Best bank accounts for students in SA

14:30 Monrovia 0 Comments


We review the top South African student bank accounts. Students can enjoy a variety of perks, including lower bank fees and vouchers. The following guide will help you determine which student account is right for you. It also allows you to compare the account features and benefits of each student account. 

You should consider the perks that best suit your life to find the right student bank account. You may want to choose a bank account that offers discounts on these activities if you go to the movies or work out every week. But it's not just about the discounts and perks. You should also consider any fees, charges and limitations that may impact your daily banking needs. The student bank account is only for university students. These accounts are similar to the bank standard accounts, but students get additional benefits such as freebies or interest-free overdrafts.

These are the top South African student bank accounts, in no particular order.


The FNB Young account, which is transactional in nature and doesn't earn any interest, is designed for students aged under 24.

FNB is a popular bank among youth due to its versatile and functional mobile app. This can be used to manage everything, from debit orders to paying friends using GEOPay, right at your fingertips.

FNB Youth offers many savings options and a low monthly cost.

The benefits of this bank account

  • There are no monthly fees
  • Online banking free (unlimited internal debit orders (FNB-to FNB), electronic payments & transfer)
  • Subscriptions to FNB Banking App free
  • Unlimited card swipes, cash@till(r), and cash@till(r) are available at no additional costs. 
  • Access to a library of educational videos.

How do you qualify?

·      The applicants must be aged between 18 and 24 years.
·      South African applicants are required
·      Online Banking requires applicants to register 
  • South African ID card/book
  • Proof of residence must not be older than three months


MegaU is a SA student account that's suitable for teenagers.


  • Unlimited SMS and email notifications
  • Unlimited ATM transactions, including balance inquiries, withdrawals, and cash deposits
  • The first R500 you deposit at an Absa ATM will be free.
  • Get free swipes
  • Statements.
  • Transactional history inquiry - Internet, cell phone, and telephone (IVR).
  • To keep track of transactions on your account, ensure that you have signed up for Notify Me.
  • There are no monthly fees
  • All basic ATM transactions are free.

MegaU accounts can be enrolled for additional benefits each month:

  • 100MB of monthly data free
  • R20 food voucher redeemable at Debonairs or McDonald's, Nando's or Steers.
  • For Kidz activities such as Aquatots and MiniChess or Young Engineers, the first lesson is always free.
  • Up to 30% Discounts for clients on flights with Rewards Lite

You must have at least R300 per month in your bank account to be eligible for these benefits. You can also qualify for these benefits by completing at least four transactions per calendar month. Two of those transactions must be prepaid.

What are the requirements to be eligible?

  • You must be between 16 and 20 years of age.
  • You must have a South African passport or bar-coded ID.
  • Three-month-old proof of residence is required.
  • You must meet additional requirements if you are under 16 years old.
    • Original birth certificate, or valid passport.
    • Consent of the guardian or parent.
    • The original bar-coded ID of the parent or guardian

The ABSA student account A Student Account allows you to study for free and has unlimited card swipes. It also allows you to manage your money 24/7, as well as a variety of value-added features.

The Student Silver account offers the most benefits to students in South Africa when compared to other student bank accounts. You won't need to pay any banking fees for unlimited transactions with the Silver Student account. The standard bank rates apply to all other transactions that are not included in the Student Silver plan.


  • Unlimited SMS and email notifications
  • Unlimited ATM transactions, including balance inquiries, withdrawals and cash deposits
  • Unlimited use of electronic payments, card swipes and fund transfers
  • Unlimited access to online, mobile and telephone banking services
  • You can send the statement of account by email or mail.

These are some of the benefits that a Student Silver account can provide you with each month:

  • There are no monthly fees for students.
  • 100MB of data
  • You can redeem food vouchers at Debonairs or McDonald's, Nando's or Steers.
  • Get 30% off your gym membership
  • Discounted meal vouchers.
  • Travel voucher worth R150.

These perks come with a catch. Students must perform at least five transactions per month (debit/credit) and two must be prepaid. You will have access to Absa's Student Loan through the Student Silver account. This loan can be used to finance tuition and books, if necessary. After four years of maintaining your Student Silver account, you will automatically be upgraded to a Gold Graduate Account.


  • You must be between 18 and 27 years of age
  • You must be a full-time student who is pursuing an undergraduate degree or postgraduate degree.
  • Passport or bar-coded South African ID
  • Three-month-old proof of residency is required. Alternatives include proof of registration or admission at tertiary schools.


