Student bank account: Explanation, benefits & comparison of the best options

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.

Table of Contents:

Students enjoy many advantages – even at the bank! ©Adobe Stock

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.

Students enjoy many advantages – even at the bank! ©Adobe Stock

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.

ProviderRequirementsCard optionsSpecial features and benefits
Erste Bank & SparkasseYounger than 27 years + proof of enrolmentBank card + credit card for freeISIC ID, Bank Card sticker, signing bonus, service for changing accounts
RaiffeisenYounger than 27 years + proof of enrolmentBank card + credit card for free for 1st yearCasualty insurance, discount for binding your thesis, discounts for tickets
OberbankYounger than 26 years + proof of enrolmentBank card + credit card for freeOberbank App
Bank AustriaYounger than 30 years + proof of enrolmentBank card + credit card for free for 1st yearSigning bonus, discount for tickets, CashBack
BAWAG PSKYounger than 27 years + proof of enrolmentBank card + credit card for free for 1st yearDiscounts for tickets, edustore signing bonus
VolksbankYounger than 27 years + proof of enrolmentBank cardBonus points, mobile banking
If you are a student then nothing stands between you and your free bank account! ©Adobe Stock

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
If you are a student then nothing stands between you and your free bank account! ©Adobe Stock

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
Keeping an eye on your finances can be that simple! ©Adobe Stock

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)
Choose which student account offers the best benefits for you! ©Adobe Stock

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
Choose which student account offers the best benefits for you! ©Adobe Stock

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!

Questions?

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