Student life is characterised by a fast-paced social life and the endless need to find the best deals. We’ve compiled a comparative package of the student banking products and fees offered by the 4 big commercial banks, namely Absa, FNB, Nedbank, Standard Bank and the rapidly expanding Capitec Bank.
Absa’s Student Silver Account is available to registered full-time students. It comes with a low monthly fixed fee of R17.00 and reduced banking fees. If a balance of R10 000 is maintained, clients are exempt from bank charges. This debit card option includes unlimited EFTs, internet, cellphone and telephone banking. Account holders are able to use the Notify Me tool to keep track of transactions. The app is available for Apple and Blackberry smartphones.
FNB’s Lifestart Student Account is for full-time students aged between 18- 25 years. Students must be studying towards a degree or a diploma (minimum 3 years) and must not be permanently employed. This account comes in two forms: Unlimited Pricing option or the Pay-as-you-use (PAYU) option. The Unlimited option includes a fixed monthly fee of R24.50 while PAYU package gives students the added advantage of not paying a monthly fee if a minimum balance of R500 is kept at all times. Account holders can make free card purchases and cash withdrawals at tills. The FNB app is free and compatible with most mobiles for transacting.
The Nedbank Dezign Student Account, available to 16 -26 year olds comes with these free features: SMS banking, cash withdrawals at Nedbank ATMS, access to the personal Money Manager online budgeting tool, debit and stop orders and debit card purchases. This package is offered at a nominal fee of R18.00 monthly. Nedbank’s comprehensive app suite is available on Android, Apple, Blackberry and Feature Phones.
Standard Bank’s Student Achiever account is for 16-23 year olds, with no monthly management fee. Charges are R20.00 for between 6 and 15 transactions.
Capitec’s Global One Account has a low monthly fee of R5.00, with clients charged R4.00 for withdrawals from Capitec ATMs. The Remote banking app is free but is currently not supported by tablets.