Student savings accounts

A student savings account is an account that is setup specifically for students to deposit money into and save. They are similar to other savings accounts in that you can transfer money, deposit and make withdrawals, however the fees and charges and interest rates may differ.

There are several types of student accounts for different ages, including:

  • Student accounts for tertiary students who can prove that they study full-time either at University or TAFE.
  • There are also accounts for primary and secondary aged students.

Although these savings accounts are specifically tailored for students that doesn’t mean they are the only, or best, alternative for students. In fact, standard savings accounts usually offer higher interest rates than student accounts. For this reason it really is best to look around and compare a range of savings accounts to make sure you find the best one for you.

What to look for in a savings account

  • The higher the interest rate - the better - so keep an eye out for the best rate. 
  • Look for fee-free accounts that will allow you to save more by not paying monthly or annual fees.
  • Introduction interest rate promotions offer great initial incentives but make sure you find out what the default interest rate is, after the intro period expires.
  • Consider a savings account that offers unlimited transactions and withdrawals.
  • Think about how and when would you like to access your savings? Perhaps an online savings accounts would suit all your needs and allow for easy transfers. But consider linking your accounts so you can easily withdraw money without waiting one-four business days. If you prefer phone banking or physically going to the branch then make sure you find a bank that has these services.

To find a student savings account to suit you visit our savings account comparison page or click here to compare them with some of the best online savings accounts. 

This is an information service. By browsing on the website and/or using our search tools, you are asking RateCity to provide you with information about products from multiple financial institutions. We will try to show you a range of products in response to your request for information. The search results do not include all providers and may not compare all features relevant to you, for further details refer to our FSCG. The rating shown is only one factor to take into account when considering these products. We are not a credit provider, and in giving you product information we are not making any suggestion or recommendation to you about a particular credit product. If you decide to apply for a product, you will deal directly with a financial institution, and not with RateCity. Rates and product information should be confirmed with the relevant financial institution, and you should review the PDS before you decide to purchase. See our terms of use for further details. This advice is general and has not taken into account your objectives, financial situation or needs. Consider whether this advice is right for you.