Key takeaways
- Want no fees, foreign currencies or overdrafts? There's a student bank account for that
- Some student accounts offer cashback on your spending
- You can open a student bank account as an international student as long as you're currently living in Australia
What's the best student bank account?
The best student bank account will depend on how you're looking to use the account and the features that are most important to you. Here are a few options.
Best no fee student bank account
Why we like these accounts for students:
- The Suncorp account has no monthly account fees, no international transaction fees and no ATM fees when using Suncorp or Big 4 bank ATMs.
- The ING account has no monthly account fees, no international transaction fees and will rebate all Australian ATM fees (when account conditions are met).
Best student bank account for travelling
Why we like these accounts for students:
- The HSBC Everyday Global Account allows you to hold up to 10 different currencies at once.
- Both of these accounts charge no international transaction fees.
- Both accounts charge no international ATM fees (although the ATM operator may charge its own fee).
Best bank account for international students
Why we like this account for students:
- You can hold up to 10 currencies, which allows you to hold your local home currency to use when you're back home as well as AUD.
How to compare student bank accounts
Consider the following features when you're choosing the right student bank account for you.
Account keeping fees
Look for an account with no monthly account keeping fee. Or, if there is an account keeping fee, sometimes this will be waived for students.
ATM fees
You can use most Australian debit cards to withdraw cash at a big 4 bank ATM (Westpac, ANZ, NAB or CommBank) without being charged a fee by the ATM operator. However, check what the ATM fee is when you use an ATM outside of these. If you use ATMs a lot, it's probably best to look for an account that rebates all ATM fees.
International transaction fees
If you travel often or regularly shop online from international retailers, choosing an account with no international transaction fees will save you a lot of money. These fees can be as much as 3% or 4% of the transaction value, every time. So it's worth looking for an account that doesn't charge these.
Savings interest rate
Bank accounts don't often offer any interest on your balance. If you want to earn some interest on your cash, look at what rate is offered with the bank's linked savings account.
Payment options
Check the account offers the payment options you use the most, such as cardless cash, BPAY, tap-and-pay, Google Pay, Apple Pay or PayID.
Account access
Make sure the account offers a mobile banking app as well as internet banking. An app allows you to instantly access your account anywhere, anytime and monitor your transactions in real time.
Extra perks
Does the account offer any extra perks, such as a cash back offer or the ability to collect points? These aren't mandatory when choosing an account, but they're definitely nice to have.
More student banking products
Student debit cards
A student debit card allows you to easily access the money in your bank account. You can swipe it (or tap!) for payment in shops, restaurants, online transactions, link it to your PayPal account, or withdraw money directly from a ATM machines. Unlike a credit card you can only spend what's available in your account, and you don't need any form of credit history to get one.
International student bank accounts
Are you planning on studying in Australia? Most banks require you to be in Australia and have an Australian residential address before you apply. However, there are banks that let you apply online before you're here.
Student credit cards
A student credit card lets you buy what you need now and pay it off later when you're studying at university or TAFE. It can also help you build up a good credit history. There are no "student specific" credit cards in Australia, but cards that are best for students typically have low rates fees.
Student loans
A personal loan can help you pay for large expenses or big ticket items while you're studying, such as a laptop or car. As a student you may have more flexible eligibility criteria, however this may also come with a smaller borrowing amount and stricter loan terms.
Money saving tips
Every penny counts when you're a student! If you need some help finding easy ways to save, here are 50 money-saving tips to give you some inspiration.
How do I apply for a student bank account?
You'll need to supply the following forms of ID to open a new bank account as a student:
- Australian residential address and phone number
- Australian Tax file Number (or Tax Exemption)
- Two forms of ID (either a Medicare card, Passport, Australian driver's license or proof of age card)
Different accounts will have different age requirements. Some will allow you to open an account online in your name while you're under 18, others will require you to be 18 or older. If you're under 18, you may be able to open the account with your parent or guardian as the official account signatory.
Here's how to open a new bank account online in 5 steps:
- Apply online. Once you've chosen an account, click "Go to site" to complete the online application.
- Verify your identity. Once the bank has verified your identity with the ID listed above, your account will be opened instantly.
- Fund your account. Transfer some money into your new bank account from another account or deposit cash into the account via a bank branch, ATM or Post Office. You'll soon receive your debit card in the mail.
Frequently asked questions
More guides on Finder
-
Compare transaction accounts to save on ATM and service fees
When you choose a transaction account that has modernised features, you are keeping your money secure yet still in the palm of your hand.
-
PayID: What it is and how can I set one up?
PayID allows you to transfer money in real-time without entering your recipients BSB and account number. Read this guide to learn about the benefits of PayID and how to set it up.
-
Banks with PayID and Osko payments
Does your bank offer real-time payments using Osko and PayID? Find out below.
-
How to transfer money to another bank account
This handy step-by-step guide explains how to transfer money from one Australian bank account to another as quickly as possible.
-
How to open a trust account
Want to open a trust account to provide for your child or grandchild’s financial future? Here’s what you need to know.
-
What happens to my bank account if I die?
What happens to a bank account after someone in Australia dies depends on what their will states. If the person didn't have a will, the money will often go to the next of kin. Here's how it works.
-
9 reasons your debit card may have declined
Debit card declined? Here are 9 of the most common reasons for your debit card declining and how to fix it.
-
New bank account sign up bonuses & offers
Now is the best time to start looking at the new bank account offers and promotions available. There is fierce competition between banks for your business so you should take advantage of this opportunity and get yourself a deal.
-
Cardless cash: How to use cardless cash and which banks offer it
Want to withdraw cash without your card? Learn what cardless cash options are offered with NAB, ANZ, Westpac and CBA.
-
Compare debit cards
When used wisely, a debit card provides you with great flexibility when it comes to handling your everyday financial needs.
Ask a question