Before applying for a student bank account, there are several factors to consider. Take into account things like credit card option, monthly fees, access to ATMs, saving interest rates, hidden fees, customer service, and banking options when leaving school. Australian banks are many, hence the reason why one needs to make a research on the best option. Below is a list of the top banks in Australia that offer student bank accounts.
NAB offers a NAB classic account that is a personal account that is dedicated to students. It provides its customers with unlimited banking at zero monthly fees. With a student account at NAB bank, you enjoy a no-fee policy, and you will continue enjoying the zero monthly fee benefits even when you stop being a student.
Generally, with the NAB Classic Banking, you will have access to the following:
- No monthly accounts service fee
- Access to national NAB branch network
- No overdrawn fees
- An identified banker who assists you before your arrival
- Unlimited access to NAB Branches, Visa Debit, EFTPOS, the Internet and Mobile banking, and free to download Smartphone applications
- ATM access in eight different languages
The student bank account set up is simple, and it offers the students with a Visa Debit Card at no extra pay which can be used overseas, and online. The bank also offers the iSaver account that is attached to the NAB Classic account.
This option allows you to save extra money via a convenient online account. This generates a competitive interest rate regardless of the amount of cash you deposit. The iSaver also doesn’t require a monthly transaction fee, allowing you to transfer your money without any limitations.
The NAB bank is a good option for students as it offers the no-fee policy as well as gives the student the chance to enjoy using this feature even after they have graduated. The bank also offers the BPAY feature that allows you to pay bills including electricity, telephone, and gas over the phone or the internet.
The Westpac bank offers a simple banking option to full-time university students. It has the Choice Transactions Account that comes with the choices of online banking, Debit MasterCard, mobile banking, and eStatements.
The Westpac Choice account offers a zero monthly service fee, 3000 ATMs in Australia, zero transaction fees, recurring payment options, and a mobile banking option that is simple.
The only drawback with the Westpac Choice is that they do not offer you with the continued student-to-graduate bank transfer. You may be needed to open a separate account or pay extra fees once you graduate.
The account is also for making transfers and doesn’t provide the saving options. Opening a Westpac Choice account gets you a one-year Student discount card that saves you $30.
The card also gives you access to several discounts locally and in over 133 countries. You get discounts on restaurants, hostels, museums, travel, among others.
The Commbank (or CBA), founded under the Commonwealth Bank Act in 1911 and commenced operations in 1912, offers both savings and general banking business.
With the bank, a student can benefit from discounts on several investment products. With a Students Options students can enjoy zero monthly fees, zero establishment fees, zero annual fees on the student credit cards, a zero-issue fee on the Travel Money card, and 3% off regular variable rates for any personal overdrafts.
You will also benefit from using the CommBank app which allows you to access your money from anywhere. However, you will start incurring other costs once you graduate. This also means that you will need a link to a bank’s savings account such as NetBank Saver, or Youth Saver.
Of the many country’s banks, the CBA bank is a good choice for students as it offers them with numerous discounts.
This is an online bank that is a division of NAB. The Ubank is a savings account with a high-interest capability and no fees. It has Usaver account that provides flexibility in money transfers, convenient money transfers to an Australian account, an automatic savings plan, and online saving tracking tool.
The bank has a variable rate of 2.17 dollars p.a, offering a great opportunity to students wishing to save. The drawback with Ubank is that you will need to open a transaction account for your everyday use.
The ANZ is one of the country’s banks that offers a student account that has simple banking options. It has an Access Advantage Bank Account that caters to full-time students.
The account has numerous advantages:
- Access Visa Debit Card
- Unlimited transactions
- Zero withdrawal fees
- goMoney mobile app
- Zero minimum balance and
- Zero monthly account fees.
Additionally, international students can quickly open the Access Advantage account from their home country. It has an ANZ Online Saver account that offers a flexible saving account that is easily accessible. The bank offers students with reasonable interest rates allowing your money to grow.
The above mentioned are the top Australian banks that offer the best banking services for students.