Compare student bank accounts

A student bank account is a transaction account that has been specifically designed for students who are currently studying.

Student bank accounts can help you whilst you are completing your studies, as they tend to have certain benefits including:

• Low or no account keeping fees
• Low or no ATM fees
• Digital banking features
• Discounts on banking products

How is a student bank account different than other bank accounts?

Student bank accounts are designed with students in mind. While they can vary from bank to bank, student accounts usually have lower fees than your average bank account. This might mean they slash the monthly fee to make it more affordable for students. Banks may also offer benefits or discounts for students.

These benefits can differ greatly, but they’re typically linked with bank products. You may have access to a $0 annual fee credit card or get a student card to get discounts on other products from partner companies or other financial products offered by your bank.

Typically, student bank accounts function in the same way that normal accounts do. This means that you can still make cash withdrawals, make everyday purchases and deposit funds.

If you’re a student who wants to open a bank account, it’s not required that you open one that’s specifically for students. However, if you choose to open a bank account that is not designed for students, you may end up paying fees that student accounts typically avoid.

Most student bank accounts prioritise affordability, to help you manage your finances while you complete your studies. As such, you’ll find many student accounts cancel the monthly fee and other bank fees like ATM fees, but not all student bank accounts are fee free.

What fees are charged?

The first thing to consider as a student is the fees associated with a student bank account.

• Are you happy to pay a monthly fee? If not, you can avoid student accounts that require monthly payments.
• Do you withdraw cash often from different locations? If so, you might consider looking for a student account with minimal or no ATM fees.
• Do you purchase products from overseas retailers? If you travel overseas often or are an online shopping aficionado, you will want to look at whether your bank account offers no foreign transaction fees. 

What benefits are offered?

When you’re looking for a student bank account, there are things you should consider other than the fees they charge, like the benefits offered.

These benefits might include;

• Student discount offers
• Fee-free credit cards
• Fee-free loan offers
• Free financial planning and advice

What happens when you stop studying?

If you plan on keeping your student account even after you stop studying, it might be beneficial to speak with your bank about what happens next.

• How the account will transition from a student bank account to an everyday transaction account?
• Will you be charged fees as soon as you stop studying?
• Do you have an obligation to inform the bank of when you stop studying to transition the account manually?

It’s possible certain fees will be added, or you bank may require you to open a new non-student bank account. Be sure to take this into consideration when making your decision.

Many lenders offer student bank accounts, and the process is very similar to that of opening a regular bank account.

If you already use a bank, you may choose to open a student account by calling them directly, or by applying online. However, if you find that you want to open a student bank account with a different bank, you will need to look at their process for application.

After you’ve chosen the student account for you, you will need to start the application process with the bank. This process will collect your details and verify your identity before opening your account. While the application may sometimes be completed online, you may need to visit a bank branch to apply.

Do I have to prove that I’m a student to open a student bank account?

Proof of study and identity documentation required to open a student account may vary from bank to bank.

Typically, your bank will require the following documents:

• Proof of study: Student card or other document to prove your studies
• Identity documents: these can include documents such as a passport or driver's license
• Physical proof of address: you may need to prove your address by providing documents like utility bills

Every bank may have a different application process and require different documents, so be sure to check with the bank what documentation they need before you apply.