Student bank accounts generally have lower monthly banking fees, as well as perks that were designed with student lifestyles in mind. Different account plans can benefit different students more than others. To help you manage your money from day one of O-Week, here’s a breakdown of the various student bank accounts offered by South Africa’s major banks:
ABSA Student Silver account
Who qualifies? Full-time students between the ages of 18 and 27 who are studying towards degrees (or qualifications of at least one year).
Monthly fee: R22.50
Pros: Free card swipes and cash withdrawals, free SMS notifications, 50 MB of data every month, monthly McDonalds, Burger King or Vida e Caffe vouchers, and a monthly Nu Metro movie ticket.
Capitec Global One account
Who qualifies? Capitec doesn’t offer an account plan that’s specifically geared towards students but this savings account is open to them.
Monthly fee: R5.50
Pros: Free card swipes and cash withdrawals for R1.50 at PnP, Shoprite, and Checkers tills.
Cons: Requires a minimum balance of R25, fewer ATMs around campus, and a website that’s difficult to navigate.
FNB Transact Account:
Who qualifies? Anyone between the ages of 10 and 25.
Monthly fee: R10
Pros: Unlimited free swipes, free electronic transfers, free deposits at FNB ATM’s up to
R3000 and free online and cell phone banking subscriptions.
Nedbank Dezign Student account
Who qualifies? Full-time students between the ages of 16 and 26.
Monthly fee: R20
Pros: Free card swipes and cash withdrawals, 1GB of free Wi-Fi, and the option to buy airtime from Nedbank ATMs.
Cons: Requires a minimum balance of R20.
Standard Bank Student Achiever account
Who qualifies? School children, and students at recognised tertiary institutions between the ages of 16 and 23.
Monthly fee: R4.99 for eight electronic transactions (R25 if you exceed this)
Pros: Doesn’t require a minimum balance to open the account, part-time students with incomes of less than R3 000 per month can also qualify, a 50% discount on the TravelWallet service (which consists of a pre-paid MasterCard that can be used overseas), and the option to buy airtime from Standard Bank ATMs.
Our advice is to talk to your friends and parents about the accounts they use and to remember that you can always change banks if you find your first choice isn’t working.
*Please note that all account details and fees cited could change during the course of 2018
A previous version of this article carried outdated information and has been adjusted accordingly.