Choosing the right bank as a student is essential for managing your finances efficiently. Many banks in South Africa offer student accounts tailored to meet the unique financial needs of young adults. These accounts often come with perks such as low fees, cashback rewards, and budgeting tools.
Best Banks for Student Accounts & Perks You Should Know About
This guide will walk you through the best banks for student accounts and the perks you should know about.
1. Standard Bank Student Achiever Account
Eligibility: Students aged 16 and older, enrolled at a recognized tertiary institution.
Key Perks:
- Monthly account fee as low as R10.
- Free swipes when making purchases.
- Free access to Standard Bank’s mobile app and online banking platform.
- A personalized debit card.
- Discounts on travel bookings through UCount Travel.
Why Choose It: Standard Bank provides a well-rounded student account with low fees and valuable lifestyle benefits.
2. FNB FNBy Account for Students
Eligibility: Students aged 18 to 25.
Key Perks:
- No monthly account fees.
- Free ATM withdrawals at FNB ATMs.
- Access to virtual cards for safer online shopping.
- eBucks rewards on purchases.
- Budgeting and expense-tracking tools via the FNB app.
Why Choose It: FNB stands out with its comprehensive digital banking features and eBucks rewards program.
3. Nedbank Unlocked.Me Account
Eligibility: Students aged 16 to 26.
Key Perks:
- No monthly fees.
- Free card swipes.
- 50% discount on greenbacks purchases.
- Access to digital tools for budgeting.
- Exclusive lifestyle offers, including discounts on tech gadgets.
Why Choose It: Nedbank’s Unlocked.Me account is perfect for tech-savvy students who value digital tools and lifestyle perks.
4. Absa Student Silver Account
Eligibility: Full-time students aged 18 to 27.
Key Perks:
- Low monthly account fee.
- Free online and mobile banking.
- Free NotifyMe SMS alerts.
- Discounted personal loans for students.
- Access to financial education resources.
Why Choose It: Absa’s student account is ideal for those who seek financial guidance and loan assistance during their studies.
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5. Capitec Global One Account
Eligibility: Open to all individuals, including students, aged 16 and older.
Key Perks:
- Low monthly fee (around R7.50).
- Competitive interest rates on positive balances.
- Free card transactions.
- Simplified mobile and internet banking.
- Affordable international transactions.
Why Choose It: Capitec offers a straightforward, affordable account with excellent interest rates and minimal fees.
6. TymeBank EveryDay Account
Eligibility: Open to anyone, including students.
Key Perks:
- No monthly fees.
- Free withdrawals at Pick n Pay and Boxer stores.
- Real-time account management through the TymeBank app.
- High-interest savings options.
- Simple and fast account opening process.
Why Choose It: TymeBank is an excellent choice for students who prefer a fully digital banking experience.
7. African Bank MyWORLD Account
Eligibility: Open to anyone, including students.
Key Perks:
- No monthly fees.
- Competitive interest rates on savings.
- Up to five additional accounts for saving goals.
- Easy-to-use mobile app.
Why Choose It: African Bank’s MyWORLD account is great for students who want to start building a savings culture.
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Factors to Consider When Choosing a Student Bank Account
- Fees: Look for accounts with low or no monthly fees.
- Digital Banking Features: Ensure the bank offers a user-friendly app and online banking platform.
- Rewards Programs: Cashback and loyalty programs can help you save money.
- Interest Rates: Opt for accounts that offer interest on positive balances.
- Accessibility: Consider the availability of ATMs and branches near your campus or residence.
- Additional Perks: Discounts on travel, tech, and entertainment can add value.
Tips for Managing Your Student Bank Account
- Set a Budget: Use the bank’s budgeting tools to track your expenses.
- Avoid Overdrafts: Stick to your budget to prevent unnecessary fees.
- Save Regularly: Even small amounts can add up over time.
- Use Rewards Wisely: Take full advantage of cashback and discounts.
- Stay Informed: Keep up with updates and changes to your account terms.
Finding the right bank as a student can make managing your finances simpler and more rewarding. Consider your needs, compare the options, and choose a bank that offers the best combination of low fees, digital tools, and perks. With the right account, you’ll be better equipped to navigate your financial journey as a student.
