Income Bank for students explained

7 April 2021

Learn how your Income Bank helps you keep more of your student payment while you’re working.

When you get a student payment, the amount you earn can affect how much we pay you. We normally start reducing your payment when you earn over $437 before tax a fortnight.

However, your Income Bank can help you keep more of your payment when this happens. For example, when you work more during the semester breaks.

Who has one

You have an Income Bank if you get any of the following:

How does it work

If you earn less than $437 a fortnight, we’ll add the difference between $437 and your income to your credit balance. For example, if you earn $350 in a fortnight, you’ll get 87 credits in your Income Bank. If you don’t earn any income in a fortnight, you’ll get 437 credits in your Income Bank.

If you earn over $437 in a fortnight, we’ll reduce your Income Bank balance before reducing your payment. For example, if you earn $490 in a fortnight, we’ll take 53 credits from your Income Bank.

Keep in mind, there are limits on the amount of credits you can have. These are either:

  • 10,900 if you’re a student
  • 1,000 if you’re an Australian Apprentice.

Once you reach these maximum amounts, you’ll stop getting more credits.

If you’re moving to a different payment because you’ve stopped studying or training, you may be able to transfer your credits. Read more about how to manage your credits.

How to check your credit balance

You can check your Income Bank balance from your device, using the Express Plus Centrelink mobile app. Select Profile at the bottom of the screen, then Financial details.

If you prefer to do your business with us through myGov, go to the menu in your Centrelink online account. Select Payments and Claims, followed by Manage payments, then My payments.

Where to learn more

Read more:

Page last updated: 7 April 2021