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Standard Bank Student Achiever Account Review 2022

The Standard Bank Student Achiever account is similar to the FNB Youth account for young people. The account is geared toward students and undergraduates and is intended to serve as a stepping stone to full-fledged banking. You can easily manage your day-to-day banking with the Student Achiever account. The account has features that are appropriate for younger children. There aren’t many qualification requirements for this account. In comparison to all other Standard bank accounts, Student Achiever account holders pay the 4th lowest monthly fees.

Standard Bank Student Achiever bank account summary 

The Standard Bank Student Achiever account is for students, undergraduates, and postgraduates aged 16 to 24 years. You must earn R0.00 per month to qualify for the student achiever account; but, if you are a part-time student, you must earn less than R3,000.00 per month to qualify. The account has a monthly service fee of R9.99 and an R26.00 fee if your bundled transactions are used up. As you can see, the account is intended for students who are still pursuing their education and meet the minimal income criterion. The account offers reasonable rates as well as perks such as free prepaid purchases, free card connection to Standard Bank digital platforms, and access to endless 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. 

Students can benefit from the Student Achiever account, such as the Varsity Vibe, South Africa’s first discount app, which account holders can subscribe to for free and receive exclusive deals and discounts from over 15 participating stores. Sorbet, Typo, Cotton On, Superberlist, Takealot, Studio88, TheFix, Kauai, and more are among the Varsity vibe participating merchants.

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 2022

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 

The Student Achiever Account allows young adults to bank with Standard Bank and gives account users access to a variety of banking tools. The account has features that benefit students, particularly those in tertiary education, such as the Varsity vibe App, which helps students save money on school supplies. When you sign up for this account, you’ll also gain free and unrestricted access to digital platforms. The student achiever account is designed to assist you in getting started with banking and eventually becoming a responsible young banker.

As a result, switching from a Standard Bank Student Achiever Account to a Professional Banking Account is a good option because it will help you bank even better once you start working or earning a regular income.

Standard Bank Student Achiever Account Review 2022

Lethabo Ntsoane

Lethabo Ntsoane holds a Bachelors Degree in Accounting from the University of South Africa. He is a Financial Product commentator at Rateweb. He is an expect financial product analyst with years of experience in reviewing products and offering commentary. Lethabo majors in financial news, reviews and financial tips. He can be contacted at [email protected]

2 thoughts on “Standard Bank Student Achiever Account Review 2022

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

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