Can a student open a current bank account?
Yes, to open a current bank account as a student in Australia, you will generally need to follow the same steps as opening any other type of bank account. This includes choosing a bank, gathering required documents, visiting a bank branch or applying online, completing an application form, and providing proof of identity and enrollment in a recognized educational institution.
What a student should consider when choosing a transaction account?
- ATM Access. Consider the accessibility of ATMs associated with the bank, as well as any fees for using ATMs outside the bank's network.
- Debit Card. Ensure the account comes with a debit card that allows you to make purchases in-store and online, as well as withdraw cash from ATMs.
- Mobile Banking. Look for accounts that offer mobile banking apps, enabling you to access your account and perform transactions on your smartphone or tablet.
- No Monthly Fees. Look for accounts that offer no monthly account keeping fees, or accounts that waive fees for students.
- Online Banking. Choose an account that provides online banking facilities, allowing you to manage your account, pay bills, and transfer funds conveniently over the internet.
- Overdraft Facility. Some current accounts may offer an overdraft facility, allowing you to overdraw your account up to a certain limit.
You can also place free funds on a savings account.
Calculate your future income on a savings account (example):
| Amount, $ | Rate, % | Accrued %, $ |
| 25,000 | 3.10% | 775 |
| 25,000 | 3.15% | 788 |
| 25,000 | 3.20% | 800 |
| 60,000 | 3.25% | 1,950 |
| 60,000 | 3.30% | 1,980 |
| 60,000 | 3.35% | 2,010 |
| 120,000 | 3.40% | 4,080 |
| 120,000 | 3.45% | 4,140 |
| 120,000 | 3.50% | 4,200 |
Which bank is best for student accounts?
It can depend on individual needs, preferences, and circumstances. However, several banks in Australia offer student accounts with features tailored to the needs of students: Commonwealth Bank, Westpac, ANZ, NAB, Bank Australia.
See the similar FAQ about Australian banks:
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Details of companies offering the financial services:
Arab Bank Australia
Head office’s address: 20 Bridge Street
Contact center: 1800-64-64-84
Mail address: P.O. Box N645 Grosvenor Place Sydney, NSW, 1220
Web-site: https://www.arabbank.com.au
Swift code: ARABAU2S
Stock code: ARBK
ABN: 37 002 950 745
BSB: 917-110
Bank of Melbourne
Head office’s address: 525 Collins Street
Contact center: 61-132266
Phone: 61-3-9982-4186
Mail address: 525 Collins Street Melbourne
Web-site: https://www.bankofmelbourne.com.au/
Swift code: SGBLAU2S
ABN: 33 007 457 141
BSB: 193-879
Bank of Melbourne
Head office’s address: 525 Collins Street
Contact center: 61-132266
Phone: 61-3-9982-4186
Mail address: 525 Collins Street Melbourne
Web-site: https://www.bankofmelbourne.com.au/
Swift code: SGBLAU2S
ABN: 33 007 457 141
BSB: 193-879
Bank SA
Head office’s address: 97 King William Street
Contact center: 13-13-76
Phone: 61-2 9155-7850
Mail address: 97 King William Street, Adelaide, SA
Web-site: http://www.banksa.com.au/
Swift code: SGBLAU2S
ABN: 33 007 457 141
Bank SA
Head office’s address: 97 King William Street
Contact center: 13-13-76
Phone: 61-2 9155-7850
Mail address: 97 King William Street, Adelaide, SA
Web-site: http://www.banksa.com.au/
Swift code: SGBLAU2S
ABN: 33 007 457 141
Bendigo and Adelaide Bank
Head office’s address: The Bendigo Centre
Contact center: 1-300-361-911
Phone: 61-2-8023-5417
Mail address: The Bendigo Centre PO Box 480 Bendigo Vic 3552
Web-site: http://www.bendigobank.com.au/
Swift code: BENDAU3B
Stock code: BEN
ABN: 11 068 049 178
BSB: 633-300
CommBank
Head office’s address: 201 Sussex Street
Contact center: 13-22-21
Phone: 61-2-8055-4001
Mail address: Level 10, Tower One, Darling Park, 201 Sussex Street
Web-site: https://www.commbank.com.au/
Swift code: CTBAAU2S
Stock code: CBA
ABN: 48 123 123 124
St. George Bank
Head office’s address: 275 Kent Street
Contact center: 13-33-30
Phone: 61-2-9553-5333
Mail address: St.George Bank Locked Bag 1 Kogarah NSW 1485
Web-site: http://www.stgeorge.com.au/
Swift code: SGBLAU2S
Financial institution code: STG
Stock code: SGB
ABN: 33 007 457 141
BSB: 112-908
Westpac Bank
Head office’s address: 275 Kent Street
Contact center: 13-20-32
Phone: 61-2-9155-7700
Mail address: 275 Kent Street, Sydney, NSW
Web-site: https://www.westpac.com.au/
Swift code: WPACAU2S
Financial institution code: WBC
Stock code: WBC
ABN: 33 007 457 141
BSB: 032-063
Westpac Bank
Head office’s address: 275 Kent Street
Contact center: 13-20-32
Phone: 61-2-9155-7700
Mail address: 275 Kent Street, Sydney, NSW
Web-site: https://www.westpac.com.au/
Swift code: WPACAU2S
Financial institution code: WBC
Stock code: WBC
ABN: 33 007 457 141
BSB: 032-063