Being a student is one of the most exciting yet challenging experiences of your life. You’re constantly stressed out and worried about assignment deadlines, exams, family commitments and finances to name a few. If that’s not enough, you also have to make a decision on where to keep your money and how to control your income and expenses.

We have put together a list of major banks in South Africa that offer student accounts along with the inclusions, benefits and criteria.

1. FNB

The FNBy Youth Account is accessible for individuals under the age of 25. It’s a transactional account and does not earn interest. FNB is incredibly popular amongst the other financial institutions due to their mobile app that assists you in taking care of everything from debit orders to paying a friend in need within a matter of seconds.

What’s included in the monthly fee (R10 p/m):

• Free online banking (unlimited internal (FNB to FNB) debit orders, electronic payments & transfers)
• Free FNB Banking App subscriptions
• Unlimited card swipes
• Access to a library of educational videos

Qualifying Criteria:

• Be a South African citizen
• Must be younger than 25 years of age
• Parents must be registered for online banking with FNB

2. ABSA

The ABSA Student Silver Account comes in at a slightly higher monthly fee of R26.00 p/m but with good reason. This account bundle varies from other options that are available for the youth.

What’s included in the monthly fee (R26 p/m):

• Unlimited Absa Online, mobile & telephonic banking
• Unlimited NotifyMe SMS and email notifications
• Mailed or eStatements
• Unlimited card swipes, cash withdrawals, balance enquiries, mini-statements, cash deposits, internal electronic fund transfers, and cash send withdrawals at Absa ATMs
• Discounts on flights with Rewards Lite

We love additional perks, and the ABSA Student Silver Account comes with some added benefits every month, provided you complete at least 5 debit or credit banking transactions per month:

• A food voucher which can be redeemed at McDonald’s, Debonairs, Steers (online) or Nando’s
• A R150 travel voucher
• 30% discount on membership at selected gyms
• 100mb of data every month.

Qualifying criteria:

• Must be 18-27 years of age
• Must be a full-time student studying towards an undergraduate, postgraduate, or a qualification with the duration of at least 1 year
• Valid South African ID or passport
• Proof of residence that is not older than 3 months (usually information from applying and registering at a tertiary institution can be used to fit this requirement)

3. Nedbank

Nedbank’s Unlocked.me displays zero monthly fees. Yes, ZERO monthly fees, and caters for individuals between the ages of 16 and 26.

What’s included in the monthly fee (R0 p/m):

• Free card swipes, cash deposits (up to R3000), and Nedbank to Nedbank debit orders & stop orders
• One free included external debit order
• ZERO data usage using the Nedbank Money app
• Free balance enquiries & inter-account transfers on the Money app and all other self-service platforms
• Online functionality: make online purchases with your card
• MyPocket: A free budgeting & savings pocket that can be linked to your main account

And just like ABSA, you have access to additional rewards each month if you conduct 5 qualifying transactions with the Unlocked.me platform:

• 100mb data (must have post paid contract that allows for top ups)
• R30 voucher redeemable at Burger King, Nando’s or Debonairs
• R20 Bolt voucher available to customer 18 years and older
• 2-for-1 Nu Metro Popcorn and 2-for-1 Nu Metro Movie Ticket

Qualifying Criteria:

• Must be 16-26 years of age
• Non residents apply at an additional fee
• South African identity document, smart card or passport with a valid study permit
• Must be a full-time student studying towards an undergraduate, postgraduate or a qualification with the duration of at least 1 year
• Valid South African ID or passport
• Proof of residence that is not older than 3 months (information from applying and registering at a tertiary institution can be used)

4. Investec

Investec’s youth bank account is available to individuals younger than 25 years of age. However, here’s the catch – this account can only be activated if a parent or guardian has an existing Investec account. There aren’t any monthly fees and the account comes with a bunch of additional perks.

What’s included in the monthly fee (R0 p/m):

• Ability to make online purchases
• Online Banking
• Debit & Credit orders
• Savings account: with a premium interest rate
• Free airtime purchases
• Free card swipes and withdrawals

The only drawback that this account has is the R16 ATM withdrawal fee.

Qualifying Criteria:

• Must be under the age of 25
• Must have a parent/guardian with an Investec account
• Must have a valid South African Identity Document

5. Standard Bank

Customers between the ages of 16 and 24 are able to open a Standard Bank Student Achiever Account at a monthly fee of R9.99. This covers all the banking essentials as well as some additional perks.

What’s included in the monthly fee (R9.99 p/m):

• 10 electronic debit transactions per month
• Free cash withdrawals up to R1350 and 2 free cash deposits at Standard Bank ATMs
• Unlimited free swipes at till points
• Free balance enquiries on your phone
• Online purchases
• Unlimited free swipes at till points

The additional benefits:

• 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
• 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

Qualifying Criteria:

• Must have a South African I.D (or residence permit for non-South African citizens)
• Copy of registration at recognized institution
• Proof of residence, not older than 3 months
• If studying part time, your income cannot more than R3000 p/m

6. Capitec

A standalone student account is not offered by Capitec, but its Global One account does offer a savings account option that is available to students.

The requirement to keep the bank account open is a minimum of R25.00. The withdrawal charges at ATM are also much cheaper (R5 per cash withdrawal). However, there aren’t many Capitec ATMs in the country, so it’s best to keep this in mind.

You also have the option of adding a flexible savings account to the Global One account as well as choose the duration for which you will save your money for an improved interest rate.

What’s included in the monthly fee (R5.00 monthly admin fee with a minimum of R25 must be present in the account):

• Online purchases: Upon request
• Online banking
• High interest rate: 4.75%
• Payment notifications
• Airtime top ups
• Card swipes

Important to note that debit and credit order transactions are charged at R1.50 per stop order and R3.50 per debit order.

Qualifying Criteria:

• Must be 18 years or older
• Original Identity Document
• Foreign tax number if you are required to pay tax in another country

Hope the above helps in your decision to open a student account!