As a student, you might not have thought too much about what bank account you have and may just be using the same account you got set up with as a kid. If this is the case, then it’s likely that you have a regular adult bank account, rather a student account with no account fees, such as the Westpac Choice Student account which has zero ongoing account fees, as long as you’re a card-carrying full-time student.
The account also comes with unlimited, free transactions via the internet, phone, ATM, in branch and bunch of other ways, letting you bank in the ways that best for you.
And if you’ve got an overseas trip planned, you’ll also have the ability to use your card overseas to withdraw money while travelling. This can really help out in a pinch, but doing so will leave you paying a 3% foreign exchange commission extra on any transaction, on top of a $5 ATM fee.
And don’t worry about having a lump sum saved up already when opening the account, as you only need $1 to open an account.
Who it's good for:
This account is suited to full-time students looking for a fee-free account with a major bank. You’ll need to show your Student ID at the beginning of each year to have the account fee waived.
For any students on exchange or holiday, keep in mind that while there is the option for withdrawing money from overseas ATMs using your debit card, it comes with a $5 ATM fee and a 3% foreign exchange commission. So this can be very helpful, but it could also wind up costing you a fair bit.