At what age can students get a credit card in Australia?

The minimum legal age to be offered credit in Australia is 18, therefore you have to be at least 18 years of age to apply for a credit card. You are permitted to have a debit card linked to your transaction account without parental permission from the age of 14 (or 12 if a parent accompanies you to apply for your debit card).

What safeguards are available if I lose my debit card?

Many banks, building societies and credit unions allow you to suspend or lock your card from a variety of mobile devices if you lose your debit card or phone. If you do suspect your card has been stolen, you should report the theft to your bank and the police as soon as possible so your funds can be protected. If you’re a victim of fraud or identity theft, you can contact the government’s IDCARE service to work out a plan to limit the damage of your identity theft.

Are round up savings accounts a good idea for students?

Round up accounts involve a debit card that is linked to a savings account (or another type of bank account ). When you make a purchase using your debit card, the amount withdrawn is rounded up (often to the nearest dollar) with the rounded difference being transferred to your savings account. For example, if you make a purchase that costs $7.85, that transaction will be rounded up to $8 with the additional 15c transferred to your savings account. For this reason, they can be a great way to keep digital small change – the cashless alternative to a piggy bank for small coins.

Can I open a bank account as an international student before I arrive?

Yes – up to three months before your arrival, you’re able to open a student bank account in Australia. If you choose one of the Big Four banks once you arrive in Australia, you may be required to visit your local branch so your identity can be verified. You won’t be required to provide an Australian address when you first open the account but will need to provide your residency details once you land. Make sure you compare the fees charged for foreign currency deposits, international transfers and for using your debit card in an overseas ATM, as these can vary enormously between different banks.

How do bank accounts earn interest?

Interest on savings accounts is calculated daily on a compound interest basis and is most frequently credited to your savings account every month. In this way, you’ll earn interest on the principal sum in your account plus on the interest you’ve earned in previous months, which will help your savings account grow rapidly over time. Compare savings accounts with Savvy to make sure your savings are earning the best interest rate possible.