The first thing to note about this account is that it’s only available to full time students, people doing an apprenticeship and anyone under 21 years old. One of the big advantages of the account is its lack of ongoing fees.
But more than just the lack of fees, if you sign up before September 21st and deposit $250 into the account within 45 days after opening it, you’ll get $50 added to your account. And who doesn’t love some extra dollars in their bank account?
With this account you’ll also have access to a range of banking methods ranging from in-branch, through Australian Post and online. Also, you’ll be able to link the card up with BPAY, which can make some payments a lot easier and more streamlined.
Doing a big withdrawal at an ATM? Well this is possible as long as you don’t consider a big withdrawal more $2,000, as that’s the daily ATM withdrawal limit.
Who it's good for:
Not to state the obvious, but students, apprentices and anyone under 21 are going to benefit most from this account, since they’re the only ones eligible for it. It’s particularly good for anyone ready to deposit $250 straight away in order to snag the cashback offer.
If you do decide to use your card overseas, then be aware of the $5 ATM fee and 3% foreign exchange commission that you’ll be hit with.