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How to actually stick to a savings goal
"I'll start saving next payday."
Sound familiar?
For many of us, the hardest part isn't opening a savings account. It's turning saving into a habit that actually lasts.
Between rent, groceries, petrol and trying to have a social life, it can feel like there's never quite enough left over.
At Bank First, we've been supporting teachers, nurses and their families for more than 50 years. One thing we've learnt is that people who build lasting savings habits don't usually start with big amounts.
They start with a plan that's realistic enough to stick with.
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.
Helpful things your bank can do
Making things clear: You should understand what you're signing up for, what you're paying and what you need to do to earn interest.
Giving you a fair deal: Look beyond the headline rate. Check the fees, conditions and what the account actually lets you do.
Keeping your money safer: Look for security features that help protect your accounts, along with information and support to help you recognise scams and fraud.
Real people to talk to: At Bank First, our team is available during our contact hours to answer questions and help with your banking.
Working with real life: Some months you're saving. Other months, life happens. Your banking should work around your life, not the other way around.
Banking for whatever comes next
Your first savings account. Your first full-time job. A holiday. A car. A home. A family. Or something you haven't even thought of yet.
Bank First was founded by 48 teachers in 1972 who believed banking could do more for the people and communities it serves. That belief continues today.
We're customer-owned, which means we're here for our Members. We listen, we help make banking easier to understand and we want you to feel confident about the decisions you're making with your money.
Your life will change. Your goals will change. And what you need from your bank will probably change too. Whatever stage of life you're at, we're here for it.
Automate your savings
The less you have to think about it, the easier it becomes.
Give your savings a purpose
Whether it's your first home, a holiday or an emergency fund, knowing what you're working towards helps keep you motivated.
Celebrate the small wins
Your first $100 saved deserves just as much recognition as your first $1,000. Every milestone is proof you're building a habit that lasts.
Just getting started?
Meet your new fave savings account.
Strong Start Saver is for 15- to 35-year-olds, with no monthly savings conditions and $0 monthly account keeping fees. So you can save when you can, access your money when you need it and keep earning your rate on eligible balances.
¹ Interest is calculated daily. Interest rates are per annum and are subject to change without notice. For full product information, including the Terms and Conditions and Target Market Determination, visit the Strong Start Saver page.
Aged 15 to 35? Strong Start Saver is built for you.
No monthly saving conditions. No monthly account keeping fees. Access your money when you need it and keep earning your variable interest rate.
This information is general advice of an education nature only and does not consider your objectives, financial situation or needs. Credit applications are subject to approval. Terms and conditions, credit criteria, fees and charges apply. You should first consider the appropriateness of this information and refer to the Terms and Conditions, relevant Target Market Determination, or the relevant Product Disclosure Statement (PDS) before acquiring any product. These documents are available at our branches or by contacting us on 1300 654 822. Disclosure Documents | Bank First