What to look for in a student bank account

Aussies heading to university may want to take some time to consider their student banking options to ensure they get the most out of their funds while in full-time education.

When searching for a student bank account, it may be advisable to look for those that offer fee-free transactions, as this could provide young people with greater flexibility when they have to make payments or withdraw money.

Penny-pinching youngsters may also want to look for student finance options that do not feature monthly account fees as this could save them a few valuable dollars while at university.

It may also be worth checking if all ATM withdrawals can be done without charge, because those who regularly take money out of machines that have fees could find they are spending significant amounts that they do not need to.

A number of financial institutions offer accounts designed to cater to the needs of students, such as the Commonwealth Bank, which has a Student Smart Access option.

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