Once you are accepted into university, one of the first orders of business is to open a bank account. Student bank accounts are extremely important as they allow you to efficiently manage your finances and pay your bills, and you will therefore need the best banking option available.
Factors to consider before selecting a bank account include credit card options, access to ATMs, monthly fees, interest rates on savings, customer service, hidden fees, and banking options when you are no longer a student. Acknowledging the fact that Australia has numerous established and respected banking institutions, I have done my research and selected the five best banks for your student account.
Read on for some interesting information.
1. NAB
The NAB Classic banking account is a personal account dedicated to students and their needs, and it offers unlimited banking to its customers as well as zero monthly fees. The beauty of this bank account lies in its no-fee policy, and in the fact that you will continue enjoying these zero monthly fee benefits even once you graduate.
This simple to set up bank account offers students a Visa Debit card at no extra cost, which can be used online and overseas.
Additionally, the iSaver option at NAB allows you to save extra cash using a convenient online account, which generates a competitive interest rate for you regardless of how much you deposit. This iSaver option requires no monthly or transaction fees, giving you the freedom to move around your money without restriction.
2. Westpac
On the other hand we have Westpac bank that offers a simple banking option for full-time tertiary students.
This Choice transactions account comes with a Debit MasterCard, online banking options, mobile banking options, and eStatements for convenient banking. When it comes to banking offers, Westpac Choice has zero monthly service fees, zero transaction fees, 3000 ATMs in Australia, recurring payment options, and a simple mobile banking app.
However, unlike the NAB Classic banking option, Westpac choice will not offer a seamless student-to-graduate bank transfer. You may need to open a separate account or pay additional fees once you stop being a full-time tertiary student. Additionally, the Westpac Choice account is for transactions, and it therefore does not having any saving options.
3. Commonwealth bank
Commonwealth bank offers Student Options for part-time and full-time tertiary students, which gives students the opportunity to benefit from special discounts on a variety of banking products.
The fees and rates open to students who have an Everyday Account courtesy of Students Options include zero monthly fees, zero annual fees for your student credit card, zero establishment fees on personal loans, zero issue fees on your Travel Money card, and 3% off on regular variable rates for personal overdrafts.
As an account holder you also have the chance to make use of a CommBank app, which allows you to conveniently access your money from anywhere. Additionally, the Commonwealth bank is currently running a $10,000 competition for students who open an Everyday Account.
However, similar to Westpac Choice, you will begin incurring fees once you stop being a student. Additionally because this is a transaction account you will need to link to a Commonwealth savings account such as Youth Saver or NetBank Saver.
4. ANZ bank
The ANZ bank account for students offers simple banking options, with an Access Advantage bank account that caters to full time students. This account has several advantages, including an Access Visa Debit card, unlimited transactions, a goMoney mobile app, zero withdrawal fees, zero minimum balance, and zero monthly account fees.
Furthermore, international students can easily open an Access Advantage account from their home country, making for convenient banking. When it comes to saving, the connected ANZ Online Saver account offers a flexible saving account which can be accessed online at any time of day, with reasonable interest rates that will allow you to grow your money.
5) UBank
The online bank UBank is a division of NAB, and it functions as a savings account with no fees and high-interest capabilities.
This USave account advertises itself as one that provides flexibility for money transfers, convenience in transferring funds to any Australian account, online tools for tracking your savings, and an Automatic Savings Plan that makes your saving easier.
With a current variable base rate of 2.17$ p.a, UBank offers great opportunities for all students who want to save. Unfortunately, you will also need to open a transactions account for everyday use.
Final Verdict
There you have it, the 5 best student banking options. But let me go one step further and give you my personal opinion of the best two banks. The NAB Classic banking account and the ANZ Access Advantage account are the best of the best and will offer you unrivalled flexibility in transactions and savings without requiring you to pay additional fees.
So what are you waiting for? Open your account today!
*Information correct as at the publication date of this article.