Best student bank accounts 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

• Suncorp Everyday Options Account
• ING Orange Everyday 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

• HSBC Everyday Global
• Macquarie Transaction

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

• HSBC Everyday Global

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.

• A note on these accounts

  There's no one account that is 'best'. These accounts are just a few of the options suited to each criteria, but there may be other options in the market that are better suited to you.

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:

1. Apply online. Once you've chosen an account, click "Go to site" to complete the online application.
2. Verify your identity. Once the bank has verified your identity with the ID listed above, your account will be opened instantly.
3. 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

• What's the difference between a student bank account and savings account?

  A bank account is designed for everyday spending and comes with a debit card. It's also where you can receive regular deposits like your pay, and pay regular bills. A savings account is designed for saving, so it doesn't come with a debit card and instead offers interest on your money when you continue to grow your balance. It's a good idea to have both accounts.

• How can I set up a kids savings account?

  Depending on the age of your child, they can either open a kids savings account in their own name or you may need to open the account in your name on their behalf.

• Are the big 4 banks the best?

  The big 4 banks (Westpac, CommBank, ANZ and NAB) are the biggest banks in Australia, but this doesn't necessarily mean they're the best. In fact, a lot of the smaller banks offer accounts with less fees and better interest rates. The Big 4 do have the most bank branches and ATMs. It depends what features you're looking for in an account.

• Can I open a bank account at age 17?

  Yes, some banks will allow you to open an account in your name at age 17. In fact, some will allow children as young as 12 or 14 to open an account in their name.

Written by

Alison Banney

Editor

Alison Banney is the money editorial manager at Finder. She covers all areas of personal finance, and her areas of expertise are superannuation, banking and saving. She has written about finance for 10 years, having previously worked at Westpac and written for several other major banks and super funds. See full bio

Alison's expertise

Alison has written 651 Finder guides across topics including:

• Superannuation
• Savings accounts, bank accounts and term deposits
• Budgeting and money-saving hacks
• Managing the cost of living