Hi!
Being a high school teenager, I recently decided to apply for my first job. However, this required me starting a personal bank account and I'm not sure which bank to do it with??
So, instead of playing Spin the Bottle, I have come here to get recommendations!
Any advice is appreciated!
With ING you need to deposit $1000 every month or they rape you with fees
ING is fee free and one of the best value for money accounts/card to have. The only thing is if you don't make the $1,000 deposit, you don't get the paywave cash back and you don't get ATM fees returned.
It would make the card act like many other debit cards, no real benefits (ANZ, CBA etc)
My sister has only deposited 1k when she first opened the account in November but she says she has been getting rebate for Dec and Jan?
If you can manage to deposit $1,000 a month I would recommend ING Direct. While the account itself is always fee-free, if you can deposit $1k you also get 2% cash back on PayWave purchases and can use any ATM fee-free. It also entitles you to some bonus interest if you hold a savings account with them as well. Keep in mind that the requirement is only to have deposited $1k in total over the course of the month, you can spend that money or even withdraw it all completely and still qualify for the benefits. If you can expect to be paid at least $1k a month in your new job then you'll be fine :)
I also had a CBA debit card as a carry over from school, and they waive the monthly fees for students. I guess many if not all of the big banks would do this so if you have any existing accounts be sure to let them know you're a student so you won't get charged account fees.
ANZ, if you are a student, fee is waived. The only bank that can issue visa debit to those age 14+
No bank will charge you fees yet as you are a student and are a few years away from being exploited. Pick the one that has the most ATMs around you.
Whilst ING appears to be a good choice, you do have to be 18+
(http://www.ingdirect.com.au/everyday-banking.html)
Also as raymond y pointed out, if you don't meet the minimum deposit of $1000 you will be charged 100% of the ATM fee.
CBA, WBC and ANZ will tag your account as being a schoolboy/girl, NAB doesn't charge a fee at all.
You will need to be 16+ to get a card, and apply at a NAB branch. (Have to be 18+ to apply online)
(http://www.nab.com.au/personal/banking/transaction-accounts/…)
Having no monthly fee may be handy in the future, when you are no longer eligible for student, if you don't meet the deposit requirements other banks require.
Agree, NAB has been great for our kids as they started off in high school and have then moved into employment. No fees, good atm network, branch access if needed. But no perks of ING. Actually, one of the biggest advantages of ING is that they don't charge a dishonour fee. This in itself may be more useful to some than paywave discount etc.
ING