Welcome 

With education costs rising each year, it pays to be prepared before and during your studies. If you're an apprentice or tertiary student we're here to help you navigate through your student life journey with ease and confidence. Let's get ready, get set and get studying. 

Start thinking about your student life 

We understand how overwhelming and demanding beginning your studies for the first time can be. Not only is it a huge transition in your life, but it's also a time where important decisions need to be made. That's why we've gone to great lengths to help you navigate through your important student journey. At BOQ, we're here to help you simplify your decision-making process. 

Here are some of the benefits of banking with BOQ while you're studying: 

  • Access to competitive interest rates across a range of products, to help you find the one to suit your needs
  • Manage your account via your internet banking to keep track of your student expenses 
  • 24/7 contact centre to help you with your student banking needs  

Step 1: What students need to consider

First steps for students

Becoming a student for the first time can be an expensive venture with many challenges along the way. Once you've chosen your university degree or tafe course of choice it's time to get organised and make some serious decisions about what your next steps should be. 

Here are some key points to consider when you're a student:
  • Setting yourself a monthly budget
  • Understand what you're able to spend and what you can save
  • Consider the upfront and ongoing costs of being a student 
  • Consider how long you intend being a student for 
  • Understand the complete costing of education fees 
  • Investigate if you're eligible for financial aid programs eg. Study Assist 
  • If you'll pay your education costs upfront or accrue a HECS debt 
  • If you're working or an intern while studying ensure you manage your time carefully
  • Know what discounts and government subsidies you're entitled to as a student  

For more student savings tips check here

Step 2: Setting a student budget

Costs of studying

Once you've decided to commit to being a student it's important to keep track of what you're expecting to spend during this exciting time. Starting out by setting a monthly budget is one way to help you understand exactly what you can afford. Maybe you've just started your first job, purchased your first car or you're moving out of home. Remember, there are not only the upfront costs of being a student, but also the ongoing costs involved with studying too. When first setting your budget don't forget to also include what you plan on saving per month to help you work towards your future financial goals. 

When starting your student budget here are some important costs to consider:
Upfront costs
  • Administration/enrolment fees 
  • Books and equipment eg. laptop 
  • Rental security bond - usually the equivalent of four weeks rent should you choose to live on or off-campus 
  • Utility connection fees - usually for internet, electricity and gas
  • Obtaining a parking permit for your residential street 
  • Moving costs eg. boxes, removalists, hiring of trucks or vans
  • If the property isn't fully furnished you'll need to purchase your own furniture, in addition to towels, linen, white goods, cutlery and crockery
Ongoing costs 
  • Tuition/administration fees - should you choose to not use HECS debt as an option
  • Books and equipment 
  • Public transport 
  • Accommodation - should you choose to live on or off-campus
  • Utility bills eg. internet, electricity, gas and pay tv 
  • General maintenance eg. cleaners or gardeners 
  • Contents insurance to protect your valuables 

For a handy budget planner check here

 

Helpful hack tools for first time students

Let's get students saving faster with our budgeting tools

These calculators and tools are a great way to easily set budgets and help you work towards saving goals for your future, helping to simplify the sometimes complex process. These calculators can help you determine what you're spending and where, and how you can reach your financial goals faster while studying. 

Step 3: Opening your student bank account

Next steps for students

So now you've planned your student budget by establishing your monthly expenses, it's time to starting thinking about saving for the future. Maybe you've just started your first job allowing you to save the remainder of what you're not spending. Maybe you're planning on travelling during your studies? Either way, having your own savings account is a great way to get you motivated about watching your money grow. While you're studying you'll probably need two types of accounts; a transactions account and a savings account

Here are some tips you'll want to consider when banking as a student: 
  • You'll want to set up a transactions account for paying monthly bills, receiving your pay and also sending and receiving funds to and from your roommates/landlord 
  •  Having a transactions account when studying can also help you understand exactly where your money is being spent and also help you pay your bills on time to avoid late payment fees and charges
  • You can also set up automated payments to help you keep on top of regular monthly payments that won't alter eg. tuition or rent  
  • Opening a savings account is important not only for future investments, but also unexpected costs that can occur when you're living out of home eg. buying a new washing machine 
  • Having a savings account while studying will also help you make a regular commitment towards your future financial goals eg. travelling or buying your first car
Here are some other student banking considerations you'll also need to make: 
  • How easily are you able to access the money? 
  • What exactly is the interest rate? 
  • What are the fees associated with the account? 
  • Is there a minimum monthly deposit? 
  • Does the account offer free transactions? 

