BankSA Complete Freedom Student Account

BankSA Complete Freedom Student Account

Maximum Variable Rate

0.00

Account Keeping Fee

0

A mobile app keeps you constantly updated on the status of the account, letting Aussie students focus on their studies.

  • Linked Visa debit cards
  • Internet and mobile banking available
  • $0 monthly fee

Product details

The Complete Freedom Student Account is available for students under 18 or enrolled in full time tertiary school. Linked to a Visa debit card you have full access to your money whenever you need it and wherever you are.

You can also use the BankSA app to keep track of your spending at all times. This makes it easy to manage your money while keeping up with your school work.

Product Name
BankSA Complete Freedom Student Account
Monthly Account Fee
$0
Debit Card Access
Visa
ATM Withdrawal Fee
$0
Interest Rate p.a.
0.00%
Details
No ATM withdrawal fee at over 3,000 BankSA, Bank of Melbourne, St.George & Westpac ATMs around Australia.
Joint Application
Yes

What are the features of the BankSA Complete Freedom Student Account?

A fully functional transaction account goes a long way towards easing financial concerns of busy students. Let’s take a look at the features:

  • Account service fee. There are no monthly service fees to worry about paying with BankSA’s student account.
  • Visa debit card. For account holders over 14, you are issued a Visa debit card that can be used to make purchases and withdrawals wherever Visa is accepted. The funds are deducted directly from the account rather than accruing a credit debt. Australians under 14 will need to apply for a Freedom debit card to access the account.
  • ATM accessibility. You will not be charged any transaction charges when making withdrawals at any BankSA, Bank of Melbourne, St.George and Westpac ATMs in Australia.
  • Cardless cash. BankSA offers a feature that allows you to withdraw from an ATM without using your card. This works with mobile banking, making it even easier to access your money.
  • Account access. In addition to ATM access you can manage your account with branch, internet, phone, and EFTPOS transactions.
  • Overseas withdrawals. If you make any withdrawals outside of Australia you will be charged $5 per transaction. The merchant may also make charges to your account when using a foreign ATM.
  • Foreign currency conversion. Any transactions made in a foreign currency will incur a 3% charge of the Australian dollar amount.
  • Mobile app. BankSA offers a free app available from Google Play and the App store. With this app you are able to access your account, check your balance and view current transactions. This can be customised to send you an SMS alert if your balance falls below a certain range or a payment has been processed. This feature costs 0.25 cents each time you take advantage of it.
  • Joint account availability. The Complete Freedom Student Account allows for up to two joint account holders.

Pros

  • Pay for $0 account fee per month.
  • Unlimited access to internet and phone banking.

Cons

  • Only applicable to students or apprentices.

How do I apply for the BankSA Complete Freedom Student Account?

If you are an Australian student and believe that the features of the BankSA Complete Freedom Student Account fit in with your spending style, you can begin an online application by clicking “Go to Site”.  There is certain eligibility requirements you will need to meet before your application can be accepted:

  • Minimum age. You must be at least 14 years old and enrolled in school, a tertiary university or in an apprentice program.
  • Residency requirements. You must be currently residing in Australia and have an Australian residential address.
  • Depository requirements. One dollar is needed in order for this account to be activated.

You will also need to be able to provide certain documentation as part of applying for the Complete Freedom Student Account including:

  • Tax file number. BankSA will ask for your tax file number (TFN) or TFN exemption code in order to apply the correct withholding tax to any interest earnings from your account.
  • Identification. Students can use one of the following as identification when applying for this account; student identification card, public transport student concession card, or a letter from your educational institution on school letterhead confirming that you are a full time student.
  • For apprentices. If you are an Australian apprentice you will need to provide a copy of a letter from your state or territory training authority that confirms your registration of your apprenticeship. This letter will need to include your registration number, training contract ID and expected completion date.

After reviewing your application and verifying your identity and student status, BankSA will email you the details of your new account. Within a few days your Visa debit card will be posted to the address you provided, and will need to be activated before you can begin making purchases and withdrawals.

 

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2 Responses to BankSA Complete Freedom Student Account

  1. Default Gravatar
    Elliot | August 19, 2016

    Hi, my son is looking to open a bank account and wants a debit card. He is 13 and a half. With the complete freedom student account it says that if under 14 he can only apply for a freedom debit card and not the visa debit card (which is fine) but then in the Q&A section it says he needs to be over 14 to apply for the account…. confused!!!! I am a bank SA business customer, I would like him to bank with you, can you shed some light onto this for me?
    Thanks

    • Staff
      May | August 19, 2016

      Hi Elliot,

      Thank you for your inquiry.

      Your son (who’s 13 years old) can actually apply for the BankSA Complete Freedom Student Account, however, he must submit his application in the store. Online application is only available to applicants who are 14 years old and over.

      Cheers,
      May

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