Student bank accounts are for young adults between the ages of 18-25. In order to qualify for a student bank account, you must be studying towards a degree or diploma over the course of 3 years.
The best thing about a student account is the low bank charges, which keep your student budget in mind. Here are a few of the best student bank accounts that South Africa has to offer.
Absa - Student Account
The Absa student account is open to young adults between the ages of 18-27 years. It has a monthly fee of R29.
It comes with perks such as:
- Unlimited Absa Online, Banking App and telephone banking transactions
- Mailed or eStatements
- Unlimited electronic payments including debit and stop orders
- Unlimited card swipes and cash withdrawals
- Unlimited Absa ATM cash deposits (excluding cardless cash deposits) and withdrawals
- Unlimited internal electronic fund transfers
- Unlimited CashSend withdrawals at Absa ATMs
In addition to this, there are also monthly lifestyle benefits:
- 100MB data
- R25 food voucher to be redeemed at Debonairs, Steers, Nando's, Wimpy or Burger King
- R150 travel voucher from Intercity or TravelStart
- Up to 30% discount on a membership at selected gyms
In order to qualify for the monthly benefits, you need to:
Complete at least five debit or credit banking transactions per month of which at least two must be prepaid transactions.
FNB - FNBy account
The FNB youth account offers 3 types of youth accounts: The Islamic Transact Account, the FNBy Transact Account and the FNBy Next Transact Account.
Islamic Transact Account - This account is for youth younger than 18 years. It comes with perks such as:
- Complimentary Cash@till withdrawals
- Up to 1GB back in data on FNB Connect purchases
- Earn a monthly profit share
- Full access across FNB's digital channels
- Personalised embossed card
- Card delivery via courier at no additional charge
FNBy Transact Account - This account is for youth under 18 years of age.
It comes with the following perks:
- Free FNB ATM cash withdrawals and deposits up to R3 000 p/month
- Up to 10 free electronic transactions
- Rewarded with money in your Savings Account
FNBy Next Transact Account - This account is for youth between the ages of 18 and 25 years.
It comes with perks such as:
- Complimentary Cash@till withdrawals
- 300MB in FNB Connect data when using the FNB app
- Linked FNB Savings Account with competitive interest rates and Bank Your Change
- Full access across FNB's digital channels
- Personalised embossed card
- Card delivery via courier at no additional charge
Investec - Youth Account
The Investec Youth Account is a transactional account that is open to children of existing Investec private account holders. Youth have to be below the age of 25 years in order to qualify.
It comes with perks such as:
- An Investec Visa chip and PIN contactless-enabled card embossed with their name
- A separate PrimeSaver savings account (an instant-access savings account with a premium prime-linked interest rate)
- Free SMS or email notifications every time they perform a transaction
- Access to the Investec Youth Mobile App
- Unlimited free transactions at retailers, both local and international
- Free cash withdrawals from checkout tills at select retailers
- Complimentary travel insurance when buying international travel tickets using their Investec Visa card
- Make online purchases
- Lounge access to local and international SAA departure lounges at all major South African airports
- One free lost or stolen card replacement in a three-year cycle
- Pay for purchases at local and international retailers using chip and PIN or contactless
- Get cash back at select retailers such as Pick 'n Pay and Checkers countrywide
- Withdraw cash at local and international ATMs
As the primary account holder, the parent is able to view and transact on their child’s account through Investec Online and the Investec App.
Standard Bank - Student Achiever
The Student Achiever account is open to people between the ages of 16-24 years. There is no monthly income required. The account has a monthly fee of R9.99 and comes with benefits such as:
- Top up – buy data or airtime by dialling *130*2345# or using the mobile banking app
- Free subscription to Varsity Vibe – a student discount app which gives you instant access to exclusive student deals
- A 50% discount on your subscription to Siyavula – an online maths and science practice platform for high school learners
- Link your card to the SnapScan or Masterpass apps to pay by phone
- Unlimited free swipes at till points
- 10 free electronic debit transactions a month
- Cash withdrawals up to a value of R1350 at our ATMs
- 2 free cash deposits at our ATMs
- Free balance enquiries on your phone
- 50% off your TravelWallet card activation, loading and reloading
- Notifications on transactions via MyUpdates
- Get 250MB or R25 airtime for free every month from Standard Bank Mobile *
The banks mentioned offer accounts that are specifically tailored to the needs of students. Banks like Capitec and Old Mutual do not specifically have student accounts. You can choose a bank that works well with you and your needs.
