We’ve evaluated the leading student bank accounts available to students in South Africa. Beyond reduced bank fees, students can enjoy various perks, including special deals, vouchers, and freebies upon opening an account. Utilize the guide below to identify the most suitable student bank account by comparing their benefits and features.

When selecting the best student bank account for you, consider perks that align with your lifestyle. If you frequently go to the cinema or regularly visit the gym, opting for a bank account offering discounts on such activities might be the ideal choice.

However, it’s crucial to not solely focus on discounts and perks; also, assess banking charges, fees, and limitations that may impact your day-to-day banking needs.

1. FNBy Account (FNB Student Account)

The FNB Youth Account caters to students and school kids.

FNB Student Account Features:

Low opening deposit of R100.
Free internet banking.
Unlimited swipes.
Up to 6% annual interest rate.
Monthly product discounts and coupons via the FNB banking app.
eBucks Travel perks for accountholders over 18.
Up to 1GB of data through Connect purchases.

Requirements:

Age limit: 25 years old.
Full-time student status.
Passport or bar-coded South African ID.
Proof of residence and registration/admission to tertiary school.

Fees:

No monthly fees for under-18 FNBy accounts.
Monthly fee of R10 for over-18 FNBy accounts.

2. Standard Bank Student Achiever

The Student Achiever offers basic banking needs for full-time and part-time students.

Standard Bank Student Achiever Account Features:

10 free electronic debit transactions per month.
Free subscription to Varsity Vibe.
Up to 50% discount on Siyavula subscription.
Up to 250MB or R25 airtime from Standard Bank Mobile.

Requirements:

Age: 16 to 24 years old.
Full-time student pursuing an undergraduate or postgraduate degree.
Passport or bar-coded South African ID.
Proof of residence and registration/admission to tertiary school.

Fees:

Monthly fee of R9.99 for the first R1,350 ATM cash withdrawals.

3. ABSA Student Silver Account

The Student Silver account provides numerous benefits, covering all transactions within the monthly service fee.

ABSA Student Silver Account Features:

Unlimited transactions covered by the monthly fee.
Monthly perks include data, food vouchers, gym discounts, meal vouchers, and a travel voucher.

Requirements:

Age: 18 to 27 years old.
Full-time student pursuing an undergraduate or postgraduate degree.
Passport or bar-coded South African ID.
Proof of residence and registration/admission to tertiary school.

Fees:

Monthly fee of R26.

4. Absa MegaU Account

The MegaU account is suitable for teenagers, offering perks and cash rewards.

ABSA MegaU Account Features:

Monthly perks include data, food vouchers, and free lessons for Kidz activities.
Cash rewards through the MegaU app.

Requirements:

Age: 16 to 19 years old.
Passport or bar-coded South African ID.
Proof of residence.

Fees:

No monthly fees.

5. Investec Youth Account

Exclusive for students with Investec client parents, this account focuses on luxury perks and reduced fees for international transactions.

Investec Youth Account Features:

Access to a PrimeSaver savings account.
Daily withdrawal limits for security.
Lounge access to South African Airways lounges.

Requirements:

Age: Under 25 years old.
Birth certificate, passport, or bar-coded South African ID.
Full-time student pursuing an undergraduate or postgraduate degree.
Proof of registration/admission to tertiary school.

Fees:

No monthly fees.
ATM withdrawal costs R17 per transaction.

Also Check 8 Top High-Yield Savings Accounts in South Africa

How to Open a Student Bank Account

Apply online or in-person with your RSA ID number.
Must be a student pursuing a degree or diploma, typically between 18 – 25 years old.
Not employed in a full-time job.

Tips for Getting a Student Account in South Africa

Consult friends for their experiences with listed student bank accounts.
Transact with your bank’s facilities to avoid extra costs.
Utilize banking apps for convenience.
Develop budgeting skills for financial management.

In conclusion, South African student accounts vary in benefits, fees, and conditions. Choose an account that aligns with your lifestyle and needs. If you find that you’re not maximizing the benefits, consider switching banks for a better fit as this experience will inform your decisions when applying for standard bank accounts, credit lines, or loans in the future.