Student Banking

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tiaanels

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So finishing Matric this year and I'm starting full time studying next year but i am still uncertain about which student account package to take. At the moment my top choices are ABSA and FNB. ABSA gives you a student Debit Card and Credit Card with a small limit. FNB only gives you a Debit Card (or so I think, the website is confusing). Also not really sure what the other banks offer. I'm basically looking for an all round account with low bank costs and which I can also use for online purchases.

I would like some feedback on experiences from former account holders. Also will I be able to use paypal. Can I use my student credit card from ABSA? I know FNB has a special relationship with Paypal. (is this still the case and and if yes, how does it work?) I was also wondering about the "small" limit on the ABSA Student Credit Card. My current income is about R2000 per month, so how much would my limit be? What other perks do the banks have that I should know about?

Thanks in Advance!
 
Choose the one that isn't ABSA. :)

Been with them since they were United Bank. Ran a car & student loan through them, still get treated like crap. Paying back my student loan was also a huge issue, despite me paying it back early.

Busy getting my ducks in a row to move over to FNB as well.
 
go with abs. you get free internet banking, sms notification, cash withdrawals and swiping your card at shops, i use to have 1. creditcard limit is very low.

edit: Don't use other banks atms, because then you will get charged.
 
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Stay away from ABSA ! ! ! They try to lure you in with all sorts of "specials" and after they've got you the increases come. At my work (a company with over 50 people), none is with ABSA anymore ! They do not keep their promises when it comes to deducting fees from your account and have a pathetic customer service. I am sure,they must be the most expensive bank out there.
 
I'll also be studyng next year, but I'll just have a normal savings account. What is the difference between savings and student card?
 
zizo911 said:
I'll also be studyng next year, but I'll just have a normal savings account. What is the difference between savings and student card?
Click to expand...

I think a student card is a normal savings debit card, but you pay less bank costs.

FNB looks like a good choice, they also have a Android app to do your banking. I love it when companies embrace new technology.
 
I belong to standard bank...and until i was 26 I could have a student achiver GO current account. Fixed monthly fee of R54 included electronic transactions up to a limit and included internet banking fee etc.. I could also do online purchases as its a master card cheque card. I easily got a R5000 overdraft, but there is a monthly overdraft fee..not sure how much now...
 
krono9 said:
I belong to standard bank...and until i was 26 I could have a student achiver GO current account. Fixed monthly fee of R54 included electronic transactions up to a limit and included internet banking fee etc.. I could also do online purchases as its a master card cheque card. I easily got a R5000 overdraft, but there is a monthly overdraft fee..not sure how much now...
Click to expand...

I'm on Standard Banks Studen Acheiver GO and I wouldn't recommend it. I get 5 free electronic transactions a month (that's ATM withdrawls and electronic payments). After those 5, its a R20 fee for every transaction...
 
@tiaanels

I am currently a student and I have two bank accounts
- FNB Life Start Student Account
- Nedbank Student Credit Account

The FNB account is great: free swipes, free internet banking, minimal monthly cost, I have not found anything wrong with it. I find the Internet Banking with FNB has the best interface (I have seen Standard, Absa, FNB, Nedbank).

I like the way FNB makes it so easy to buy prepaid electricity, airtime, lotto etc.
Beneficiary setup is effortless. You can adjust a lot online, limits, etc. etc, which I find handy.
I use cellphone banking a lot for airtime and prepaid electricity.

The only problems I found with FNB life start, is that:
  • Drawing from another banks ATM is pricy (about R32) the last time I checked, so I never do this.
  • You cannot make online purchases

As for paypal with FNB, I have tried to sign up twice and have had no success, however, my brother has the same account and has managed to set his up fine.

I don't find this a problem as my Nedbank card is linked to PayPal, so if I buy on paypal, the purchase automatically comes off my credit card.

FNB does NOT provide credit cards to students (unless it is linked to another persons account, ie. a parent)

As for Nedbank Student Credit you get:
R500 limit
60 Days interest free
Free online purchases

A credit card is not designed for ATM withdrawals, so those cost about R6 - R8.
If I am in a place I cannot find an FNB ATM, I will use my Nedbank card to withdraw, because the price is standard (AFAIK from any ATM).

The Nedbank Internet Banking is annoying because your login username is a large number which I can never remember, and don't really want to leave my login details lying around so I have forgot this once, which resulted in a visit to the bank.

I therefore use both accounts,
Keep about 1K to pay the odd account, movie tickets, concert tickets, online purchases etc. in my Nedbank card at all times (just to avoid debt as a habit).
I use the FNB account as my base account and transfer from there to my credit card when needed.

I live with someone on ABSA student credit (R200 limit), and his card took over 6 weeks to arrive, and he has constant gripes about the bank.

I would recommend the above setup, OR if you want you could just use Nedbank and open 2 accounts with them. (student credit, and student) or you could just use a student credit account with them, but then drawing money could get expensive if you draw often. (Having 2 accounts with Nedbank would mean instant transfer between them.)

