Student Bank Accounts: A Disparity in Benefits

Investigation into Student Bank Accounts Reveals Disparity in Benefits

An investigation into Student Bank account offerings reveals a number of differences in deposit interest rates, debit cards fees, overdraft fees, overdraft limits and freebies.

Monday 5 February 2018

An investigation by MoneyHub into student banking packages offered by various banks has revealed a significant difference in the fees students pay and the benefits they receive. While all the six banks offering student bank accounts provided interest-free overdrafts, fees and perks varied significantly.

MoneyHub’s senior research Christopher Walsh said “Students have a lot of choice when it comes to picking a student account and therefore shouldn’t automatically pick the bank they are currently with”.

“MoneyHub reviewed six student bank packages and found that ASB and the Co-operative bank currently offer the best options. We believe a lot of students will not be aware of their extra benefits when compared to other banks”

“For example, the Co-operative Bank offered 4.00% interest on bank balances up to $4,000 and free ATM use at any bank’s ATM across New Zealand, while ASB offered a free credit card, debit card and takeaway bonuses”.

“All banks offered interest-free overdrafts and zero account fees, but some banks charged fees for debit and credit cards while others didn’t”.

About MoneyHub.co.nz: MoneyHub was established in 2017 and is dedicated to making financial product choices easier. MoneyHub is a journalist online resource with the aim of providing New Zealanders with the best money guides, tips and tools.

Full story link: Student Bank Accounts

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