For more student savings tips check here 

Step 4: Travel on a student budget

Get going abroad as a student

Many university students often find the time to travel domestically and overseas during their extended holiday periods. Many universities and colleges also now offer flexible courses and degrees online making extended travel possible. Other students also opt to study abroad for either a semester or even a longer period of time, while others prefer to take a gap year before commencing their studies. Whatever your decision about travelling before or during study we're here to help you during your journey. 

Here are some important things to consider while travelling during study: 
  • Currency conversion rates are important to understand 
  • Call your bank and let them know about your travel plans and the dates you'll be away 
  • Ensure your passport is valid and will remain valid during the length of your overseas trip 
  • Check you've secured the correct visa for the country you're visiting 
  • Be prepared and make photocopies of your visa, passport and itinerary 
  • Make sure you're up to date with your vaccinations by visiting Department of Health 
  • Familiarise yourself before you arrive with local customs, transport, weather and culture
  • Be safety conscious and register all your travel plan via Smart Traveller before you depart 
  • Check you've got suitable travel insurance organised 
  • Understand what you can and can't eat and what food or drink you should avoid 
  • If you're taking your mobile phone be sure to alert your carrier 
  • Consider packing converters and adapters for any electronic devices you'll be bringing along 
  • A small amount of cash in the local currency which can be ordered online for a later pick up

For more first time student traveller tips check here

Step 5: Planning for your financial future 

Your credit rating

Thinking about your financial future while you're studying might not seem important today, but maintaining a healthy credit rating, will impact your ability to borrow money in the future. A healthy credit score can help us pay for various items including our rent, take a holiday, cover our general living expenses and even help us eventually purchase a car or first home. Your credit score will be a number between 0 and 1,200. This number will directly indicate how reliable you are with credit. A score in the mid-600s is fair, 700-800 is very good, and above 800 is generally considered excellent. The higher your score, the more 'credit-worthy' you are. MoneySmart have more details here for your reference. 

When selecting a credit card to begin building your credit score here are some things to consider: 

  • Know what payment options are at your disposal to ensure your payments are always made on time, every month 
  • If you borrow money you should aim to repay your loan as soon as possible as this will assist in minimising interest and fees
  • When you make purchases on your credit card log on to the app to ensure the correct amount has been charged 
  • Aim to stay on top of your bills and credit card payments as falling behind maybe result in a negative impact on your credit score 

For more credit score tips for students check here

Our popular accounts for first time students

Whether you’re saving for student travel, saving for a rainy day or budgeting for books - we're here to help you reach your financial goals. 

Everyday banking with no monthly fees

Day2Day Plus Account

The Day2Day Plus Account is the everyday bank account that frees you to live the way you want, each and every day.

  • Easily manage your daily transactions and bills through internet banking
  • Unlimited deposits, withdrawals, BOQ balance enquiries, funds transfer and BPAY transactions
  • Contactless payments and secure online purchases through Visa Debit

BONUS INTEREST VARIABLE RATE FOR BALANCES UP TO $10,000

Fast Track Starter Account

A great way to start saving if you are 14 - 24 years old

  • Earn ongoing Bonus Interest variable rate by making monthly deposits of $200 or more into your linked Day2Day Account
  • No minimum balance to start earning interest
  • No monthly account maintenance fees

Ready to get started?

We’re here to answer any questions you may have.

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Helpful hints: Student banking articles

Here are some more articles to help you out when you're starting out as a new student. 

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