The Commonwealth Student Bank Account not only waives all monthly account fees for the duration of your studies, but you won’t pay a cent for withdrawal fees at 4,000 CommBank and Bankwest ATM’s in Australia either.
You can use the CommBank Student Smart Access account to shop 24 hours/7 days a week with online and phone banking or in stores with your linked Debit Mastercard. It also comes with free access to exclusive offers and competitions through Mastercard Debit Rewards.
Because it works on the Mastercard network, your debit card will work worldwide wherever MasterCard is accepted. But if you’re spending internationally, just bear in mind, there is a foreign exchange commission of 3.00% and the $5 overseas ATM fee.
And when you’re looking to monitor your money, the CommBank app (now with Spend Tracker) helps organise your money anywhere, anytime - making this a great pick for the student balling on a budget.
If that’s not enough, there’s no minimum account balance to open the account.
However, it should be noted that the CommBank Student Smart Access Account has a $2,000 a day ATM withdrawal limit and just like most transactions accounts in Australia, the CommBank account doesn’t pay interest. So make sure this is the account for the money you use day-to-day, and consider a separate savings account for growing your stash.
Who it's good for:
The Commonwealth Bank Student Smart Access Account is a fee-free option for anyone with an apprenticeship or studying tertiary education, designed for both domestic and international students (you can open an account whilst still oversees if arriving in Australia within 3 months). If you’re not a student, take a look at the CommBank Smart Access Account instead.
You’ll have to show a valid student card in branch at the beginning of each year to have the monthly fees waived, so plan for a trip to the bank.