Compare bank accounts for students and young adults

There's a range of cheap and simple banking solutions available for domestic and international students, so you can focus on studying.

As a student, you have access to a wide range of benefits and perks with your bank account, such as exclusive discounts and additional rewards on a range of banking products. These advantages are for full-time and part-time tertiary students who are studying at an Australian educational institution or undertaking an apprenticeship.

So why are student bank accounts so great? Students get to enjoy a range of exclusive discounts such as $0 monthly fees on bank accounts, $0 annual fee on student credit cards and other benefits.

Student Bank Account Offer

NAB Classic Banking

Student Bank Account Offer

Enjoy convenient, unlimited access to your money. $0 monthly account fee. Tap and pay with your NAB Visa Debit card, NAB Pay for Android or NAB PayTag for iPhone. Temporarily block your card at the touch of a button if you lose it.

  • Account keeping fee: $0.00
  • Linked debit card: Visa
  • ATM withdrawal fee: $0.00
  • Overseas EFTPOS fee: 3%
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Banks that offer student bank accounts

Rates last updated October 21st, 2018
Name Product Debit Card Access ATM Withdrawal Fee Fee Free Deposit p.m. Monthly Account Fee Product Description
NAB Classic Banking
Enjoy a $0 monthly fee and tap and pay with your NAB Visa Debit card, NAB Pay for Android or NAB PayTag for iPhone. Temporarily block your card at the touch of a button if you lose it.
HSBC Everyday Global Account
$0 monthly fee with no minimum ongoing balance or transaction requirements and the flexibility to hold up to 10 currencies. Apple Pay and Google Pay available.
ING Orange Everyday Account
A suitable option for students aged 18 or over. You'll pay no monthly fees with your Orange Everyday account. ING will also rebate your Australian and international ATM fees if you're able to meet certain deposit and spending conditions. Click 'Go to site' to find out more.
HSBC Day to Day Transaction Account
$0 monthly account fee. Through your linked Visa debit card, you can access exclusive shopping, travel and restaurant deals here and abroad through HSBC's home&Away Privilege Program.

Compare up to 4 providers featured student bank accounts

Product nameBenefits for students
Bendigo Bank Student Account$0 monthly fees for full-time tertiary students (including apprentices). If you're over 18, you need to provide proof of ongoing enrolment by 14 April every year
St.George Complete Freedom Account $0 monthly fees for under 21s and full-time tertiary students (including apprentices)
CommBank Everyday Account Smart Access (student option)$0 Monthly fees if you visit a branch within 12 months and show your current student ID
Westpac Choice for full-time tertiary students$0 monthly fees for full-time tertiary students if you visit a branch and show your current student ID
P&N Student Account$0 monthly fees for secondary and tertiary students aged 16 to 25.

What are the fees associated with student bank accounts?

Typically the fees you'll need to look out for are the unconventional fees, such as overseas fees and overdrawn fees. Your student bank account shouldn't come with any monthly fees, and should also give you an unlimited number of transactions, whether they are done online, via phone or in a branch.

In some cases, there may be limits on the number of ATM transactions which can be made per month so you should ensure the permitted number of ATM transactions suits your banking habits. Consider the other features as well, such as the interest rate, Bank@Post facilities, cheque accounts, debit cards, overseas ATMs, overdraw charges and so on.

Overdrawn charges

If your student bank account runs out of cash, you can expect to pay a fee. To avoid this you may be able to request an account with no overdraw facility so that you can't accidentally empty and get stuck with fees.

International transaction fees

If you're travelling or going overseas, using your debit card might incur international transaction fees and foreign ATM fees. These can add up, so before travelling you might want to look into debit cards with low foreign transaction fees.

Overseas or foreign ATM fees

These are fees charged to your account when you use an ATM that's outside your bank's network. within your bank's network. To avoid this you might want to look for the banks with the widest ATM networks.

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

No monthly fees

One of the biggest benefits of having a student bank account is that you get to avoid monthly fees, and won't have money trickling out of your account.

Student perks

Many banks offer student perks, such as retail discounts on a number of different brands, or discounts for related financial products. This is usually available for full time or part time tertiary students, as well as student undertaking an apprenticeship.


If you are hesitating signing up with a particular bank because of it's lack of branches, Australia Post now offers a wide range of banking service for most of the big banks and financial organisations. So, you can deposit cheques, pay bills and do a variety of other transactions using Bank@Post.

