The honest guide — no BS, just what you actually need
You need two accounts: one for everyday spending, one for savings. That's it. Everything else is optional.
This is where your pay goes and where you spend from. You'll get a debit card linked to this account.
What to look for:
• $0 monthly fee — you're young, don't pay fees
• Free ATM withdrawals — check which ATMs are free
• Good app — you'll check this daily
• Tap-to-pay — Apple Pay or Google Pay
Keep your savings separate so you're not tempted to spend them. Earns interest while it sits there.
What to look for:
• Bonus interest conditions — usually requires a deposit each month and no withdrawals
• Current rates — check comparison sites like Canstar
• No fees — savings accounts should always be free
⚠️ Avoid youth accounts with "bonus" features like cashback deals or travel cards — they usually come with fees or strings attached. Start simple.
The moment your pay hits your account, immediately transfer a set amount to savings. Do it before you spend anything.
Even $20 a week = $1,040 a year. Most banks let you set up automatic transfers on a schedule.
No monthly fee under 30. Good app. Widely recognised by employers.
App-only, no fees, excellent budgeting tools. Popular with young Australians.
High interest savings rates. Good if you're focused on saving.
Always compare current rates at canstar.com.au before choosing.
💡 Pro tip: Tell your bank you're a student or under 25 — many have special fee-free accounts they don't advertise upfront.
⚠️ This is general information only and doesn't constitute financial advice. Bank products, fees, and interest rates change regularly. Always check the current terms directly with the bank before opening an account. Refer to moneysmart.gov.au for independent guidance.