Bank Account for Students: Details, Advantages, and Top Choices Compared
In the world of banking, Austrian student bank accounts stand out for their fee-free management, eco-conscious features, and youth-friendly limits. These accounts are designed to cater to the needs of young people, typically from about 10 to 27 years old.
One of the key features of these accounts is their accessibility. Opening such accounts requires valid identification, such as a passport, and in some cases, parental consent or online banking access if the account holder is a minor. Proof of enrolment at an Austrian university or UAS is also a requirement.
Most Austrian banks, including Oberbank, Raiffeisen, BAWAG PSK, Volksbank, Bank Austria, and Erste Bank & Sparkasse, offer free student bank accounts. The age limit for these accounts varies, but it is usually until the age of 26 or 27. For instance, Oberbank's b(e)e green student bank account is free for students under 26, while BAWAG PSK offers a free student bank account until the age of 27. Bank Austria even extends this offer until the age of 30.
These accounts come with a range of benefits. The b(e)e green student bank account at the Oberbank, for example, offers the Oberbank App and a debit card gold. BAWAG PSK offers 10,000 educoins (equivalent to 100€) for the edustore & educome, a service to change accounts, SparBox Flex, a free credit card in the first year, discounts for the jö club, and Apple Pay. Bank Austria provides a free credit card in the first year, cashback, discounts for tickets in the ticketingshop of the Bank Austria, a debit card, Apple Pay, and 24YouBanking (internet banking).
Volksbank's student bank account offers bonus points to get vouchers and discounts, while the student bank account at Bank Austria requires proof of studies throughout the student's enrollment. Some student bank accounts may also offer special discounts and goodies for students.
In addition to these benefits, student bank accounts often come with better interest terms than normal giro accounts. For instance, the Oberbank's b(e)e green student bank account has a credit interest of 0.01% and a debit interest of 7.75%, while BAWAG PSK's student bank account has a debit interest of 10% and a credit interest of 0%. The student bank account at Bank Austria has a debit interest of 9% and a credit interest of 0%.
Some student bank accounts may also have an overdraft agreement option. However, these stipulations often pertain more to general or adult accounts than student accounts, with Austrian banks emphasizing ease of use and benefits without monthly fees for students.
In summary, Austrian student bank accounts focus on fee-free management, eco-conscious banking options, youth-friendly limits, and straightforward opening procedures with proof of identity and/or parental involvement if underage. Transaction or balance requirements are generally lenient or waived to accommodate student needs.
- With the Oberbank's b(e)e green student bank account, personal-finance benefits include the Oberbank App, a debit card gold, and access to edustore & educome with 10,000 educoins from BAWAG PSK.
- In the realm of finance, Austrian banks like Volksbank offer student bank accounts featuring bonus points for vouchers and discounts, while Bank Austria's student bank account provides advantages like 24YouBanking and cashback on purchases.
