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You just moved to Australia and you have a list of things you need to do. Getting a bank account should be your top priority. Choosing the right bank account can often be a challenge as there are over ten banks in Australia offering various incentives. When I’d moved to Australia five years ago as a student, I wish someone had told me banks offer monthly fees between $3-$5. You can save about $36-$60 a year and that money can be well spent of coffee, food or buying that expensive textbook for your uni!

 

What are the features and benefits of a student bank account?

As a student, you have access to a wide range of benefits and perks when it comes to having a bank account. Usually, you'll receive exclusive discounts on a ranking of banking products and it's available for full-time and part-time tertiary students who are studying at an Australian educational institution

 

NO MONTHLY FEES

One of the biggest benefits of being a student is you do not have to pay any monthly fees (depending on the type of bank you sign up with. See below)

 

ACCESS TO DEALS AND DISCOUNTS

Most banks will sometimes offer discounts off retails products or banking products. For example, the more you spend, you can earn points to save money on grocery shopping and travel.

 

ACCESS TO DEBIT CARD AND CREDIT CARDS

The perks of having a debit card linked to your student account will make spending really easy for you. Banks will also sometimes offer you a credit card with special interest rates just for students.

 

EASY BANKING 24/7

Banks in Australia will have a mobile app to help you transfer money, check balance, apply for debit/credit cards from your smartphone.

 

How do I apply for a student bank account?

There are two ways in applying for a bank account.

  1. Visiting the bank and speaking to an agent

  2. Applying online

 

Required to provide one of the following;

  • Student Identification Card
  • Public Transport Student Concession Card
  • A letter from the institution where you are studying on an official letterhead as proof that you are a full-time student.

 

Choosing a bank that doesn’t charge monthly fees:

Here are the list of banks in Australia you can sign up with and not get charged any fees. Whether you are visiting a bank in person or applying online, make sure you sign up to these accounts. Enjoy!

 

NAB CLASSIC BANKING

Benefits:

  • Free use at over 3,400 NAB and RediATMs Australia wide and $0 overdrawn fees.
  • Tap and Pay with your Android phone

 

NAB_Logo

 

 

ING DIRECT ORANGE EVERYDAY ACCOUNT

Benefits:

  • $75 cash bonus
  • No monthly fees, and you can use any ATM in Australia for free when you deposit $1,000 each month e.g your salary.

 

ingbank

 

HSBC DAY TO DAY TRANSACTION

Benefits:

  • No ATM fees at over 3,000 HSBC, Westpac, St.George, Bank of Melbourne and BankSA ATMs.

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ST GEORGE FREEDOM ACCOUNT

Benefits:

  • Free withdrawals from St.George, BoM, BankSA and Westpac ATM

 

 

BANK OF MELBOURNE COMPLETE FREEDOM

Benefits:

  • No ATM withdrawal fees at Bank of Melbourne, BankSA, St.George and Westpac ATMs in Australia.

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