Standard Bank Student Achiever Account Review 2021

Posted on Dec 30, 2020 by Staff Writer

Rateweb | South Africa

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The Student Achiever account is a young youth account comparable to the FNB Youth account. The account is designed for students and undergraduates and it is deemed as a stepping stone to full-stack banking. 

With the Student Achiever account, you are able to do your day to day banking with ease. The account comes with benefits that are suitable for younger youths. The account doesn’t have many requirements for qualification purposes. Student Achiever account holders, pay the 4th lowest monthly fees compared to all the other Standard bank accounts. 

Standard Bank Student Achiever bank account summary 

The Standard bank Student Achiever account is a bank account that is designed for students, undergraduates and postgraduates between the ages of 16 to 24 years. To qualify for the student achiever account, you need to earn R0.00 per month, however, if you are a part-time student, you need to earn less than R3,000.00 to qualify. The account charges a monthly service fee of R9.99 and R26.00 if you use exhaust your bundled transactions 

As you can see, the account is meant for those that are still pursuing their studies based on the minimum income requirement. The account comes with rates that are competitive and with freebies such as free prepaid purchases, free linking of your card to Standard bank digital platforms and getting access to unlimited deals and retail discounts. 

Benefits of the Standard bank Student Achiever Account 

  1. You get 250MB of data or R25.00 airtime for free every month on your Standard bank mobile sim.
  2. Free bank card when you open an account. 
  3. Free Standard bank cash deposits of up to R1500.00 per month. 
  4. Free Cash withdrawals up to the value of R1350.00 at Standard bank ATMs. 
  5. 50% off your TravelWallet card activation, loading and reloading. 
  6. Unlimited SMS notifications to help you track transactions. 
  7. Free electronic debit transactions per month that include prepaid purchases, electronic inter-account transfers and cash withdrawals with purchase at retail stores. 
  8. Unlimited usage of the Standard bank digital platforms. 
  9. You get to enjoy preferential interest rates on student loans by just being an account holder. 
  10. Unlimited electronic balance enquiries and mini statements. 
  11. Unlimited swipes at retail stores. 
  12. You get student discounts from Varsity Vibe when you subscribe to Varsity Vibe, for free. 

The Student Achiever account has benefits that students can make use of, like the Varsity Vibe which is South Africa’s first discount app, account holders get to subscribe to it for free and enjoy exclusive deals and discounts from more than 15 participating retailers.

Varsity vibe participating retailers include but are not limited to Sorbet, Typo, Cotton On, Superberlist, Takealot, Studio88, TheFix, Kauai and more. 

Account Fees

# fee description Online FeeATM Fee
Monthly administration feeR9.99
Digital banking feeFree
Withdrawals at Standard bank ATM N/AFree for R1350.00 then R7.50 per R1000.00 
Withdrawals at other banks’ ATMs N/AR10.00 per R1000.00 
International withdrawalsN/AR20.00 per transaction. Min R70.00 plus 2.75%  international transaction fee
Cash depositsN/AFree up to R1,500.00, thereafter R9.00 per R1000.00
Account paymentsR1.20R1.20
Immediate payments below R3000.00 R10.00N/A 
Immediate payments above R3000.00 R50.00N/A
Debit order payment fee R3.50N/A
Stop Order payment feeR1.20N/A
Instant money up to R500.00R8.00R8.00
Instant money between R501.00 to R1000.00R10.50R10.50
Wallet (instant money) R5.00R5.00
Instant money above R1000.00 R12.50R12.50
Unsuccessful ATM decline N/AFree
Unsuccessful ATM decline other banks’ ATMN/AR7.50
Monthly overdraft feeR69.00N/A
Overdraft Initiation feeR74.75 plus 11.5% of the limitN/A
Standard bank Student Achiever Account Fees for 2021

Competitive Advantages of the Standard Bank Student Achiever Account 

  • Gives discounts for students. 
  • The account comes at an affordable rate of R9.99 per month, an amount that students can cope with. 
  • Offer basic transactions and withdrawals which are suitable for students since they don’t transact much. 
  • Comes with free airtime or data bundles every month which are worth more than the monthly maintenance fee. 
  • The account doesn’t have a minimum salary requirement so any student can qualify for the account. 
  • The account stands as the first step to banking for young students. 
  • You get to enjoy good interest rates for a student loan if you are a student achiever account holder. 

Competitive Disadvantages of the Standard Bank Student Achiever Account 

  • Part-time students have to earn an income that is less than R3,000.00 per month. 
  • Comes with only 2 free deposits at a Standard bank ATM. 
  • The account doesn’t come with any rewards. 
  • You can’t use the card to travel as you won’t get any discounts for car hire, hotel booking, etc. 

How to qualify for the Standard bank Student Achiever Account 

  • You need to have a South African ID book or Smart card. 
  • Be between the ages of 16 to 24 at the time of application and 
  • You must be in pursuit of your studies so you must be in high school or tertiary. 
  • Proof of residence that is not older than 3 months at the time of application. 
  • Earn less than R3,000.00 if you are a part-time student. No income is required. 

Conclusion 

Student Achiever Account gives young adults the opportunity to bank with Standard bank, offering banking tools that the account holders can make use of. The account comes with benefits that are beneficial for students especially those in tertiary like the Varsity vibe App which assists students to get their schooling equipment at a discount. 

You also get free and unlimited digital platform usage when you have this account. The student achiever account is meant to help you start banking and eventually becoming a young responsible banker. Therefore, it is ideal to later move from the Standard Bank Student Achiever Account to the Professional banking account as it will help you bank even better when you start working or earning a regular income.

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2 thoughts on “Standard Bank Student Achiever Account Review 2021

    1. Hi Trevor please kindly share with us what has angered you about Standard Bank Student Achiever Account?

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