Permanent TSB Student Account: Your full guide

Heading off to university or college is an exciting time. It can also be expensive. Having a student account can be a smart way to manage your money day to day, and help you cut bank fees. Student accounts typically waive some normal banking costs, such as maintenance fees and a few service charges. You may also get access to preferential rates for overdraft facilities.

All in all, this can mean you’re able to balance your finances better, at the same time as making the most of student life.

This guide covers the Permanent TSB student account, with all you need to know about the fees and features, and how to get started.

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Before you get started, a word.

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

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What kind of student accounts does Permanent TSB offer?

Permanent TSB has a student current account which is aimed at people over 18 years old, studying with a third level institution. If you’re under 18, you may find the Permanent TSB teen account is a good alternative.¹

With the Permanent TSB student account² you’ll be able to manage your money online, using an app, by phone or in branch. You’ll get a linked debit card for contactless payments - which is also compatible with mobile payment options like Apple Pay. The account also offers cashback rewards when you spend with your debit card.

Student accounts are typically a good idea because they offer lower fees than other account types from regular banks. The Permanent TSB student account offers a waiver on maintenance fees, and on service charges for local transactions using your card. It’s also free to lodge cash or cheques. However, there are still some fees you’ll want to know about, which we’ll cover later. It’s worth checking out the costs of using an overdraft and spending in foreign currencies in particular. These charges can mount up quickly with any bank.

The Permanent TSB student account can be held for 5 years. After that, your account will be switched to the personal current account which is available at the time - and the fees and features of that account product will apply. It’s worth bearing in mind that this will probably mean the costs of running your account overall go up.

What can you do with the Permanent TSB student debit card?

The Permanent TSB debit card is a contactless card, which means you can tap to pay for purchases up to €50. You can also use your card to make higher value payments and withdrawals using your PIN.³

You’ll be able to use your debit card for spending and withdrawals at home and abroad. However, it’s worth noting that there are fees for transactions which include currency conversion. That means you won’t pay anything extra for taking euro cash from an ATM, or spending in the euro area - but you’ll pay an extra charge if you’re using your card to spend in any other currency. We’ll cover these costs in more detail in just a moment.

On top of the fees Permanent TSB charges, there may also be ATM fees levied by the terminal operator, or extra costs associated with dynamic currency conversion (DCC).

It’s also good to know that foreign transaction fees apply equally when you’re shopping online. This can mean you pay more if you shop with your favourite international ecommerce stores. Even if you’re seeing the cost of items marked up in euros, it’s worth checking where the company is based and where payments are processed, to avoid unexpected fees.

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

The Permanent TSB student account does not have any maintenance fees, and many day to day euro transactions, like paying in and withdrawing cash, are free too.

However, there are still some costs you’ll want to be aware of - here’s the lowdown⁴.

Service	Permanent TSB fee
Cash or cheque lodgement	free
Debit card purchases in euros	free
Debit card purchases in foreign currencies	1.75% of the transaction value - minimum €0.46, maximum €11.43
ATM withdrawals in euros	free
ATM withdrawals in either foreign currencies or euros, outside of the EU	3.5% of the transaction value - minimum €3.17, maximum €11.43
Overdraft	Authorised overdrafts have no annual set up or renewal fee - other fees including interest charges may still apply Unauthorised overdrafts are charged an interest which is 12% higher than the normal overdraft interest rate
Credit transfers incoming (paper items)⁵	free
Sending Euro & Swedisk Korona Payments within the EU	€0.50
Sending money outside of the EU	€31.50

How to open a Permanent TSB student account?

To apply for your Permanent TSB student account you’ll need to either call the service centre or visit a local branch.

If you’re applying in a branch you can take along original copies of your documents - if you’re applying over the phone the requirements are different. You may need to post in originals of some paperwork to prove your address, and either provide copies of 2 different forms of proof of ID, or a certified copy of your personal ID documents.

Here are the documents you’ll need:

• Proof of ID - this can be a passport, driving license or an Irish Government Travel Document
• Proof of address - this could be a utility bill, bank statement or a letter from your college for example
• Proof of student status - options include a dated letter of acceptance, or an invoice showing payment of fees

There’s a full list of the documents which are acceptable - and a list of documents commonly sent in which are not accepted - on this link.⁶

Can you have an overdraft with a Permanent TSB student account?

You’ll be able to apply for an overdraft with your Permanent TSB student account. There’s no fee for arranging the overdraft - this usually comes in at around €25 - but you may still need to pay interest when you use the facility. Make sure you’re fully aware of the terms and conditions, and the cost, of managing an overdraft facility.⁷ The interest rate applied can vary, and sits at 15% at the time of writing.⁸

It’s also worth noting that there are additional costs if you go into an unauthorised overdraft. This can happen if you accidentally spend more than you have in your student account. In this case you’re subject to an interest rate penalty of 12% over the regular interest rate charge.

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Plan to travel, shop or send money internationally? You need Wise

Leaving home and heading to university or college means lots of change - and it may be the first time you’ve taken full control of your own finances. It’s well worth thinking about how you set up your day to day money management to make sure you’re not spending more than you need to.

The Permanent TSB student account can be a good option for holding and spending money in euros. You won’t pay any maintenance fees, and there’s no cost for regular day to day transactions like spending in a store or making a withdrawal - as long as it’s in euros. However, if you’re planning on heading overseas, or if you spend online in foreign currencies, you may be better off with the Wise multi-currency account and linked debit card.

The Wise account is available online - and like the Permanent TSB student account, comes with no quarterly maintenance charge. There’s no minimum balance, and you can hold dozens of different currencies, make and receive foreign currency payments, and use your debit card for spending and ATM withdrawals. Best of all, you’ll always be able to switch between currencies using the mid-market exchange rate and just low, transparent fees. This can work out far cheaper than using your regular bank if you’re studying abroad, or if you want to buy something online from an international retailer.

Opening a regular student account is a smart move for local spending. But if you need to hold, send or spend in foreign currencies, you need a Wise account too.

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Sources used:

1. Permanent TSB teen account - features and benefits
2. Permanent TSB student account - features and benefits
3. Permanent TSB debit card - how it works
4. Permanent TSB student account - fees and charges
5. Permanent TSB personal banking - fees and charges
6. Permanent TSB current accounts - how to open
7. Permanent TSB current accounts - overdrafts
8. Permanent TSB current accounts - nitty gritty

Sources last checked on March 12, 2021