Student Bank Accounts in Ireland

Most banks in Ireland have special Student Bank Accounts  – and they sometimes offer cashback or other incentives to entice new  students to open an account with them . The Banks are hoping that once they get a new student to sign up – that they will stay with them for life . These are some of the student bank account offers available in 2018.

Bank Of Ireland offer a Student Credit card that comes with free multitrip travel insurance that  covers unlimited number of trips of up to 120 days each (includes substantial medical cover).

One feature of student bank accounts that will be attractive to many people  – is an interest free overdraft. Ulster Bank and AIB both offer an interest free overdraft of up to €1500 euro  for students.  KBC and  BOI  also offer 0% interest on authorised  student overdrafts – but no maximum amount is mentioned.

Getting used to having an overdraft can be a hard  habit  to break. Spending money that isn’t yours is not a good thing to get used to. Once the interest free period is over and charges kick in you will soon see those charges mounting.

Bank Fees: None of the banks in Ireland charge admin fees or day to day transaction fees on student accounts – apart from AIB who will charge €4.50 if you want to set up a standing order.

But it is worth noting that most banks will start charging you fees on a current account when you stop being a student. If you are not careful those fees could easly come to over €100 a year.  See more details of Bank Charges in Ireland  here and how to avoid them.

Mainstream banks with branches are gradually becoming less popular as online banking grows. Students might want to consider a fully online bank N26 –

N26  was  launched in Germany in January 2015 and has been available to Irish residents since December 2015.  N26 say they have over 850,000 customers across the EU. (Not yet available in the UK though)

N26 has had a full European banking licence since 2016 – so any funds you have with it are covered by the German Bank guarantee (up to €100,000) . With N26 you get a bank account number  (IBAN) – in the same way as any mainstream bank – so you can get your grant etc paid in. You can also set up Direct Debits  . Being branchless,  N26 does not deal with cash or cheques.

One thought on “Student Bank Accounts in Ireland

  1. Hi, I’m a mature student and I want to change to a student account as I’m tired of paying the fees. I called into the bank of Ireland and they told me that I need to do it over the phone. I called bank of Ireland customer care and when I eventually got speaking to someone they told me it’s not possible to change over the phone. They’re making it extremely difficult to change over and I don’t want to change to another bank because of the awkwardness of changing all my transactions over to a new account. Can you advise me on what I can do please?

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