The Best Banks for Students in Australia

You’ve got enough things to think about as a student. Your bank account shouldn’t be one of them. But choosing the wrong one, or just going with the first option you find, can cost you more than you’d think. Here’s how to pick the right one from the start.

Breaking Down the Best Banks for Students in Australia

Commonwealth Bank (CommBank)

The most popular choice for students, and it earns it.

• Australia’s largest branch and ATM network
• App voted Bank of the Year for Digital Banking 16 years running
• Zero monthly fees if you’re under 30
• International students can open an account up to 3 months before arriving

Watch out for: International transaction fees (~3%)

Explore CommBank student banking

Westpac

Best for setting up before you arrive

The standout option if you want everything sorted before you land.

• Open an account up to 12 months before arriving, the longest pre-arrival window of any major bank
• Fees waived for students under 30
• Part of the Global ATM Alliance
• Apple Pay supported

Explore Westpac student banking

ANZ

Best for straightforward, no-fuss banking

Clean and simple.

• No monthly fee for full-time students
• Unlimited free transactions
• Visa Debit card for contactless and online purchases
• AI-powered fraud monitoring, one of the strongest protections among popular banks

Explore ANZ student banking

NAB

Best for no overdrawn fees

Great for students on casual or irregular income.

• No monthly fees
• No ATM fees within the NAB network
• No overdrawn fee if your balance dips below zero

Note: You need to be in Australia to open it, better as a Phase 2 option once you’re settled.

Explore NAB student banking

Macquarie Bank

Best interest on everyday spending

The one most students sleep on.

• 2% p.a. interest on your everyday transaction account (not a separate savings account with conditions, your actual spending account)
• Zero international purchase fees
• Free international transfers
• Must be in Australia to open

Explore Macquarie Bank

HSBC

Best for multi-currency management

Best for managing money across multiple currencies.

• Hold and spend in up to 10 foreign currencies
• Zero HSBC fees on international transfers
• Pre-arrival account opening available from selected countries
• Strong pick if your family already banks with HSBC internationally

Explore HSBC student banking

ING

Best for zero international fees

If you travel home regularly or shop on international sites, the 3% foreign exchange fee on Big Four accounts adds up fast. ING eliminates it entirely.

• Zero overseas ATM fees worldwide
• Zero international transaction fees

Explore ING student banking

The consensus: what’s the best bank for students in australia?

How to open your first student bank account

For Australian Students

You can open an account online in minutes. Here’s what you’ll need:

• Passport or driver’s license
• Tax File Number
• Proof of Enrolment

Most banks offer instant digital card access so you can start spending straight away.

For International Students

Opening an account before you arrive is the move. Many Australian banks let you apply from overseas using your passport and offer letter.
What you’ll need:

• Passport
• Student Visa
• University offer or enrolment letter
• An Australian address
• Tax File Number (TFN) – you can apply once you’re in the country; without one, banks are required to withhold extra tax on any interest you earn

Need a full walkthrough? Check out our guide to setting up a bank account in Australia as an international student.

Sort it early, sort it once. Your bank account is the foundation for everything else; rent, groceries, tuition, and part-time pay. And if you’re still sorting out where you’ll live, we can help with that too. Find your Scape room