in book stores, book swaps and your student library.

 Tip: Sign up to Student Options for access to exclusive banking discounts.

Woman studying

Which product is right for you?

Everyday Account Smart Access 

Bank

Our Everyday Account has no monthly account fees while you’re under 25, but if you’re a student once you turn 25 we’ll still waive the fee if you meet certain criteria1

  • Access to the CommBank app, Australia’s #1 banking app2
  • Pay for things online and in-store with your Debit Mastercard
  • Add your Debit Mastercard to your phone or wearable

Savings account

Save

Putting money away into a savings account helps stop the temptation to spend it. But you can still get quick access to your savings with the CommBank app if you need it. Plus, you can make the most of:

  • No monthly account fees
  • Competitive interest rates
  • Bonus interest

CommBank Essentials credit card

Shop

A credit card with a lower limit and lower rate on purchases could help you cover the necessities when money’s a little tight. Learn how to make your credit card work for you:

  • Set up an automatic payment (AutoPay) for your full balance, a set amount, or the minimum amount due
  • A Spending Cap3 can help you manage your spending without permanently decreasing your limit
  • Lock, Block, Limit® your card4 for extra control and security, in real-time using the CommBank app or NetBank
  • Use SurePay5 to break down a large purchase or your balance into fixed monthly instalments over a set term

Travel Money Card

Travel

A pre-paid Travel Money Card for your overseas trip so you’re ready to spend when you arrive.

  • Extra card security
  • Pay for things online, in-store or over the phone
  • Opt-in to receive alerts when your balance is low

Things you should know

A monthly account fee waiver applies if you’re under 25 years of age, or over 25 and deposit at least $2,000 each calendar month (excludes Bank initiated transactions), or you’re a full-time or part-time tertiary student at an Australian educational institution or undertaking an Australian Apprenticeship on Student Options (you will need to bring your Student ID into branch to register for Student Options). You may also be eligible for a different monthly account fee exemption if you have an aged disability or war veterans pension deposited in your account, have a balance of $50,000 or more in eligible contributing accounts, are reliant on over the counter services because of a disability or have an eligible home loan.

2 The Forrester Banking WaveTM: Australian Mobile Apps, Q2 2019.  Commonwealth Bank of Australia received the highest Industry WaveTM overall score among Mobile Apps in Australia in Forrester's proprietary Industry WaveTM evaluation. Forrester Research does not endorse any company included in any Industry WaveTM report.

3 Note that some types of transactions made via CommBank branches, telephone, online or mobile banking such as transfers to other accounts, bill payments, assisted cash withdrawals and transactions flagged as recurring (for example, direct debits) or that are not sent to us for authorisation won't be declined. For full terms and conditions of the spending cap, visit NetBank or the CommBank app. Other conditions apply.

4 Lock, Block, Limit does not apply to transactions that are flagged as recurring (e.g. direct debits) and transactions not sent to us for authorisation. Except for the spending cap, transactions made via Tap & Pay set up on a compatible smartphone or via a PayTag are not blocked. Some transactions made via CommBank branches, telephone, online or mobile banking, including transfers to other accounts, bill payments, and assisted cash withdrawals are also excluded. Other conditions apply. Please see CommBank app or NetBank for full terms and conditions. Apple and the Apple logo are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc. Android and Google Play are trademarks of Google Inc. Mastercard and the Mastercard brand mark are registered trademarks of Mastercard International Incorporated.

5 You won't be able to apply for an instalment plan if you don't meet our criteria (e.g. if you have exceeded your limit or if you are in default).  Instalment plans are not available on non-Awards Business Cards, corporate cards or balance transfers or Great Rate transactions.  

The terms of the Credit Card Conditions of Use relating to instalment plans (section 5) will apply.

While you have an instalment plan, we apply your credit card payments first to your current monthly instalments. This will apply even when you have other card balances with a higher interest rate, such as cash advances and purchases not on a plan.

Any interest-free period on purchases will no longer apply once the purchase is put on a plan.

You can cancel your instalment plan at any time. When a cancellation is processed, the outstanding instalment balance will be transferred to your purchases balance (or cash advance balance for cancelled cash advance plans) and accrue interest from the transfer date at the standard purchase or cash interest rate applicable on your account.

If you miss a monthly payment your plan won’t be cancelled and you can continue to make any remaining monthly payments due up to the end of your chosen term. However, if you miss an instalment payment, the unpaid amount will be transferred to your purchases balance (or cash advances balance if the instalment plan was a cash advance plan). It will then accrue interest at the purchases (or cash advance) rate.

Applications for credit cards are subject to credit approval. Full terms and conditions will be included in our Letter of Offer. Bank fees and charges apply. Please read our CommBank Credit Card Conditions of Use.

Full terms and conditions of the CommBank app are available on the app. The CommBank app is free to download however your mobile network provider charges you for accessing data on your phone. Find out about the minimum operating system requirements on the CommBank app page. NetBank access with NetCode SMS is required.

The advice on this website has been prepared without considering your objectives, financial situation or needs. Because of that, you should, before acting on the advice, consider its appropriateness to your circumstances. Please view our Financial Services Guide. Full terms and conditions for the transaction and savings accounts mentioned and Electronic Banking are available here or from any branch of the Commonwealth Bank.

Commonwealth Bank of Australia ABN 48 123 123 124 and Australian credit licence 234945.