There are a lot of factors to take into consideration when choosing a bank to open your account as a student in Australia. After all, this is the place that you will store and manage your finances and living abroad, managing your money is crucial.

Choosing a bank that gives you the best options as a student that can meet your needs is fundamental, you should never choose a bank without first comparing all your options and going through the pro’s and con’s for each one.


Know The Options

Your first step should be to understand all the of the available banks and compare them. You should look directly at the student accounts which most banks offer, although they will roughly offer all the same benefits, different banks charges and services can make a huge difference. It will also benefit to compare other accounts offered as you might find one more suitable. Scroll below to visit bank comparison websites.


Accessibility & Facilities

When comparing banks you should consider their accessibility. How close to your location is their branch? does that bank offer online banking? do they offer an app? In Australia, you will find that in metropolitan areas, most banks are very easily accessible and all offer excellent online and phone facilities. Its important to take this into account, a student lives a very busy and hectic life style and may need to manage their account in the little free time they have and wont always have time to go into an actual branch.


Know The Fees

Bank fee’s are the main things to look out for, be sure to compare all fees and charges for each account before making any decisions. Banks tend to put a fee on most services, some bank accounts even have a maintenance fee for keeping the account open. Its best to find an account with no maintenance fee and with little or no charges.


Credit Cards for Students

Considering getting your own credit card? First, be sure that you get what you can afford.

Many banks offer a special student credit card, make sure you enquire about this option. Credit cards should only be taken out if you’re absolutely sure that you can afford to pay the bills and the interest, if you’re unsure that you can, its best to stay clear. If you do take out a credit card, be sure to compare the best deals. Scroll down to compare credit cards.


High Interest Savings Account

Savings accounts are great for students, if you can afford to put a little bit aside each week or month, it’s a great opportunity to save up some money for a day out sight seeing in Australia, but be sure to find the best deal, every bank offers a different interest rate on savings accounts. To find the best one for you, you will need to shop around and compare.


Click Here to Compare Savings Accounts in Australia

Click Here to Compare Credit Cards in Australia

Melbourne City Institute of Education (MCIE) is a vibrant and innovative registered training organisation, which offers a range of courses in Melbourne to help students to fulfil their career goals.

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