With so many banks around, and so many more features, offers and conditions, it's easy enough to feel like a kid in an accountancy store. Here's Mozo's checklist of sweets (and sours!) on offer...
Your student bank account should arrive with:
But among these jubes, you may find such exotic lollies as:
Most transaction accounts offer the grand interest rate of 0.01% on your monthly balance (or sometimes nothing at all). Which means you're more likely to find savings in your armpit than in an Australian student bank account.
Australia Post now provides various banking services for most major banks and financial institutions, so if your nearest branch is miles away, or you're allergic to bank clerks, Bank@Post could be your answer for depositing cheques, paying bills, etc.
There's nothing like signing your name with a flourish, ripping out a cheque, perhaps waving it a little in front of the payee before handing it over. Classy.
You can forget the separate cheque account nowadays. However, some student accounts offer checking facilities.
Most student transaction accounts charge for foreign ATM withdrawals, and while they brag about their large networks and you always plan to use only the free machines, there will inevitably come a time - or many times - when you simply need to use the nearest machine. And that's when you'll get charged upwards of $2 for the privilege.
Note that some student bank accounts have wider fee-free networks than others, and handy ATM-finder devices.
As for overseas ATMs, you're always going to get slugged — but it's worth asking how much.
The subject of increasing debate, steep penalties of $30 or more are incurred when you run your student money account out of moolah.