As South African students prepare for university in the coming weeks, banks will be looking to capture a market of potential future earners through targeted account offerings.
Student accounts are generally offered to young adults between the ages of 18 and 25, who are studying towards a degree or diploma typically over three years.
They are marketed as low-fee accounts, that introduce students to the basics of transactional banking, while encouraging saving, and providing access to other student finance services (like student loans and even basic credit).
The low fees are possible because students tend to be low-intensity users, who do not handle large amounts of money; however, some accounts, like Standard Bank’ Student Achiever, do hike rates when transaction behaviour become more intensive.
While the likes of Capitec, Bidvest, and Old Mutual don’t offer a specific student package, their account offerings are priced in the lower tiers which could be appealing to students, if they are happy to pay full monthly fees, or just want to skip account graduation after completing their studies.