Get savvy on student banking! Â Find out how to open a budget-friendly student bank account in SA.
It is important that you are happy with your account. Take the time to investigate which one will work best for you, and weigh out the different aspects before you make your final choice. And if you end up unsatisfied with the account you chose – don’t worry! You can always switch banks.Â
Being a student comes with certain advantages. Flashing that student card of yours can get you a whole range of discounts, like paying less at some cinemas, or taking on a gym membership at a fraction of the normal price. Yes, your student status can be one hell of a charmer.
One of the most convenient benefits of being a student is that you can open a student bank account, which means that you have fewer restrictions and generally pay fewer banking fees each month.
So, how to move forward from that piggy bank you have at home…
Requirements for opening a student bank account in SA
Every bank has its own specific requirements that you need to meet in order to be eligible for their student account. Even though these requirements may differ slightly from bank to bank (make sure to check with each bank), they generally require you to:
- be between 16 and 25Â years old
- be a registered full-time student (be able to provide proof of admission and/or registration)
- be studying towards a degree or diploma
- not be working a full-time job
When you go to the bank to open an account, you need to meet with a consultant who will set up your account. Make sure to bring along the following documents:
Local students:
- valid proof of admission and/or registration at your tertiary institution
- valid South African ID
- proof of residence
International Students:
- valid passport
- valid study permit (and/or permanent resident certificate)
- valid proof of admission and/or registration at your tertiary institution
To be double sure you have all the right documents, or if you have any other questions about which documents you need, you can call the banks before popping in.
Student Banking – choosing the right bank account
In order to find the best bank for you, you need to consider various fees, and see which student account is most suitable for your budget and general banking needs. You need to consider aspects like the monthly maintenance fees, ATM fees, electronic transfer fees, etc.
Important: When browsing the different accounts, try to think ahead! Think about which services you will be using most, and how frequently. This can have a big impact on your total banking fees!
Find out some of the specs for student accounts at SA’s leading banks below:
The FNB Youth Account is available for students and school kids.
For students above 18 years old, a transactional account is available. A savings account can be opened for school kids under 18 years of age.
- Free internet banking.
- Unlimited swipes.
- An interest rate of up to 6% annually.
- Monthly product discounts and coupons are delivered on the FNB banking app.
- eBucks Travel perks for accountholders over 18 years old.
- Up to 1GB of data through Connect purchases.
FEES:
For under-18 FNBy accounts
- No monthly fees
- ATM cash deposit fee of R0.95 for every R100 deposited.
- Monthly fee of R10.
- The first R3 000 deposit is free of charge. After that, an ATM cash deposit fee of R0.95 for every R100 deposited will be in effect.
- Over-the-counter cash withdrawals cost R70 for the first R3 000. After that, R1.90 for every R100 worth of transactions will be charged.
- ATM withdrawal costs R1.90 for every R100 worth of transactions.
- Over-the-counter cash deposits will cost R60 for the first R3 000. After that, R2.10 for every R100 worth of transactions will be charged.
The Student Achiever will provide you with basic banking needs at a flexible rate ideal for full-time and part-time students.
FEES:
- Monthly fee of R9.99 for the first R1 350 ATM cash withdrawals. After that, ATM withdrawals will cost R1.85 for every R100 worth of transactions.
- Customers over 23 years old can be charged up to R96 on certain transactions.
- SMS notifications on accounts with a balance below R100 will be charged R2.60 monthly.
Unlimited Services:
- Unlimited SMS and email notifications.
- Unlimited ATM transactions including balance inquiries, withdrawals, and cash deposits.
- Unlimited use of electronic payments, card swipes, and fund transfers.
- Unlimited use of mobile, online, and telephone banking services.
- Low-interest rates on Standard Bank student loans.
Aside from account perks, you’ll also receive the following benefits monthly:
- Free subscription to Varsity Vibe which features exclusive student discounts on partner stores and services.
- Up to 50% discount on Siyavula subscription, an online practice platform for high school math and science subjects.
- Up to 250MB or R25 worth of airtime from Standard Bank Mobile.
- 0 free-of-charge electronic debit transactions per month, including electronic transfers, cash withdrawals, and prepaid airtime purchases.
Compared to other student bank accounts in South Africa, the Student Silver provides the most benefits to its customers.
The Silver Student account offers unlimited transactions all covered by the monthly service fee; you won’t have to deal with banking costs for each transaction.