Linked Visa or Mastercard debit card

A debit card is used with ATMs and for EFTPOS transactions and should be a standard part of any transaction account package. Most student bank accounts feature a free linked debit card, to make spending easier for you.

Easy banking 24/7

With online banking you'll get unlimited 24/7 access and save time by setting up recurring payments to pay bills or to set up a savings plan.

Unlimited transactions

How are you supposed to live the student life if you have restrictions on your withdrawals? Most banks will offer unlimited electronic transactions, as well as unlimited ATM usage at ATMs within their network. See our guide on who has the biggest ATM network.

Competitive credit card terms

As a student, you are eligible for a student credit card. This type of card delivers advantages with students in mind, such as customisable spending limits and minimal fees.

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What's the best student bank account to use overseas?

In terms of overseas ATMs, a popular option to avoid paying international ATM fees is the Citibank Plus everyday account. This could be a suitable account for overseas travel for the fee conscious. For most of the popular student bank accounts, withdrawing money from an overseas ATM doesn't come cheap, carrying foreign transaction fees of 2-5% and an international ATM withdrawal fee which is typically anywhere from $3 to $15. The Citibank Plus account waives both of these, making it an option to consider for students who shop online at outlets which don't accept Australian dollars.

Do you have a high transaction volume?

You need a bank account with flexible payment options and an unlimited number of free transactions if you have to make a large number of payments every month. The NAB Classic Banking account offers just that. It also comes with BPAY and PostBill payment features at no cost, which will definitely prove helpful when it's time to pay those bills.

Another option is the Commonwealth Bank Everyday account. It doesn't require a minimum balance nor are there any monthly deposit limitations. Even better, you get a complimentary Mastercard debit card with PayWave technology.

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How do I apply for a student bank account?

When applying online, you need to be at least 18 years old and a permanent resident of Australia. You also must have an Australian residential address. You also need to provide an email address, preferably your primary one, so the bank can send you alerts and maintain contact with you regarding how your application is progressing.

Most banks allow you to apply online for an account. All you have to do is compare your options and then select the account you want, fill out the form with your personal information, check your application and submit it. You will get the details of your new account and then you will have to go through the identification process.

Your guide to choosing and applying for the right bank account

You will also have to provide your Tax File Number or Tax Exemption. While the latter is optional and can be forwarded to the bank at a later date, if you don't give it to them as soon as possible, they might deduct tax from the interest you earn on the money in your account at the highest marginal rate.

Note that if you want a joint account, in other words an account that belongs to two people, you will both have to apply online at the same time.

Once your application has been submitted, you will receive the new account number and BSB immediately, which means you can start making deposits as soon as you like into the new account. However, note that you will only receive full access to the account once all the account holders have gone through the identification process.

Once you've submitted your application, you will receive instructions regarding the identification process as banks have different requirements in terms of what they will accept as proof of ID.

As a student, you will also have to show at least one of the following, if not more:

  • 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.

What about student savings accounts?

Student transaction accounts aren't generally known for earning interest, and many have rates of 0.01% on the monthly balance of your account or offer no interest at all. To earn more interest, you'll generally need a savings account. These can be linked to your transaction account, so you can earn interest as well as enjoy the benefits of an everyday transaction account for students.

What is the difference between student saving accounts and bank savings accounts?

The biggest difference between a student savings account and a standard online savings account can be the interest rate earned. A standard savings account generally features a higher rate than a student account, although there are exceptions to this. Take the ING DIRECT Savings Maximiser account that comes with an interest rate of 2.80% compared to Commonwealth Bank's NetBank Saver account at 2.51%. Considering that the latter is the student account with one of the highest interest rates available on the market today, the difference is noticeable.

There are also other restrictions and conditions that pertain to student savings accounts. In some cases, there are age limitations as in the student must be younger than 21 or restrictions such as the customer must be a full-time tertiary student.

The best way to compare savings accounts to find the best option for your particular circumstances is to use a financial comparison website like Make sure that you read all the terms and conditions, including the fine print, when conducting the comparison.

Savings Account Offers

Important Information*
RaboDirect High Interest Savings Account

Maximum Variable Rate


Standard Variable Rate

Citibank Online Saver

Maximum Variable Rate


Standard Variable Rate

AMP Saver Account

Maximum Variable Rate


Standard Variable Rate

HSBC Serious Saver

Maximum Variable Rate


Standard Variable Rate


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