The Investec Youth Account, a transactional account, is available to children of existing Investec Private Account holders. To be eligible for this account, youth must be under 25 years old.

This account has the following benefits:

·      Zero monthly fees
·      For every transaction they make, you will receive an SMS or email notification.
·      Access to the Investec Mobile App.
·      Purchases of airtime are free
·      Online shopping and online banking.
·      Unlimited transactions at local and international retailers
·      Cash withdrawals and card swipes are free.
·      Complimentary travel insurance for international purchases made with their Investec Visa card
·     The primary account holder is the parent. They can view and transact on the account of their child through Investec Online or the Investec App.


·      You must be less than 25 years of age.
·      A birth certificate, passport, or bar-coded South African ID.
·   You must be a full-time student who is enrolled in an undergraduate or postgraduate program.
·      You must have an Investec account with a parent or guardian
·      Documentation proving registration or admission to tertiary schools.
·      You will need the following information to open an Investec youth bank account:
·      A copy of the birth certificate, passport, ID book, Smart ID card or ID book.
·      Proof of address
·      You must have copies of the ID and proof that you reside in the country if you are not the legal Guardian.

These documents must be submitted when you apply online at Investec.

Standard Bank                  

The student Achiever Account

Standard Bank provides customers aged 16-24 with access to the Student Account for a monthly fee of R9.99. You get all the banking necessities, plus some unexpected benefits!

Benefits of this account:

·      10 electronic debit transactions per month
·      Cash withdrawals up to R1350 are available at no additional cost
·      2 cash deposits free at Standard Bank ATMs
·      Unlimited swipes at till points
·      No cost balance inquiries on your phone
·      Online shopping
·      Unlimited swipes at till points
The Student Achiever Account comes with additional benefits.
·    Get a free subscription to Varsity VIBE, a student discount app that gives you instant access (retail discounts!) to exclusive student offers
·      Get 50% off your Siyavula subscription - an online science and math practice platform for high school students
·      To pay by phone, link your card to either the SnapScan app or Masterpass apps
·      50% Discount on your TravelWallet card activation and loading.
·      Notifications about transactions via MyUpdates

·      Standard Bank Mobile offers 250MB of data and R25 airtime free per month

Who qualifies?

·      You must have a South African ID (or a residence permit for non-South African citizens).
·      Original registration certificate from a recognized institution
·      Not older than three months of proof of residence
·      Part-time students cannot earn more than R3000 per month.


Nedbank unlocked me account

Unlocked.ME, another SA student account, offers many perks. You also pay lower transaction fees than other bank accounts. There are no monthly fees. ATM withdrawals cost R7 per transaction. There are no additional fees for purchases made directly with the card.


·      Unlimited balance inquiries
·      Unlimited card swipes
·   There is no data consumption when you use the Nedbank Money app on your mobile device.
·      You can access the CV creation tool to apply for the thousands of jobs listed.
·      Accountholders with a SA student account has the following benefits:
·      Post-paid Cell C, MTN and Telkom subscribers can receive mobile data up to 100MB.
·      A food voucher for R30 at Burger King, Debonairs or Nando's
·      Mugg & Bean, Vida e Caffe coffee vouchers worth R20
·      Taxify voucher worth R20
·      Get 2 for 1 on Nu Metro popcorn or Nu Metro movie tickets
·      Select laptops up to 50% off
·      Get exclusive fashion, technology, and travel deals
·      Monthly ATM cash deposits up to R3000 free

These are just a few of the many benefits of Unlocked.ME offers. Your school performance will be used to provide personalized digital career advice. Access to an exclusive job-hunting platform that allows you to search for more than 500 jobs online will be granted to you. To be eligible for these benefits, however, you must perform at least 5 qualifying transactions per month. It is easy to open an Unlocked.ME bank account via the Nedbank MoneyApp. Signing up is easy and requires no signature or paperwork. The majority of transactions made through the app are completely free.


·      You must be between 16 and 25 years of age.
·    You must be a full-time student who is pursuing an undergraduate degree or postgraduate degree.
·      Passport or bar-coded South African ID
·      Documentation proving registration or admission to a tertiary school.
Non-South African residents may apply for an additional fee.

    These banks offer accounts specifically designed for students. Old Mutual and Capitec do not offer student accounts. It is possible to find a bank that suits your needs and works with you. The above comparison only shows accounts that are targeted at students. South Africa offers a variety of student accounts. They offer different benefits, fees, terms, and conditions. Before you sign up, choose the one that best suits your needs.


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