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When you're a student, your budget may be pretty tight, which is why getting the best return on your money is important. Rather than keeping your cash in an everyday account - which earns little to no interest - a high interest savings account can help you increase your account balance. Most savings accounts are available digitally, meaning you can transfer money almost instantly if you need access fast, or use it as an emergency fund.
Some providers offer savings accounts with an introductory rate. This means that for a set period of time you’ll be given a higher interest rate on your savings before switching over to the ongoing base rate.
Savings accounts with a bonus rate will usually require some kind of criteria to be met, such as regular monthly deposits or a minimum number of transactions on a linked account. Keep in mind that these conditions may vary depending on the provider and account type, so be sure to research your options before committing.
The base rate of a savings account is the standard interest rate that is offered for keeping your money in the provided account. The base rate will generally be lower than any bonus or introductory rates and will usually be the rate the account reverts to if any necessary bonus interest conditions aren’t met.
Not sure what to look for? Generally, there are some advantageous features that a lot of the best savings accounts possess that you can keep an eye out for. These include:
No account fees: Student accounts generally have no fees which, in the long run, can add up to a bunch of extra savings.
Bonus rate: Student savings accounts offering a healthy bonus rate might be preferable if you want to earn the highest interest on your savings that you can and you’re confident you can meet the monthly conditions imposed.
Competitive high interest rate: Comparing a range of different accounts to find the highest available rate can help you get the best deal possible. Use the table above to compare accounts.
While savings accounts can possess a number of beneficial features, there are some things to bear in mind when you’re considering which account you want to open:
Minimum deposits: Some accounts require that you have and/or maintain a minimum balance.
Bonus rate conditions: As mentioned above, while a bonus rate account may offer higher interest than other providers, it may involve certain conditions that you might struggle to meet in order to maintain the highest rate.
Other restrictions: Some accounts may require you to pay account fees or be an existing customer, with an established transaction account. Other accounts may impose withdrawal limits, age limits and require you to periodically provide proof of your status as a student.
Eligibility usually requires you to be a full-time student, often under a specific age (e.g. under 25). Banks may ask for proof of enrolment, such as a student ID or enrolment confirmation. However, these conditions are not the same at all institutions. Check requirements with your preferred provider before signing up for an account.
Student savings accounts typically have lower or no monthly fees, competitive interest rates and incentives for regular deposits. Regular savings accounts may have more general features and not offer the same level of flexibility or incentives tailored to students.
Another significant difference is eligibility criteria. Student savings accounts usually have age limits or require proof of student status, such as a valid student ID or enrolment confirmation. While students may enjoy tailored benefits, they’ll likely transition to a regular savings account as their financial situation evolves, such as after graduation.
Many banks require you to transition your student savings account to a regular savings account once you no longer meet the eligibility criteria. This transition usually involves reviewing the account's terms and conditions, which may include changes to fees and interest rates.
However, this doesn’t mean you can’t access introductory rates and bonus rates from either your current bank or another provider. It’s helpful to compare your options before selecting the account that best fits your circumstances.
Students may want to open a transactional bank account for everyday use. A debit card or credit card can be a helpful money management tool for students. If you're looking to borrow money for a larger purchase, some lenders in Australia offer personal loans for students.
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Fantastic savings account with minimum requirements. No fuss. Good interest paid monthly.
Read full reviewFantastic savings account with minimum requirements. No fuss. Good interest paid monthly.
I Love this bank a family member got me onto them because of there amazing interest rates I haven't seen a bank yet that has better interest rates I highly recommend
Read full reviewI Love this bank a family member got me onto them because of there amazing interest rates I haven't seen a bank yet that has better interest rates I highly recommend
IT IS THE BEST BANK EVER
Read full reviewIT IS THE BEST BANK EVER