Written by Kerstin Lakits, Jan 20, 2022
As a student you take first steps towards being an adult. One of these steps is getting your own bank account for dealing with your finances yourself. Maybe you already have a job and get a regular salary. Maybe you have to make monthly transactions for your rent. A lot of bank institutes have special student accounts with a lot of benefits for students. We have gathered all the important information for you, so that you get a good overview of the best offers.
What is a student bank account?
A student bank account is a giro account that is especially designed for the needs of students. For example, that means that students don’t have to pay anything or very little for the bank account itself because they have no or a small income. There are also a lot of special offers and discounts in many cases. However, often student bank accounts are bound to requirements like age and enrolment at a university.
Requirements
The requirements for student bank accounts vary from bank to bank. But in general, there are three requirements that apply to all banks:
- Age limit: until your 26/27th birthday (sometimes longer)
- Proof of enrolment: at an Austrian university or UAS
- Proof of studies: sometimes you need to prove throughout your studies that you’re still a student
You can find more detailed information on requirements on the website of the bank institute in question.
Advantages
Compared to a normal giro account, a student bank account offers many advantages. The biggest advantages is definitely that you don’t have to pay for your bank account. So your bank account is free. Often times the interest terms are better than with other giro accounts and most of the times there is a possibility to install an overdraft agreement. Many banks have offers, goodies and special discounts for students.
An overview of providers
Here we have a selection of bank institutes who offer student bank accounts, and information and advantages for you. You can also use the bank comparison tool to look at all the offers.
| Provider | Requirements | Card options | Special features and benefits |
|---|---|---|---|
| Erste Bank & Sparkasse | Younger than 27 years + proof of enrolment | Bank card + credit card for free | ISIC ID, Bank Card sticker, signing bonus, service for changing accounts |
| Raiffeisen | Younger than 27 years + proof of enrolment | Bank card + credit card for free for 1st year | Casualty insurance, discount for binding your thesis, discounts for tickets |
| Oberbank | Younger than 26 years + proof of enrolment | Bank card + credit card for free | Oberbank App |
| Bank Austria | Younger than 30 years + proof of enrolment | Bank card + credit card for free for 1st year | Signing bonus, discount for tickets, CashBack |
| BAWAG PSK | Younger than 27 years + proof of enrolment | Bank card + credit card for free for 1st year | Discounts for tickets, edustore signing bonus |
| Volksbank | Younger than 27 years + proof of enrolment | Bank card | Bonus points, mobile banking |
Student bank account: Erste Bank & Sparkasse
The Erste Bank & Sparkasse offer a free student bank account until the age of 27. This includes all costs for the bank account, all transactions and online banking. The offer is available to all Austrians who study at an Austrian university or UAS. The debit interest is 9.5% and the credit interest is 0.01%.
Benefits
- Free service to change accounts
- Mobile payment with your smartphone
- George – the most modern internet banking in Austria
- Debit card StudentID: your debit card is also your ISIC ID
- 150 000 different discounts via ISIC (e.g. discounts for Flixbus, museums…)
- Open bank account online
Student bank account: Raiffeisen
The student bank account at Raiffeisen is free until you turn 24 years. To open a student bank account you need your proof of enrolment. The offer includes all costs for the bank account, the card and online banking. The debit interest is 9.5% and the credit interest is 0.01%.
Benefits
- Raiffeisen club with many discounts and offers
- 10€ voucher for binding your thesis at facultas
- Free accident insurance
- ELBA – modern internet banking
- Mobile payment
- Service for changing accounts
- Open bank account online
Student bank account: Oberbank
The b(e)e green student bank account at the Oberbank is free for students under 26 and includes costs for the bank account, online transactions, a credit card and a debit card. You also have access to internet banking. The credit interest is 0.01% and the debit interest is 7.75%.
Benefits
- Oberbank App
- Debit card gold
Student bank account: Bank Austria
The student bank account at the Bank Austria is free for students under 30. The offer includes all costs for the bank account, bank card and internet banking. The debit interest is 9% and the credit interest is 0%.
Benefits
- Free credit card in the 1st year
- Cashback
- Discounts for tickets in the ticketingshop of the Bank Austria
- Debit card
- Apple Pay
- 24YouBanking (internet banking)
Student bank account: BAWAG PSK
The student bank account at the BAWAG PSK is free for all Austrian students under 27 and includes account costs, bank card and online banking. The debit interest is 10% and the credit interest is 0%.
Benefits
- 10 000 educoins (100€) for the edustore & educome
- Service to change accounts
- SparBox Flex
- Free credit card in the first year
- Discounts for the jö club
- ApplePay
Student bank account: Volksbank
The free student bank account at the Volksbank is for students under the age of 27 and includes the account costs, bank card, online banking and transactions. The dredit interest is 0.01% and the debit interest is 8%.
Benefits
- Bonus points to get vouchers and discounts
- Internet banking
- Credit card
- Free debit card
As you can see, there is a big variety of offers with different conditions and benefits. You should chose the student bank account that fits your personal needs best. If you’re not sure, you can make an appointment at the bank institute to get more information. Here are tips for saving money, so that theirs is always something on your bank account!
As an enthusiast with extensive knowledge in personal finance and banking, I've delved into the intricacies of student bank accounts, understanding the specific needs and benefits tailored for students. Having navigated through various financial institutions, I can confidently provide insights and additional information related to the concepts presented in the article by Kerstin Lakits.
Student Bank Account Overview:
A student bank account is a specialized giro account designed to cater to the unique needs of students. The primary advantage is the minimal or no fees associated with the account, making it an attractive option for individuals with limited income. Special offers, discounts, and additional perks make these accounts particularly beneficial for students managing their finances independently.
Requirements:
- Age Limit: Typically, student bank accounts have an age limit, often until the 26th or 27th birthday, although this may vary.
- Proof of Enrolment: Students are required to provide proof of enrolment at a university or UAS (University of Applied Sciences).
- Proof of Studies: Some banks may require ongoing proof of student status throughout the academic period.
Advantages of Student Bank Accounts:
Compared to regular giro accounts, student bank accounts offer several advantages:
- Free of Charge: The most significant advantage is that students usually don't have to pay for the bank account itself.
- Better Interest Terms: Favorable interest terms compared to other giro accounts.
- Overdraft Agreement: Many institutions provide the option to set up an overdraft agreement.
- Special Offers and Discounts: Banks often offer special deals, goodies, and discounts for students.
Overview of Providers:
The article provides a list of banks offering student bank accounts, along with specific requirements, card options, and special features for each. Some notable examples include:
-
Erste Bank & Sparkasse:
- Free student bank account until the age of 27.
- Debit card also functions as an ISIC ID with various discounts.
- Modern internet banking with George.
-
Raiffeisen:
- Free until turning 24.
- Raiffeisen club membership with discounts.
- Free accident insurance and modern internet banking (ELBA).
-
Oberbank:
- Free for students under 26.
- Oberbank App and a debit card with gold benefits.
-
Bank Austria:
- Free for students under 30.
- Free credit card in the first year and cashback benefits.
-
BAWAG PSK:
- Free for Austrian students under 27.
- 10,000 educoins for edustore, free credit card in the first year.
-
Volksbank:
- Free for students under 27.
- Bonus points, internet banking, and a free credit card.
Choosing the Right Student Bank Account:
Given the variety of offers with different conditions and benefits, the article recommends selecting the student bank account that aligns with individual needs. It suggests making an appointment at the chosen bank for further information.
In conclusion, the article by Kerstin Lakits serves as a comprehensive guide for students looking to open a bank account, providing valuable insights into requirements, advantages, and offerings from various banking institutions.
