Money Matters

3 student-friendly bank accounts that work for you

By May 21, 2015 Jun 8th, 2015 No Comments

To help save you some moola, no matter where you are in your saving and investment journey, here are 3 bank accounts that will work with you in making sure you invest the right way towards your future.

Standard Bank Student Achiever Account

This account really is the king-pin of student accounts.  Although it isn’t perfect, the positives are that you don’t need a minimum balance to open the account, so even when you’re broke, your account will still be there for you.  Additionally, you can enjoy 2 free cash deposits and withdrawals per month, as well as get your first 8 debit transactions for free.  The only downsides are a teeny tiny interest rate and the fact that if you go over your free transaction limit, you have to pay R25.00.

Capitec Global One Account

Although not specifically geared towards students, the account benefits lie in the fact that you can swipe your card an unlimited amount of times – for free.  You can also use your debit card worldwide, as well as benefit from lower-priced debit orders and money transfers.

The negative here though is that, unlike the hundreds of Standard Bank ATMs around, there are never any for Capitec.  However, with this account, you get cash withdrawals for only R1.05 at Pick ‘n Pay, Shoprite and Checkers as well as super reduced ATM withdrawal fees when you need cash on the go.

Nedbank Money-24 Investment Account

This account is one to store at the back of your mind for when you’ve built up some cash and don’t necessarily want to spend it.  Once you have opened the account though you will need to give 24 hours’ notice before being able to withdraw the funds, giving you the benefit of a higher interest rate while still allowing you to withdraw your cash soon after needing it.

Positives include a minimum opening balance of only R10 000, unlike the FNB account that requires R50 000, a price out of reach for most students. Additionally, your interest is calculated daily and will increase the more you add to the account.  You can also deposit or withdraw a sum of money if you are ever in a pickle.

Student banking

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