Student bank accounts

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Just_Ice

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What is the best student bank account and what do they have to offer?

Seeing I will be able to open one next year, I need to know which one will suit me best. I am currently with ABSA (regular savings account since I am now 18 and megaU accounts are for under 18's but I cant open a student account till I am a registered student). I have no allegiance to any bank since ABSA have done me no good nor harm in the last 18 years.

At the moment though, I would assume that both ABSA and FNB are probably my two best bets. I would just need it to do all the regular transactions
 
I want to just about DIE when someone tells me i must draw money.

If you do many swiping card transactions then capitec is good, i personally use bidvest bidsave and they are nice in that the only transaction fee i pay for every month or whenever is if i am forced to draw money.

So in all it depends what you want to do with the account.
 
Just_Ice said:
Are there capitec ATMs available everywhere? :confused: Maybe its because I have never been aware of them, but I cant tell you where there is a single one.

Would it be better than taking out a proper student account?
Click to expand...

Check out Capitecs website for bank fees.

Even though Capitec do not have ATMs, using another banks ATM is often cheaper for Capitec clients than for that banks clients.

This is one of the reasons why I'm moving over to them in February - been with Standard Bank for 10yrs.
 
When I was a student, I had an account at standard bank, You get a couple of free transactions a month, and there is no monthly fee.
You also get free internet banking.

FNB also has a student account, that costs about R20 a month. Unlimited free transactions, free internet and cellphone banking...
http://www.fnbweb.co.za/cbs/pricingguide/Personal/LifeStart_e.asp

I'm currently with FNB, and I prefer them to standard bank.
 
Peder said:
I want to just about DIE when someone tells me i must draw money.

If you do many swiping card transactions then capitec is good, i personally use bidvest bidsave and they are nice in that the only transaction fee i pay for every month or whenever is if i am forced to draw money.

So in all it depends what you want to do with the account.
Click to expand...
I always like having some cash on me, and thats why I draw fairly often. Its just a habbit, but you are right, most places accept straight card transactions. Ill have a look at the bidvest one.

No on got anything to say though for the big 4 banks?
 
cbrunsdonza said:
Check out Capitecs website for bank fees.

Even though Capitec do not have ATMs, using another banks ATM is often cheaper for Capitec clients than for that banks clients.

This is one of the reasons why I'm moving over to them in February - been with Standard Bank for 10yrs.
Click to expand...
Its starting to sound like a decent option now. Normal saswitch fees are a rip off, but Ill check it out if you say they arent so bad for capitec clients.

RustyPrincess said:
When I was a student, I had an account at standard bank, You get a couple of free transactions a month, and there is no monthly fee.
You also get free internet banking.

FNB also has a student account, that costs about R20 a month. Unlimited free transactions, free internet and cellphone banking...
http://www.fnbweb.co.za/cbs/pricingguide/Personal/LifeStart_e.asp

I'm currently with FNB, and I prefer them to standard bank.
Click to expand...
Free internet banking would be nice and could come in handy. I guess I have to weigh up the montly fees vs the cost of transactions
 
I have a Nedbank student account. Costs R13.50 per month and I get unlimited internet banking and also unlimited debit card transactions. You also get 4 free ATM withdrawals per months and 1 free over the counter deposit. Nice thing about the account is that you get a cheque card instead of a normal debit card which means you can use it for online purchases.
 
RustyPrincess said:
When I was a student, I had an account at standard bank, You get a couple of free transactions a month, and there is no monthly fee.
You also get free internet banking.

FNB also has a student account, that costs about R20 a month. Unlimited free transactions, free internet and cellphone banking...
http://www.fnbweb.co.za/cbs/pricingguide/Personal/LifeStart_e.asp

I'm currently with FNB, and I prefer them to standard bank.
Click to expand...

Sorry, should have kept my post in the context of this thread. These above mentioned student accounts are great. Just look at alternatives once you graduate as thats when they start making you bend over to violate you with a pineapple everytime you do a transaction.
 
ebii said:
I have a Nedbank student account. Costs R13.50 per month and I get unlimited internet banking and also unlimited debit card transactions. You also get 4 free ATM withdrawals per months and 1 free over the counter deposit. Nice thing about the account is that you get a cheque card instead of a normal debit card which means you can use it for online purchases.
Click to expand...

I would really consider nedbank then, although i find the bidvest bank is mostly accepted online but some retailers are kinda sticky too *cough* 1Time *cough*
 
Also with Standard Bank. To avoid fees one has to do 5 or less debits per month (withdrawals/debit card tx). So effectively one still needs to carry cash. I you buy everything with debit card then it would get expensive very fast.

Works well on the whole. I get charged a fee maybe once a year or so.

I think internet banking is unlimited though.
 
As has been said, it doesn't cost much to use your capitec card in other ATMs, you can also draw at some shops including PicknPay for R1, swiping your card is free. You also get free internet banking but you do need to buy a digitag thing which is a once of fee of about R100. I think the account admin fee is R4,50/PM.
 
Also opened a Capitec account for my daughter (matric --> student).

She was at FNB for years (I opened an account for her when she was 3 months old!) but as of this year their admin costs rocketed. The old BOB card was the ideal, but that has been "retired"...
 
Just_Ice said:
Are there capitec ATMs available everywhere? :confused: Maybe its because I have never been aware of them, but I cant tell you where there is a single one.

Would it be better than taking out a proper student account?
Click to expand...

With Capitec you can use any other banks ATM for R6.75 for any amount... these days I don't care which banks ATM I use with my Capitec.

Or I just got to any kind of PicknPay and withdraw at the till for R1 fee.
 
Hang on... Before you look at the rates etc. find out how many ATMs each bank has in the area you will be studying. Very, very important. I study at Stellenbosch, and there is an ABSA around every corner. Friends with Standard and FNB accounts always have to walk further, and their ATMs are also inside the mall, which closes at 10PM. Nevermind Nedbank. I think there is one Nedbank ATM in central Stell.

Besides an overcharging situation, which was refunded, I am very happy with ABSA's student account. And even if it's not the best (I don't know) I wouldn't switch to another bank, purely because of the convenience of having an ATM close by.
 
ebii said:
I have a Nedbank student account. Costs R13.50 per month and I get unlimited internet banking and also unlimited debit card transactions. You also get 4 free ATM withdrawals per months and 1 free over the counter deposit. Nice thing about the account is that you get a cheque card instead of a normal debit card which means you can use it for online purchases.
Click to expand...

+1

i have the same account, paired with a student credit card (R500 limit, but top it up with cash and you can use it for your online purchases aswell as the cheque card)
 
It seems I have to do some research... They all seem to have something decent on offer.

Out of interest, is it only nedbank that offer the credit/cheque card that can be used for online purchases?
 
francoiswnel said:
Hang on... Before you look at the rates etc. find out how many ATMs each bank has in the area you will be studying. Very, very important. I study at Stellenbosch, and there is an ABSA around every corner. Friends with Standard and FNB accounts always have to walk further, and their ATMs are also inside the mall, which closes at 10PM. Nevermind Nedbank. I think there is one Nedbank ATM in central Stell.

Besides an overcharging situation, which was refunded, I am very happy with ABSA's student account. And even if it's not the best (I don't know) I wouldn't switch to another bank, purely because of the convenience of having an ATM close by.
Click to expand...

Good points made here and would agree that besides for Capitec, this should be a deciding factor.
 
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