Student banking sector is big business for Aussie firms

Academics looking for the best student bank accounts should have plenty of options available to them.

Australian banks will be well aware of the high number of students that are currently enrolled on courses throughout the country. If they weren't, then they certainly are now, as the Australian Bureau of Statistics (ABS) revealed this week (November 30th) that three million people aged between 15 and 64 are studying in 2011.

The ABS figures suggested student banking providers may benefit from tailoring specific packages aimed at youngsters, as 40 per cent of all academics are aged between 15 and 19.

Packages targeted at foreign students may also prove to be popular, as people born overseas make up one-quarter of all those studying in Australia this year.

There are many choices at students' disposal, which makes it easier for you to find an account that matches your individual needs. Student accounts that come with a sizeable low-interest overdraft often prove favourable, but remember that you are merely borrowing the money and the bank is entitled to ask for it back once you have graduated.

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