Finty

Compare student bank accounts

See what 9 student bank accounts would cost you to run, from monthly fees to using your card overseas, and find one that keeps more of your money with you.

Everyday accounts for students, which often waive the monthly fee while you study. You may need to show you're enrolled.

Written byDavid Boyd

Work out a year's fees

Tell us how you'd use the account overseas, and we'll work out a year of the fees each bank lists: the monthly fee, the fee on foreign purchases and overseas ATM withdrawals.

9 accounts

Fees are the ones each bank lists and can change. A year's fees count only the monthly fee, the fee on foreign purchases and the fee for overseas ATM withdrawals; overseas ATM owners may charge their own fee too. Where a bank doesn't list a fee we say so rather than guess.

Student bank accounts at a glance

Worked out from the 9 accounts from 9 banks we compare on this page.

No monthly fee

3 of 6

accounts that state a monthly fee set it at $0.

No foreign transaction fee

0 of 6

The typical fee is 3% of what you spend overseas.

With PayID

6 of 9

accounts let you get paid with a PayID.

With Apple Pay

6 of 9

accounts work with Apple Pay on the card.

How monthly fees are spreadNumber of accounts in each band. The most common is $0.

The short version

  • Student accounts usually have no monthly fees, sometimes with perks.
  • Some banks only offer them while you're studying full time.
  • A standard no fee account may be just as good.

What makes an account a student account

Student accounts are everyday accounts for people studying at university, TAFE or another tertiary provider. Most waive the monthly fee while you study, and some have age limits, often up to 25.

You may need to show proof of enrolment, such as a student card or a letter from your institution.

Pros

  • No monthly fees.
  • A debit card and app for everyday spending.
  • Perks with some accounts, like fee free overseas use.

Cons

  • Some need proof you're studying.
  • The account may change, or start charging fees, when you finish.
  • Overdrafts and credit offers can tempt you into debt.

Alternatives

  • Any no monthly fee account, which you can keep after you graduate.
  • A high interest savings account linked to it, to keep savings apart.

How to open one

Most banks let you open a student account online in about ten minutes, and you can use it straight away with a digital card.

  • Have your ID ready. A driver's licence, passport or Medicare card, and your tax file number if the account pays interest.
  • Add the card to your phone. Apple Pay or Google Pay lets you spend before the plastic card arrives.
  • Move your pay and bills. Give your employer the new BSB and account number, and update direct debits. A PayID makes it easier for people to pay you.
  • Have your student ID or enrolment letter ready if the bank asks for it.

What to compare

  • What happens to the fee when you finish studying or pass the age limit.
  • Overseas fees, if you plan to travel or study abroad.
  • Apple Pay, Google Pay and PayID, for splitting bills with friends.
  • Whether there's an overdraft, and what it costs. Avoid one if you can.

Questions people ask

Is it hard to switch bank accounts?

Not very. Open the new account first, move your pay and direct debits, then close the old one once everything has come across. Keep both open for a month or so to catch anything you missed.

Will I pay ATM fees?

Most Australian ATMs no longer charge to withdraw, but a few still do. Overseas ATMs often charge their own fee on top of your bank's.

Is my money safe in a bank account?

Money with an Australian bank, building society or credit union is covered by the government's Financial Claims Scheme, up to $250,000 per person per bank.