Bendigo student account. What you need to know.

Depending on the bank, student bank accounts might have extra features or slightly better conditions for those studying, when compared to a standard account. As a result, it’s worth looking into.

This article hones in on what Bendigo Bank offers to students. We’ll look at who can open a student account, what the features and benefits are, and how much the fees cost. We'll also present Wise to you as an alternative type of provider.

💸 Hold 40+ currencies in your account and spend at the mid-market exchange rate with the Wise Debit card while abroad.

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Wise Account and card

What type of student account does Bendigo Bank offer?

For students, Bendigo Bank offers a special Student Account. It’s a type of transaction account and is available to full time students aged 12 years or older, including apprentices and trainees.

What are the features and benefits of this Bendigo Bank student account

These are the main features of the student account offered by Bendigo Bank.¹

• Earn interest on the account balance
• Access to a Debit Mastercard or Youth Debit Mastercard
• E-banking and phone banking
• Branches and ATMs available Australia wide

What can you do with the Bendigo Bank student debit card?

When you open a Bendigo Bank Student Account you’ll be sent a Mastercard Debit card that’s attached to your account. There are two different types of card which you could be sent depending on your age.⁴

• Youth Debit Mastercard
• Debit Mastercard

Bendigo Bank Youth Debit Mastercard

Starting with the Youth Debit card, it’s a student debit card that’s exclusively reserved for account holders aged 12 to 15 years. These are some of the benefits to having this card.

• Make purchases online, in-store and overseas
• Supports Tap & Go and some mobile payment wallets
• Transactions related to alcohol, tobacco and gambling are restricted
• If an unsuitable purchase is detected Bendigo Bank will attempt to block the transaction

If you have a Youth Debit card, you can call Bendigo Bank before you turn 18 to upgrade to a Debit Mastercard.

Bendigo Bank Debit Mastercard

The standard Debit Mastercard can be used to shop online, in person and over the phone. Here’s some of the main features.

• Make purchases online, in-store and overseas
• Choice of card design
• Discounts and deals available through Debit Rewards
• Special offers from Mastercard Priceless Cities

Cost, running fees that come with this account

If you open a Bendigo Bank Student Account there are fees associated with certain actions and transaction types.

To make things easier for you, we've listed the main fees associated with this student account and have compared them to the Wise Account. This is so you can get a sense of how the account compares to an online non-bank option.

Fees	Bendigo Bank Student Account²	Wise Account
Account monthly fees	No account keeping fee¹	No account keeping fee
International transfer fee (for a sample amount of $1,000 AUD to GBP)	$30.00 AUD flat rate fee for sending funds overseas either in AUD or a foreign currency. For a transfer of $1,000 AUD to GBP, the total fee charged is $30.00 AUD	Payout fee + 0.41% variable conversion fee*. You can make a fee calculation here. For a transfer of $1,000 AUD to GBP, the total fee charged is $5.30 AUD
ATM withdrawals in Australia and abroad	No fees for Australian ATM withdrawals $5 overseas withdrawal fee at non Bendigo Bank ATMs in addition to the Cash Advance fee of $3.00 or 3% If Bendigo Bank completes the foreign currency conversion there is a 3% fee	You can take out money for free twice a month — as long as the total amount is under $350 AUD. After that, there is a $1.50 AUD per transaction fixed fee. If you take out over $350 AUD in one month, there is a 1.75% on the amount exceeding that. See card fees here.

*Reference rate only - actual rate may vary. Information last checked on 21 May 2024

Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information.

Note! Wise is not a bank and features available with traditional bank accounts, such as interest rates, loans or protection under the Financial Claims Scheme (for deposits up to $250,000AUD), will not be available with the Wise Account. See how Wise safeguards your money.

What do I need to open an account? Requirements, documents and what to know.

To open a Student Account with Bendigo Bank you need to meet the eligibility requirements, then go through the application process where you’ll submit the required documents and personal information.

How to open a Bendigo Bank Student Account

If you want to open a Bendigo Bank Student Account you can do it online or in a branch. Here’s how that works if you’re a new customer.¹

Open an account online

To be eligible to open an account online you need to meet these conditions.

• An Australian resident or citizen
• Aged 12 or older
• Have two forms of identification available including either your drivers licence or a passport.

When you’re ready to apply, simply go to the Bendigo Bank website and press the button to apply online. You then just follow the prompts to complete the application.

Open an account at a branch

If you’re not able to open an account online or prefer to do things in person, you can also apply in-branch. The requirements are essentially the same.

• An Australian resident or citizen
• Aged 12 or older
• Have a valid ID, such as a driver licence or passport.

When you visit the branch a member of the Bendigo Bank team will help you to open the account.

A note on minors aged 12-13 years

For teens aged 12 and 13 it’s not possible to open an account online.⁴ Instead, they need to contact a Bendigo Bank branch and apply with a parent or guardian.

Teenagers aged 14 and 15 are able to apply online through the normal process, provided they meet the requirements to do so.

Which documents do I need to open an account?

When you open an account with Bendigo Bank you’ll need to provide some personal information and documentation. This is what Australian banks usually ask for.

• Full name
• Date of birth
• Australian address
• Australian phone number
• The main source of your funds
• Valid ID

When it comes to the ID, this is what Bendigo Bank accepts as primary photographic ID.³

• Australian Passport (current or expired in past two years)
• Foreign Passport (current or expired in past two years)
• Australian Drivers Licence
• Proof of Age card from an Australian state or territory
• Foreign National Identity Card

If you don’t have that, then you can provide a combination of other ID’s to satisfy the requirements. Keep in mind that if your documents are’t in English you’ll need to provide an accredited transaction.

Do I need to deposit money to open a Bendigo Bank student account?

You do need to deposit money to open a student account at Bendigo Bank but it’s not expensive; the minimum opening balance is only $1 AUD.¹

You can find out more by contacting Bendigo Bank here.

If you have more questions about the Bendigo Bank Student Account you can speak to their customer service team for up to date information.

• Visit a branch in person
• Call 1300 236 344 in Australia
• Phone +61 3 5445 0666 from abroad
• Use the online chat function on their website

The Wise Account

If you’re 18 years and above, looking for an option that is great for daily spending in Australia and overseas, the Wise is worth a look.

You can open a Wise Account for free and hold money in 40+ currencies and send money to 160+ countries. You can also order local account details for 10 world currencies including AUD.

You can also use the Wise Debit card to spend money in 150+ countries without markups and hidden transaction fees. The mid-market rate is used when switching between currencies, helping to keep costs low when sending money internationally.

Join over 16 million customers currently enjoying Wise. It’ll only take a few minutes to register and see what’s inside.

Register your Wise account
in minutes 🚀

Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information.

Note! Wise is not a bank and features available with traditional bank accounts, such as interest rates, loans or protection under the Financial Claims Scheme (for deposits up to $250,000AUD), will not be available with the Wise Account. See how Wise safeguards your money.

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Sources:

1. Bendigo Bank - Student Account
2. Bendigo Bank - Schedule of Fees, Charges and Transaction Account Rebates
3. Bendigo Bank - Certified Identification Form
4. Bendigo Bank - Debit Cards

Sources checked on: 21 May 2024