Which South African bank can you bank on when it comes to safe-guarding your bucks? Which bank offers the best student discounts and student-friendly accounts? We’ve done the research on the best bank for your bucks so that you don’t have to. Here’s what you need to know.
FNB offers students access to the no-fuss FNB Student Account. Bank charges are flexible. You can either pay the fixed monthly rate of R24.50 or opt for a pay-as-you-go alternative where you only pay for the services that you use. If you opt for the former, you won’t need to have a minimum amount in your account; however, if you opt for the latter, you’ll need to have at least R500 at all times. All EFTs are free, and you’ll also get your first four ATM withdrawals free of charge.
ABSA’s Student Silver Account is slightly cheaper than FNB’s at R17.50 per month, with no minimum account balance required. EFTs are free, but you’ll have to pay R3 for every withdrawal that you make, plus an additional R1.30 for every R100.
The Capitec Savings Account is the best bet for students and will set you back R25 per month. EFTs cost R1.50 for each transfer you make, and you’ll always need to have a minimum of R25 left in your account. ATM withdrawals will cost R5 per withdrawal unless you withdraw at Pick ‘n Pay, upon which you’ll be charged R1.25 per withdrawal.
If you’re under the age of 23, you won’t have to pay a cent in monthly fees when you open a Student Achiever Account at Standard Bank. However, students over the age of 23 will pay a pretty hefty fixed rate of R59 per month. There’s no minimum balance required and the first 8 EFTs per month are free. You’ll also get two free cash withdrawals each month.
The Nedbank Dezign Student Account charges a fixed monthly fee of R18, and you’ll need to have a minimum balance of R20 in your account at all times. The great thing is that all cash withdrawals and EFTs are 100% free.
The student bank account that you choose will depend on your personal circumstances and preferences. Just remember that bank charges and benefits change quite often, so be sure to check with a staff member at each bank before making any decisions.