Banking While Flatting

Here are some tips to navigate the financial world during your flatting experience:

  • Look for the student options available to you and do your research – not all accounts are the same.
  • Get a student account ASAP as you get free fees! Some banks charge for a credit card, and others for ATM use so be mindful of the details.
  • Try to avoid getting into overdrafts. If you absolutely need one, make sure to go for one with 0% interest!
  • BEWARE of buy now, pay later schemes. You are eventually going to need to pay this money back, so only do this if you absolutely have to. The bottom line is: budget for your purchases, save the money first, then buy as you like.
  • REMEMBER: Interest free student overdrafts etc. are only free while you’re a student. If you still have these debts once you finish uni they will then incur interest. So be realistic and have a plan to be able to pay them back before you finish Uni.
  • Set up separate bank accounts for each of your essentials (rent/bills/groceries) so that you can visually see what is leftover and not be short of paying for the necessities.
  • If you are working part time/ a few different jobs, make sure you are using the correct tax code! Lots of students just tick the generic ‘M’ for their employment, however you may be ‘MSL’ if you have a student loan, or ‘MSSL’ if you have a few jobs and student loan. It really pays off to check you are entering the correct tax code through the IRD website, and not risk paying an unexpected tax bill later in life!

Different banks and their rates:

ASB’s Tertiary Student Package

–          Free account fees

–          Free debit card

–          Free Visa light card (interest rate 13.50% and 6 months interest free on purchases over $1,000)

–          Overdraft available of up to $1,000 interest free for first year students, $2,000 for second years, and $3,000 for third years.

–          Overdraft fee of 12% (or above) of the overdraft limit (eg. $1000) with a minimum of $2 per month.

–          International student options available

–          Free chips from Mcdonalds when you show them your student ASB debit card!!

Co-operative Tertiary Student Package

–          Free account fees

–          Free ATM services

–          Free debit card

–          2% interest rate on savings

–          Unlimited transaction

–          Overdraft interest free of up to $1,000 with a monthly facility fee of $3.50

Westpac Tertiary Account

–          Free account fees

–          Free debit card + air points

–          Unlimited transactions

–          12 months free waver of a $1,000 credit card

–          Overdraft of up to $2,000 available to first year students interest free with a $3 facility fee

–          International student options available 

ANZ Student Package

–          Free account fees

–          Free debit card

–          Unlimited transactions

–          12 months credit card waiver (and then $35+ per year after this)

–          Overdraft of upto $1,000 first year, $2,000 second year etc. with a $3 facility fee

–          ANZ for international students

BNZ YouMoney Tertiary Account

–          Free account fees

–          Free account alerts

–          Unlimited transactions

–          Free flexi debit card

–          Overdraft available of up to $1,000 for first year students, $1500 for second, and $2,000 for third with a $10 debit card fees

ATMs/branches near campus campus:

  • ANZ: 1.3kms from Central Library towards Octagon.
  • ASB: 1.2kms from Central Library towards Octagon.
  • BNZ: 1.9kms from Central Library towards Octagon.
  • CoOperative Bank: 1.3kms from Central Library.
  • Kiwibank: ATM pretty much on campus, on the other side of the museum lawn. But the closest branch is the one in New World Gardens, at 1km from Central Library.
  • Westpack: Pretty much on campus on Albany St.

Book an appointment to talk with one of our friendly advocates if you’re needing help financially.