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The Best Bank Accounts For Students


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 2 types of youth accounts: The Islamic Transact account and the Transact account. 

Islamic Transact Account - This account is for youth younger than 18 years. It comes with perks such as:

  • No monthly fees

  • Unlimited card swipes

  • Free Online Banking and FNB App subscriptions

  • Unlimited FNB to FNB debit orders,
    electronic payments and transfers

  • Access to a library of educational videos

  • Online shopping

  • Contactless card feature

  • The card is Visa compatible and can be used abroad

Transact Account - This account is for youth between the ages of 18 and 25 years. It has a monthly fee of R12

 It comes with perks such as:

  • Free Online Banking and FNB Banking App subscriptions

  • Unlimited FNB to FNB debit orders, electronic
    payments and transfers

  • Unlimited card swipes

  • Access to a library of educational videos

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:

  • 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

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. 

Nedbank - Unlocked.Me Account

The Unlocked.Me account is open to young adults between the ages of 16 and 26. There is no monthly maintenance fee. You get perks such as:

  • No fees charged on card swipes

  • No fees charged on one non-Nedbank debit order once a month

  • No fees charged on Nedbank-to-Nedbank transfers, debit and stop orders

  • No fees charged on cash deposits of up to R3000 at Nedbank ATMs

  • No annual fees on a cheque card with online purchases, tap & go and Uber payments

  • Free balance enquiries on the Money App, Nedbank ATMs, online banking and SMS banking

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:

  • Unlimited free swipes at till points

  • 10 free electronic debit transactions a month

  • Cash withdrawals up to a value of R1350 at Standard Bank ATMs

  • 2 free cash deposits at our ATMs

  • Free balance enquiries on your phone

  • You can pay by phone by using Snapscan or Masterpass apps

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.


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