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If you’re getting ready to start second or third level education, a student account is an extremely handy thing to have.
A student account lets you receive income from a part-time job or student loan, and spend using a linked debit card. But it could also come with additional perks, such as student-only discounts and freebies, as well as interest-free overdrafts. All of these features help you to manage and make the most of your money while you study.
There are lots of banks to choose from when shopping around for student accounts, including Bank of Ireland. But is it the right choice for you?
In this guide, we’ll take a closer look at Bank of Ireland student accounts, including features, fees, how to apply and anything else you need to know.
Before we look at what’s on offer for students at Bank of Ireland, here’s a quick money-saving tip for international students. Studying in Ireland can be expensive, especially when it comes to sending or receiving money from your home country.
Wise can make things cheaper and easier. With Wise, you can make international payments for tiny fees and the mid-market exchange rate, the most fair rate out there. Better still, your parents and relatives can use it to send you money from abroad and top up your student loan.
Bank of Ireland offers two student accounts - one for people in second level education and one for those in third level education. Let’s take a look at the features and benefits of each.
Designed for people aged 12 to 18 in second-level education, this current account is ideal for depositing part-time earnings or pocket money savings.
If you’re 14 or over, you’ll automatically get a debit card and the option to use mobile wallet payments such as Google Pay and Apple Pay. For people under the age of 14, you can still open an account and get the debit card, but you’ll need the consent of a parent or legal guardian.
The Bank of Ireland 2nd Level Current Account also offers access to online, mobile or phone banking.
If you’re a full-time third level student, you can apply for this Bank of Ireland student account. From April 2021, this current account will be open to undergraduates and postgraduates of any age, on any full-time course.
The Bank of Ireland 3rd Level Current Account comes with a contactless debit card, for use in Ireland and abroad. It also works with mobile wallets such as Apple Pay and Google Pay.
Other account features include:
- Online, mobile and telephone banking
- Access to a wide network of Bank of Ireland ATMs and branches
- Option to apply for a student loan (for your first car, laptop or other purchase)
The Bank of Ireland debit card is available with both of its student accounts. However, if you’re under 14 years old you’ll need the consent of a parent or legal guardian to get a card.
With your Visa debit card, you can make ATM withdrawals and contactless payments in Ireland and overseas. You can also use your card for online shopping, and with mobile wallets such as Apple Pay and Google Pay.
When you open a 2nd or 3rd Level Current Account with Bank of Ireland, you’ll get many of your everyday banking services and transactions for free. This is the case for student accounts at most banks.
This means you won’t pay:³’⁴
- Monthly account maintenance fees
- Transaction fees for debit card purchases, payments and credits (in euros)
- ATM withdrawal fees
- Fees for replacing a lost or stolen debit card, changing your PIN or ordering a duplicate bank statement
However, there are still some fees and charges you need to know about, particularly if you plan to use your Bank of Ireland student debit card abroad. Let’s take a look:
|ATM withdrawals within Ireland - subject to Government Stamp Duty
|€0.12 per withdrawal⁵Free for Second Level Student Current Account holders
|ATM withdrawals outside of Ireland
|Debit card purchases in foreign currency
|Sending/receiving money within Ireland
|Free if non-urgent€19.05 - €25.35 for same-day transfers⁵
|Sending money overseas
|€0.50 for transfers to EEA countries0.2% + foreign exchange margin for payments outside the EEA⁶
|Receiving money from overseas
|Free for payments from EEA€5 - 12.50 (depending on country of origin and amount)⁶
To open a 3rd Level Current Account⁷, you can apply online, in your local Bank of Ireland branch or by calling the current account team. The quickest way is online, as the form only takes a few minutes to complete.
You’ll need to have your Irish passport to hand, in order to verify your identity. You’ll also need two forms of address verification, such as a bank statement and a utility bill from the last 6 months. All your documents must be originals, but you can simply take a photo of each and upload as part of your application.
The process of applying for the 2nd Level Current Account⁸ with Bank of Ireland depends on your age.
If you’re at least 14 years old, you can apply online by uploading photos of your current passport, a selfie of you holding your passport and a document verifying the address of your parent or legal guardian (such as a utility bill from the last 6 months).
If you’re under 14, you can still apply online but will need to complete the process by visiting a branch with a parent or guardian. You’ll be emailed a reference number after applying, and this is what you’ll need to bring to the branch. You’ll also need your passport, your parent or legal guardian’s passport, and verification of your address.
Unfortunately, there’s no overdraft facility available for student accounts with Bank of Ireland⁹.
But if you do need access to more cash, there’s the option to apply for a student loan with the bank. If accepted, you could borrow up to €5,000¹⁰, although interest rates will apply.
So, there you have it - everything you need to know about Bank of Ireland student accounts. We’ve looked at features, fees, debit cards, how to apply and everything in between.
There’s a decent everyday account available at Bank of Ireland for both second and third level students, with no fees to pay for maintaining the account or standard transactions.
Unless you really need an overdraft, Bank of Ireland could be a good option for you. But just be careful about using your new Bank of Ireland debit card abroad. If you withdraw cash or spend in a different currency, the fees could come as a bit of a shock.
There’s also a significant fee for sending money outside of the EEA and for receiving amounts over €65 from outside of the EEA.
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If you’re looking to send and receive money from abroad and spend, check out the Wise multi-currency account. You can use it to send money home for low fees, and receive money for free. This should help to keep your bank balance healthy while you study.
You’ll also get a Wise debit card that you can use to spend in over 150 countries with no transaction fees and only a tiny conversion fee. And when you tap to pay with this powerful contactless card, the currency will be converted automatically at the real, mid-market rate - the most fair rate out there. Need to withdraw cash? With Wise, your first two withdrawals up to €200 a month are fee-free - no matter where you are in the world.
Sources used for this article:
- Bank of Ireland 2nd level current account - features and benefits
- Bank of Ireland 3rd level current account - features and benefits
- Bank of Ireland 2nd level current account - fees
- Bank of Ireland 3rd level current account - fees
- Bank of Ireland personal banking - fees and charges
- Bank of Ireland - international transaction charges
- Bank of Ireland 3rd level current account - FAQs
- Bank of Ireland 2nd level current account- how to apply
- Bank of Ireland- information about overdraft
- Bank of Ireland personal banking - student loans
Sources checked on 8 March 2021
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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