Referral Revenue
Student bank accounts in Australia: the ones that pay you to join
The best student bank account costs nothing to keep and works well on your phone. Several Australian banks will also pay you a cash bonus for opening one, from $30 for a $2.50 deposit up to $400.
What to look for
- No monthly account fee, or a fee that’s waived for students.
- No minimum balance or deposit you have to keep in.
- A good app with Apple Pay or Google Pay, instant PayID transfers and card controls.
- Free ATM access if you still use cash.
- No foreign transaction fees if you travel over the break.
Bank accounts that pay a sign-up bonus
| Bank | Bonus | Deposit | Time | Bonus paid |
|---|---|---|---|---|
 UBank | $30 | $2.50 | 10–15 minutes | Within 10 business days |
 Westpac Choice | $50 | $50 | 20–25 minutes | Usually within a week |
 St.George | $50 | $50 | 20–25 minutes | Within 60 days |
 ING | $400 | $1,000 | 10–15 min a month, for 3 months | By the end of month 3 |
- Start with UBank if money’s tight: $2.50 in, $30 back, and it works well as an everyday account.
- Westpac Choice or St.George suit you if you want a bank with branches. Each needs $50 deposited and $50 spent in 15 days.
- ING pays the most, but you need $1,000 to move through it each month for three months.
Open UBank → · Open Westpac Choice → · Open St.George → · Open ING →
Student banking questions
Do I need a special student bank account?
Not usually. What matters is no monthly fee, no minimum balance and a good app. Some banks waive fees for students, so check the fee before opening any account.
Can I have more than one bank account?
Yes. Plenty of students keep one account for spending and one for savings. Opening a second account can also earn you a sign-up bonus.
Does opening a bank account affect my credit score?
Opening an everyday transaction account isn’t a credit application, so it doesn’t add a credit enquiry. Applying for an overdraft or credit card does.
Can international students open these accounts?
Some offers require Australian residency or tax residency. Check each bank’s eligibility before applying.
More ways to earn as a student
Crypto and share trading apps pay sign-up bonuses too. See them all.
Referral Revenue may receive a commission from the provider when you sign up through the links on this site. This does not reduce your bonus. This is general information only and not financial advice. Offer terms and amounts can change at any time, so check the provider's current terms before depositing. Cryptocurrency and share trading carry risk.