Guide to Student Savings Account

3.0 - Guide to Student Savings Accounts

In this section:

3.1 - Transaction accounts

Student bank accounts are handy as most offer reduced fees, if not no fees at all. Instead of actual 'student bank accounts' most providers offer their regular transaction accounts with 'student benefits'.

In order to apply for a bank account with student benefits, you will need to prove you are participating in part or full time study, depending on the requirements of the institution you're applying with.

Students will need to show one, if not more of these:
  • Student Identification Card
  • Public Transport Student Concession Card
  • A letter from your educational institution (on letterhead) confirming your full-time student status
Apprentices will need:
  • A copy of the letter from your State Training Authority confirming registration of your Apprenticeship. This letter may be called an Approval, Confirmation or Registration Letter (depending on state) and will include details such as your registration number, training contract ID and expected completion date.
You may apply for a student bank account via the official website of the bank of your choice.

3.2 - Student transaction accounts available for online application:

3.3 - High interest savings accounts:

A regular savings account or 'transaction' account gives you the freedom to move around and access your money with relative ease.

The drawback is you will earn miniscule, if any interest on your savings balances. High interest savings accounts feature no fees, regardless if you're a student or not so there's no harm in keeping one open and earning extra interest on your savings.

For a comparison of some of the top high interest saving accounts available for online application in Australia, visit:

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