Money Hack: Pay no bank account fees if you’re under 21
If you're under 21 years old or studying full time, don't waste your money on account-keeping fees.
I think we can all agree paying account-keeping fees on your bank account is the worst. Having to pay a financial institution up to $6 a month for the pleasure of holding your hard-earned cash just doesn't seem fair. After all, the banks benefit from holding your cash as they can use it for investments or to lend to other customers (for which they profit from charging a hefty interest rate on that loan, of course).
This is especially true for younger Australians and those studying full time who typically have less money to burn as it is. However, despite having typically smaller bank balances, there aren't a huge number of bank accounts on offer that are designed for students. In fact, St.George Group just last week stopped offering its Complete Freedom Student Account across its St.George, Bank SA and Bank of Melbourne brands.
But all is not lost!
The hack
Yes, St.George Group removed its popular Complete Freedom Student Account from the market last week, meaning they are no longer available for new applicants. But don't fret, what many people might not know yet is the banking group also added some features to its standard transaction account to suit under 21s and students.
Now, if you're under 21 years old or a full-time tertiary student or apprentice, you can open a regular Complete Freedom Transaction Account with St.George, Bank SA or Bank of Melbourne and have the $5 monthly account keeping fee waived. That's right, you won't have to pay an account-keeping fee, and you won't even have to meet monthly deposit requirements to have the fee waived.
All you need to do to benefit from this deal is provide valid proof that you're under 21 or a full-time student, such as your driver's licence, proof of age card or your student registration confirmation.
finder money hacks is a bi-weekly roundup of the latest tips and tricks to improve your finances. Check back every Wednesday and Saturday for new hacks.
You may also be interested in
- Why is ING ditching unlimited free ATMs for a $100 cashback offer?
- How will the Newcastle Permanent and Greater Bank merger affect customers?
- Xinja is closing down, what does this mean for customers?
- Tips for parents as school banking programs to be banned in Victoria
- Revolut launches in Australia: How does it compare to rival neobanks and fintechs?
Picture: Shutterstock
