While most debit cards are advertised as having no monthly account fees, students could find themselves paying to access their money if they choose one of the many popular accounts.
Many of the most popular accounts, like the Commonwealth Bank’s Everyday Account or St George’s Complete Freedom, are only fee free if a minimum of $1000-$2000 is deposited each month.
This kind of financial commitment could be hard for students to meet, even if they are working part-time, so a regular account could quickly lead to regular banking fees.
Fortunately there are student and concession debit cards available through most of the major banks that waive fees while you are studying.
Both of the everyday accounts mentioned above, for example, has a customised student option that offers the same benefits with a $0 monthly fee that has no deposit requirements. Other bank debit card options that waive fees for students including:
- The ANZ Access Advantage
- Bankwest’s Student Account; and
- The Westpac Choice Student Debit MasterCard
Some of these accounts even offer value through additional features like interest or shopping discounts. The Bankwest Student Account, for example, is also linked to Student Edge, which offers discounts, giveaways and competitions throughout the year.
As well as these customised student debit card accounts, there are banks like Citibank, HSBC, NAB and Suncorp that offer everyday accounts that have no monthly fees regardless of whether or not you are a student.
Requirements For A Student Debit Card
Before applying for a student debit card account, there are a few requirements that need to be met.
Most of the specialised student accounts are only eligible to full-time students at recognised Australian educational institutions and proof of enrolment is usually required.
There are also usually yearly reviews of your eligibility, but these tend to be little more than ticking a box to say you are still studying.
The easiest way to confirm your student status is to send a copy of your student card or take it to a branch, It may even have an expiry date on it that means you can skip yearly account eligibility reviews.
Managing money as a student can be hard enough without extra banking and debit card fees, so it is important to look at all the affordable options available.
By considering both student debit card accounts and regular accounts, you will be able to find an option that is both convenient and complementary of student life.