Bank Accounts For Students In Australia
Managing money efficiently is one of the first steps to settling into student life in Australia. Having a local bank account ensures you can receive wages, pay rent and bills, avoid high international transaction fees, and access secure banking services.
As Studnet Consultants, we’ve compiled a comprehensive guide covering the major banks in Australia, account types, fees, benefits, required documents, overseas opening options, and additional tips for international students.
Major Banks in Australia
Australia’s banking system is secure, well-regulated, and offers multiple options for students. Here are the major banks providing student-friendly accounts:
1. Commonwealth Bank of Australia (CommBank)
Account Type: SmartAccess Everyday / Student SmartAccess
Monthly Account Fee: $0 if you are under 30 or deposit at least AUD 2,000 per month; otherwise approximately AUD 4/month.
Key Benefits:
- Open online before arrival (up to 14 days prior) or within 3 months after arrival.
- Wide ATM network across Australia.
- Mobile app with budget tools, Spend Tracker, and cashback offers.
Website: https://www.commbank.com.au
2. Westpac Banking Corporation
Account Type: Westpac Choice (Student / Under 30)
Monthly Account Fee: $0 for full-time students or under-30s.
Key Benefits:
- No account-keeping fees.
- Global ATM Alliance access for free withdrawals overseas.
- Mobile app with instant digital card, PayID, and dynamic CVC.
- Promotional $50 cashback for eligible new accounts (limited-time).
Website: https://www.westpac.com.au
3. National Australia Bank (NAB)
Account Type: NAB Classic / Student Account
Monthly Account Fee: $0 for students.
Key Benefits:
- No monthly fees or domestic ATM fees.
- Access to banking services through Australia Post outlets.
- Integrated budgeting tools for spending and savings.
Website: https://www.nab.com.au
4. Australia and New Zealand Banking Group (ANZ)
Account Type: ANZ Student Access Advantage
Monthly Account Fee: $0 for full-time students.
Key Benefits:
- Unlimited free transactions via ATMs, EFTPOS, online banking, and phone banking.
- Secure mobile and internet banking platforms.
Website: https://www.anz.com.au
5. Bendigo Bank
Account Type: Bendigo Student Account
Monthly Account Fee: $0.
Key Benefits:
- Earn interest on higher balances (from AUD 5,000+).
- Includes debit Mastercard and internet banking access.
- Strong community banking presence.
Website: https://www.bendigobank.com.au
Quick Comparison Table
| Bank | Account Type | Monthly Fee | Key Highlights |
|---|---|---|---|
| CommBank | SmartAccess / Student SmartAccess | $0 if < 30 or deposit ≥ $2,000 | Pre-arrival opening, cashback, wide ATM network |
| Westpac | Choice (Student / Under 30) | $0 | Global ATM access, mobile perks, savings bonuses |
| NAB | Classic / Student | $0 | Post Office access, budgeting tools |
| ANZ | Student Access Advantage | $0 | Unlimited transactions, secure online banking |
| Bendigo Bank | Student Account | $0 | Interest-earning options, community focus |
Account Types for Students
- Transaction (Everyday) Accounts
Used for day-to-day spending. Includes debit cards, ATM access, and bill payment features. Student versions often waive account-keeping fees. - Savings Accounts
Designed to help grow your money with interest. Usually separate from your transaction account. Some offer bonus interest if you meet monthly deposit and withdrawal conditions. - Student Banking Packages
Bundled products that include both transaction and savings accounts, sometimes with extra perks like cashback, fee waivers, or international transaction discounts.
Can Students Open an Australian Bank Account from Overseas?
Yes. Most major Australian banks allow international students to open an account before arriving—sometimes up to 12 months in advance.
Process:
- Apply online via the bank’s international student portal.
- Upload scanned copies of your identification documents.
- Visit a branch within a set timeframe after arrival to verify your identity and activate the account.
Benefits of Opening Early:
- Transfer funds before arrival.
- Access money as soon as you land in Australia.
Documents Required to Open a Bank Account in Australia
- Valid Passport (mandatory)
- Australian Student Visa
- Letter of Enrolment or Confirmation of Enrolment (CoE)
- Residential Address in Australia (temporary or permanent)
- Tax File Number (TFN) – optional, but recommended to avoid higher tax on interest
Extra Tips for Students
- Fee Waivers: Most student accounts waive account-keeping fees; always check eligibility.
- ATM Access: Ensure your bank offers convenient and free ATM access in your area.
- Foreign Transaction Fees: If you plan to use your card overseas, check FX rates and fees.
- Mobile Banking: Download your bank’s app for payments, transfers, and budget tracking.
- Promotional Offers: Look out for student-only promotions like cashback or gift vouchers.
Disclaimer
The information provided here is for general guidance only and reflects details available as of August 15, 2025. Banking fees, promotions, and account terms are subject to change without notice. Students should verify all details directly with the relevant bank before making decisions.