My advice would be to try two banks, and get a general feel of which you prefer, because they tend to rope you in and you will be there for a while. There is no harm in trying.

Edit: I draw money about 8 times a month, and swipe my card about 15 times. (On FNB i do not get charged anything extra for this, and the monthly fee is low. I think about R20 - R25)
 
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I easily got a R5000 overdraft, but there is a monthly overdraft fee..not sure how much now...
Click to expand...

You will never get this now since the credit act tightened up so much!
You can no longer get a credit account in your own name with another family member as a guarentor.
 
I'll also be studyng next year, but I'll just have a normal savings account. What is the difference between savings and student card?
Click to expand...

You should def. switch to a student savings account, its the one area where you can benefit from big time as a student. My smart account was costing me about R120 a month in bank charges, on a student account I only pay about R25. So make sure when you register at your institution you change to a student account.

In my house we also have a FNB student account with 4 debit cards (one each, to buy food, detergents, pay bills etc.)
It gets swiped every day, also at 0 cost.
 
@Spoontech

Cool thanks for the reply, another thing, do my parents have to go with me to appy (FNB & Nedbank)? Only reason i'm asking is because my parents live overseas so I will have to apply while they are in SA.
 
No, you won't need your parents, nor any information from them (apart from proof of residence).
You will need to prove that you live in the house/flat that you currently stay in, either with an original lease agreement, or utility bill with your name on it, or a copy of your parents ID, and an Affadavit saying you live in their house.

You will NOT be able to get any of these accounts before you are registered with a University / Tertiary institution. You will also need proof of registration.
 
tiaanels said:
I think a student card is a normal savings debit card, but you pay less bank costs.

FNB looks like a good choice, they also have a Android app to do your banking. I love it when companies embrace new technology.
Click to expand...

I'm with Standard. They also have an app for that, it's called HTTP + HTML + JavaScript. Allows you to do anything and is supported by ALL (not just Android) phones! :)
 
UnUnOctium said:
I'm with Standard. They also have an app for that, it's called HTTP + HTML + JavaScript. Allows you to do anything and is supported by ALL (not just Android) phones! :)
Click to expand...

FNB App supports iPhone, Blackberry and Android.
Although it is painfully slow on my BB Bold 9780, maybe because it had videos at startup!
(App is 4.1MB)!!!
 
UnUnOctium said:
They also have an app for that, it's called HTTP + HTML + JavaScript. Allows you to do anything and is supported by ALL (not just Android) phones! :)
Click to expand...

Going with this logic, then you are saying that net connected apps, ie. Twitter, Facebook, Banking, Sport Guides, TV Guides etc. are a waste of time, and people should use their phone browsers instead?
 
SpoonTech said:
Going with this logic, then you are saying that net connected apps, ie. Twitter, Facebook, Banking, Sport Guides, TV Guides etc. are a waste of time, and people should use their phone browsers instead?
Click to expand...

To quote the amazing Col. Hans Landa... "That's a BINGO!"

P.S.: [video=youtube;Ugpg8XruhVk]http://www.youtube.com/watch?v=Ugpg8XruhVk[/video]
 
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I thought I would add some advice here since I was in a very similar place a few years ago.

Nedbank are probably the best when it comes to students. You can get a Nedbank cheque account and a Nedbank Credit Card (Dezign Student) for under R20pm. Credit limit is R500, but just top it up and use it as your main purchase card. It's a simple form plus proof of student registration, quick and easy.

FNB have their Lifestart student account which is great, but they don't seem to offer a credit card to students. This is an open market opportunity if FNB is listening. I think the overall FNB experience is better (online banking, apps, benifits, sms notifications) but if you want a credit option then you need your guardian to stand as surety. I was very close to going this route but never completed the form. So if you can get surety and are willing to fill out the forms, go with FNB.

The average fees you will pay for a student account is around R17..anything higher than R25 and you are getting ripped off.
 
nathank said:
I thought I would add some advice here since I was in a very similar place a few years ago.

Nedbank are probably the best when it comes to students. You can get a Nedbank cheque account and a Nedbank Credit Card (Dezign Student) for under R20pm. Credit limit is R500, but just top it up and use it as your main purchase card. It's a simple form plus proof of student registration, quick and easy.

FNB have their Lifestart student account which is great, but they don't seem to offer a credit card to students. This is an open market opportunity if FNB is listening. I think the overall FNB experience is better (online banking, apps, benifits, sms notifications) but if you want a credit option then you need your guardian to stand as surety. I was very close to going this route but never completed the form. So if you can get surety and are willing to fill out the forms, go with FNB.

The average fees you will pay for a student account is around R17..anything higher than R25 and you are getting ripped off.
Click to expand...
Thanks, what about ABSA student accounts?
 
I advise going with Standard Bank. I've had very few hassles with them.

You get free internet banking and a bunch of transactions. You can get a MasterCard debit card (So you can use it online etc). If you need a savings account you can open one via internet banking (Puresave).

Edit: I don't think there are any monthly fees with a student achiever either. I can't remember now, even though I have one.
 
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