I’m sure by this stage of being a university student you feel totally unequipped to deal with which bank you should be with – and fair enough – it’s hard to really know. At this stage most banks offer pretty similar packages to tertiary students – mostly around the idea that you should pay zero account fees and should prepare to maybe having savings at some point (let’s be real, never). Anyway, for your convenience Craccum has laid out all tertiary banking options for comparison. I would like to clarify that some banks didn’t even bother to respond to the media request (looking at you ASB) however because we have google skillz we have factored this out. We would also like to indicate that offering ‘access to online and mobile banking’ as a feature of a banking package is not a lucrative offer. If your bank doesn’t offer you at least that then it’s a pretty shitty bank.
Disclaimer: Craccum has chosen to list, and not rank, these banking options in light of our position as a student publication and not a financial institution. All comments are made from Craccum only and we recommend – and encourage – that you consider this information and make an informed choice on your own financial decisions and what is best for you. The table at the end is designed to summarise this information.
Our research discovered several main points around the options available for university students:
On Offer:
Look, fair call to Heartland, they aren’t trying to be a student bank but from what I gathered from the website they don’t even offer an eftpos card – so this package might not work for any student unless they’re happy to bank transfer every payment. A massive Ka Pai however that they offered a full version of their website in Te Reo. Time to catch up every other bank in New Zealand.
On Offer:
BNZ offer a pretty standard deal for students. Craccum appreciates their commitment to providing the essentials however notes their lack of credit card options. An increasing overdraft whilst recognizing the progression of being a student may not take into account the expenses that students accrue no matter what year of study they are.
On Offer:
TSB offers an incredibly no-frills tertiary package however it must be noted that their credit card and overdraft offerings are subject to criteria, which suggests there is a possibility you’ll be eligible but protects them against committing to students which we don’t vibe.
On Offer:
The Cooperative Bank is a bank that runs on a (no surprise here) co-operative model. This model means that any profit the bank makes is returned to its customers. This means you are eligible for returns from the bank – which is a pretty cool model. The 4% interest rate on the savings account is the best on the market.
On Offer:
Kiwibank offer a really normal package for students but the fee on the credit card following the first year alongside the fees on the overdraft aren’t great. Other banks offer no account fee for the life of the account which we think is a better offer.
On Offer:
ANZ offer a pretty good package with options from debit cards, loans, overdraft and credit card. This is an package worth looking into.
On Offer:
The Free Fries and Niesh deals seem very student hip but we suggest you look beyond this and consider this deal in light of other factors. If you’re choosing a bank because of free fries you need to consider your priorities.
On Offer:
The best thing about Westpac is that they offer you Rewards on your debit or credit card for spending money and we think that’s pretty awesome. Specifically if you’re an out-of-town student and you want to fly home for the holidays – reducing the cost of those flights (and not flying Jetstar) is pretty cool.