Hi Lifehacker, I am turning 16 in less than a month and I am on the lookout for a debit card for a student that can do purchases online, offers online banking and gives me the ability to bank money at the local Australia Post. Any suggestions? Thanks, The$Card
Debit card picture from Shutterstock
All major banks in Australia provide debit card options for customers in your age bracket. Presumably, you won't be dealing with huge sums of money as a 16 year old, so the bank and account type you plump for won't make much difference to your earnings.
That said, it can't hurt to take a look at the various incentives each bank offers. Spend an afternoon reviewing the under 18 account options on each bank's website — they'll have tables which makes it easier to compare and contrast features. You can also use financial comparison sites such as Mozo which offer useful lists of savings accounts to help you narrow down your choices.
In your case, the main things to look out for are unlimited transactions and ATM withdrawals as well as the type of rewards that are offered for making regular deposits.
If you plan to bank online, make sure the financial institution has an application that supports your phone's operating system. Also be aware that some banks only provide a mobile browser version of their website while others have put a lot of time and effort into a proper app optimised for phones and tablets. CBA's KaChing app is one of the better options on the market so use that as your measuring stick.
Finding a bank that allows you to make money transactions with Australia Post won't be an issue — its [email protected] service is supported by around 70 financial institutions. (You can see a list of participating banks at the Australia Post website.)
If any readers want to nominate a specific financial institution, let The$Card know why you rate it in the comments section below.
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