However, other non-basic transactions not covered by the Student Silver plan are charged at standard bank rates.
FEES:
- Monthly fee of R26.
- ATM transactions are all free of charge.
- Unlimited SMS and email notifications.
- Unlimited ATM transactions including balance inquiries, withdrawals, and cash deposits.
- Unlimited use of electronic payments, card swipes, and fund transfers.
- Unlimited use of mobile, online, and telephone banking services.
- The statement of account can be mailed or sent through email.
Here are the main perks you can receive monthly with a Student Silver account:
- 100MB worth of data.
- Food vouchers that can be redeemed at Debonairs, McDonald’s, Nando’s, or Steers.
- Up to 30% discount on gym memberships.
- Discounted meal vouchers.
- Travel voucher worth R150.
But there’s a catch to these perks. The student must complete at least five transactions (debit or credit) per month, and two of them must be prepaid transactions.
Unlocked.ME is another SA student account with numerous perks. It also has lower transaction fees compared with other bank accounts.
FEES:
- No monthly fees
- ATM withdrawal costs R7 per transaction.
- No charges on purchases directly made with the card. However, cash withdrawals will incur standard bank fees.
Unlimited Services:
- Unlimited balance inquiries.
- Unlimited card swipes.
- No data consumed when using the Nedbank Money mobile app.
- Access to the CV creation tool where you can apply to the thousands of listed jobs.
This SA student account provides the following benefits to account holders:
- Mobile data of up to 100MB for post-paid subscribers of Cell C, MTN, Telkom, or Vodacom.
- Food voucher worth R30 on Burger King, Debonairs, or Nando’s.
- Coffee voucher worth R20 on Mugg & Bean or Vida e caffè.
- Taxify voucher worth R20.
- A 2-for-1 deal on Nu Metro popcorn and Nu Metro movie ticket.
- Up to 50% discount on selected laptops.
- Exclusive fashion, technology, and travel deals.
Capitec does not have a student account per se, but it has a great Savings Account option that is also open to students. The fees are very low, but take into consideration that Capitec is less spread out than the other banks (fewer ATMs, etc.)
- Fixed monthly fee: R25 (R5 for maintenance, R20 for a card to stay active)
- Minimum balance to have in your account: R25
- Cash withdrawals (ATM): R8 per R1000 withdrawal (or withdraw at Pick ‘n Pay for R1.75 per withdrawal)
- Cash deposits (cash-accepting ATM): R1.30 per R100
- Electronic transfers: R1.50 per transfer
The Youth Bank Account is exclusive only for students whose parents are existing Investec clients.
The perks of this SA student account are geared more toward luxury use. Unlike other student bank accounts in SA that focus on discounts on local products, the Investec Youth account concentrates on reduced fees for international transactions.
FEES:
- No monthly fees.
- ATM withdrawal costs R17 per transaction.
Features:
- Access to a separate PrimeSaver savings account.
- Daily withdrawals are limited to R500 on local ATMs and R2 000 on international ATMs for security.
- High transaction amounts need authorization.
- Unlimited SMS or email notification on every transaction for closer monitoring of expenses.
- Lounge access to South African Airways lounges.
Requirements:
- Must be under 25 years old.
- Birth certificate, passport, or a bar-coded South African ID.
- Must be a full-time student pursuing an undergraduate or postgraduate degree.
- Proof of registration or admission to tertiary school.
My Tips
- Ask your friends who have student accounts which bank they are with, and what works and doesn’t work for them about their account.
- Stick to your own bank’s service facilities. For example, if you are with Nedbank, try to stick to Nedbank ATMs. Otherwise, things can get quite pricey!
- Get to know the world of cellphone banking and banking apps for quick and convenient ways to check your account balances or make payments.
- Once you have opened your student account, see how you can improve your budgeting skills to avoid collecting long-lost cents from under your sofa to buy the last groceries for the month… otherwise, you might be stuck with oats and water for a while…
FundiConnect 2Cents
It is important that you are happy with your account. Take the time to investigate which one will work best for you, and weigh out the different aspects before you make your final choice. And if you end up unsatisfied with the account you chose – don’t worry! You can always switch banks. Get savvy on student banking.
If you need assistance with funding, Fundi is here to support you. We provide student financing for tuition costs, textbooks & study material, accommodation and more.
You can also find out more about our loan calculator.
Want to know more about funding options? Check out our article Top Options to Find Funding.
