AIB Student Account: Your full guide

Getting ready to start a new course? If you’re heading off to a university in Ireland, a student bank account is a must-have.

With a student bank account, you can receive income from part-time work and your student loan. You’ll also get a debit card for convenient spending on everything from travel to books.

A dedicated student account will also help you make the most of your money, with handy features such as interest-free overdraft facilities, plus freebies and discounts only available to students.

There are many banks offering accounts for students, so you’ll be spoilt for choice. In this guide, we’ll look at what’s on offer with AIB. This includes the features, perks and fees of the AIB student account, plus how to apply.

Do you want to make payments to and from your home country? Wise can help you save on fees.

Before you get started, a word.

Studying in Ireland can be expensive. Classes you have to pay for, books and materials you have to buy - and you also want to enjoy your student life, right? If you need to send and receive money from your home country to cover these costs, Wise is here to help.

Wise uses a smart new technology that connects local bank accounts around the world and skips those hefty international transfer fees. This means you can save up to 8x by using Wise rather than your bank when you send your money abroad - or when you receive it. Wise also gives you the most fair exchange rate out there, the mid-market exchange rate.

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Now let’s get back to what you came here to read.

What type of student account does AIB offer?

AIB offers a couple of student accounts, each aimed at learners of different ages. Let’s take a look at the features and benefits of each, so you can find the right account for you.

AIB Student Account for 2nd Level Students¹

Designed for students aged 12 to 18 in second level education (full or part time), this is a great current account for everyday needs. You can use it to pay in earnings from a part-time job, or just to stash your pocket money.

The AIB Student Account for 2nd Level Students comes with an optional AIB debit card. But if you’re under 16 years old, you’ll need consent from a parent or legal guardian to get it.

The account also offers:

• AIB phone, internet, mobile and tablet banking
• Helpful financial advice from dedicated Student Officers
• Commission-free foreign currency exchange.

AIB Student Plus Account²

This is a student current account for people enrolled (or in the process of enrolling) in a full-time third level course. As long as your course is a minimum of one year long, you should be eligible to apply.

The AIB Student Plus Account is an everyday banking account which comes with an AIB debit card. It also offers:

• Competitive interest rates on student loans and overdrafts
• Option to apply for an AIB Student Visa Card
• Helpful advice from the Student Officers at the dedicated AIB Student Centre
• Commission-free purchase and sale of foreign currency notes
• AIB phone, internet, mobile and tablet banking.

What can you do with the AIB student debit card?

If you open either of AIB’s student accounts, you can get an AIB debit card. Remember though, under-16s will need parental or legal guardian consent, and the debit card is optional with the AIB Student Account for 2nd Level Students.

This AIB student debit card is a Visa debit card, accepted in over 35 million places worldwide. You can use it online, and for ATM withdrawals and contactless purchases in shops at home or abroad. The card can also be used for mobile payments with Apple Pay and Google Pay.³

But the big draw of the AIB debit card for students is AIB Everyday Rewards⁴. If you’re over 16, you can receive cashback on your spending in eligible participating stores - these include some of Ireland’s biggest brands.

Once you’ve registered for the scheme, you’ll receive personalised offers each week. Then all you need to do is spend (meeting minimum spend requirements and other terms) and you’ll receive the cashback in your account.

Are there any fees to open or maintain a student account with AIB?

Like many student accounts, AIB offers many banking services fee-free for students. So, this means you won’t pay:⁵

• Monthly account maintenance fees
• Transaction fees
• Charges for duplicate statements, bank drafts (in euro, for use in Ireland) or the purchase and sale of foreign currency notes

However, there are still some charges and fees you need to be aware of - especially if you plan to use your AIB card abroad, or send and receive money from overseas. Let’s take a look:

How to open an AIB student account

You can open both of AIB’s student accounts in a local AIB branch or using the AIB banking app on your smartphone.

If applying in branch, you can simply pop in to speak to a Student Officer. They’ll guide you through the process of opening your new account. You’ll need to take these original documents in with you¹:

• Proof of identity, such as a Passport or Driver’s Licence
• Proof of current permanent address, such as a utility bill from the last six months.

You can also complete the application form online, and print it off to take into branch. If you’re under 16 years old and applying for the AIB Student Account for 2nd Level Students, your application form will need to be signed by a parent or legal guardian. This person will also need to come into branch with you if you’d like a debit card.

If you prefer and you’re over 16, you can apply via the AIB Mobile app from the App Store or Google Play. Once you’ve downloaded the app, you’ll need to provide proof of an EEA passport and that you live in Ireland.

For the AIB Student Plus Account, you’ll also need evidence that you’re enrolled on a third level educational course.²

Can you have an overdraft with an AIB student account?⁷

The AIB Student Plus Account comes with the option to apply for an overdraft of up to €1,000 interest free for first and second year students.

If you’re in your third or fourth year, you can apply for an interest-free overdraft up to €1,500. If you meet the eligibility criteria (being 18 or over and enrolled on a full-time third level education course), you won’t have to pay any fees to access the overdraft facility.

So, that’s pretty much it - all you need to know about AIB student accounts, for learners in both second and third level education. We’ve covered account features, debit cards, fees, overdrafts and how to apply.

Both of these AIB accounts seem like a good option for students looking for an everyday current account. There are no monthly or transaction fees to pay when using your account in Ireland, and even a few perks on offer like the AIB Everyday Rewards scheme on debit card spending.

But just be careful when using your AIB student debit card abroad, as the fees can be expensive for international withdrawals and spending in foreign currencies. There’s also a significant fee for sending money outside of Ireland and for receiving foregin currencies in the amount over €127.

Wise as an alternative

If you’re planning to receive money in major currencies other than euro or to travel and spend your money abroad, then you should definitely consider Wise.

Open a Wise multi-currency account for free and you can order a contactless Wise debit cardfor spending in 150+ countries. There are no transaction fees or commission charges, only a tiny fee for converting the currency. This is done automatically at the mid-market exchange rate - the fairest rate you can get.

The Wise multi-currency account is also a great option for international students, offering a transparent way to send money back home - and of course, to receive money from family to top up your student loan.

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Sources used for this article:

1. AIB student account for 2nd level students - features, benefits and how to open
2. AIB student plus account - features, benefits and how to open
3. AIB debit card
4. AIB everyday cashback rewards
5. AIB personal accounts - fees and charges
6. AIB international transaction charges
7. AIB student plus account - account terms and conditions
   Sources checked on 8 March 2021