What’s the best student bank account in Australia?
Here are a bunch of bank accounts that are ideal for students, with no account keeping fees and cashback offers.
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How we picked these
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We assess multiple product features for transaction accounts from over 100 providers and assign each product a score out of 10.
Key takeaways
- A lot of bank accounts will waive the monthly account fee (if there is one) for full time students or customers under 21.
- Some bank accounts even offer cashback on your spending.
- You can open a bank account as an international student as long as you're currently living in Australia.
What is a student bank account?
There aren't many bank accounts these days that are specifically designed for students. Instead, students can open any regular personal bank account, provided they meet the eligibility criteria.
Some bank accounts do offer a few extra benefits for students, for example discounts at partnering brands and waived
account fees.
- Best student bank account: Macquarie Bank Transaction Account
How to compare student bank accounts
Look for the following features when you're choosing the right bank account as a student.
No 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.
No 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 or has a large ATM network of its own to use.
No international transaction fees
If you travel often (this could be the case if you're an international student) or you 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.
Various 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.
Easy 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? Some accounts will offer special benefits for full-time students, like discounts at partnering brands. These aren't mandatory when choosing an account, but they're definitely nice to have.
How do I apply for a student bank account?
You'll need the following forms of ID:
- 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.
Frequently asked questions
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Need a student CCOUNT AXXOUNT WITH CREDIT CARD
Hi Michelle,
Bank accounts don’t come with credit cards. They usually come with a debit card. The difference is a debit card lets you spend money in the account while a credit card lets you borrow money and pay it back.
You can apply for a credit card separately, with the same bank or a different one. You will need proof of income and the bank will check your credit history, so it’s a bit harder to get than a bank account with debit card.