If you’re about to begin second or third level study, having a student account is highly useful.
A student account allows you to collect income from a part-time employment or student loan and spend it using a linked debit card.However, it could also include additional benefits such as student-only discounts and freebies, as well as interest-free overdrafts.All of these tools help you manage and maximise your money while studying.
There are numerous banks to pick from when looking for student accounts, including Bank of Ireland.But is this the correct decision for you?
In this tutorial, we’ll look at Bank of Ireland student accounts in depth, covering features, fees, how to apply, and everything else you need to know.
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Before we look at what Bank of Ireland has to offer overseas students, here’s a short money-saving suggestion. Studying in Ireland can be costly, particularly when it comes to sending and receiving money from your home country.
Wise decisions can save money and make life easier. Wise allows you to make overseas payments for a small cost and the mid-market exchange rate, which is the most competitive rate available. Better yet, your parents and relatives can utilise it to send you money from abroad and supplement your student loan.
What types of student accounts does Bank of Ireland offer?
Bank of Ireland provides two student accounts: one for persons in second-level study and one for those in third-level education. Let’s look at the characteristics and advantages of each.
Bank of Ireland Second Level Current Account
This current account, designed for people aged 12 to 18 in second-level education, is suitable for depositing part-time wages or accumulating pocket money.
If you are 14 or older, you will be issued a debit card and the ability to pay with mobile wallets such as Google Pay and Apple Pay.People under the age of 14 can still open an account and receive a debit card, but they must have the agreement of a parent or legal guardian.
The Bank of Ireland 2nd Level Current Account provides access to online, mobile, and phone banking.
Bank of Ireland Third Level Current Account
If you are a full-time third-level student, you may apply for this Bank of Ireland student account.Starting April 2021, this current account will be offered to students and postgraduates of any age enrolled in any full-time course.
The Bank of Ireland 3rd Level Current Account comes with a contactless debit card that can be used both in Ireland and internationally. It’s also compatible with mobile wallets like Apple Pay and Google Pay.
Additional account features include:
- Online, mobile, and phone banking
- Access a large network of Bank of Ireland ATMs and branches.
- You can apply for a student loan (for your first automobile, laptop, or other purchase).
What can you do with your Bank of Ireland student debit card?
The Bank of Ireland debit card is linked to both of its student accounts. If you are under 14 years old, you will need the permission of a parent or legal guardian to obtain a card.
Your Visa debit card allows you to make ATM withdrawals and contactless payments in Ireland and abroad. You can also use your card to make online purchases and with mobile wallets like Apple Pay and Google Pay.
Is there a price for opening or maintaining a student account with Bank of Ireland?
When you open a 2nd or 3rd Level Current Account with Bank of Ireland, you will receive many of your standard banking services and transactions for free. Most banks provide student accounts.
This means you will not pay.
- Monthly account maintenance fees.
- Transaction costs for debit card purchases, payments, and credits (in euros)
- ATM withdrawal fees
- Fees for replacing a lost or stolen debit card, resetting your PIN, or requesting a duplicate bank statement
However, there are some fees and penalties you should be aware of, especially if you want to use your Bank of Ireland student debit card overseas. Let us have a look.
| Transaction type | Fee |
|---|---|
| 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 | 3.5% |
| Debit card purchases in foreign currency | 2% |
| Sending/receiving money within Ireland | Free if non-urgent€19.05 – €25.35 for same-day transfers |
| Sending money overseas | €0.50 for transfers to EEA countries0.2% + foreign exchange margin for payments outside the EEA |
| Receiving money from overseas | Free for payments from EEA€5 – 12.50 (depending on country of origin and amount) |
How can I open a Bank of Ireland student account?
To open a 3rd Level Current Account⁷, apply online, visit your local Bank of Ireland branch, or call the current account staff. The quickest approach is to fill out the form online, which takes only a few minutes.
You will need to have your Irish passport on hand to verify your identification. You will also need two kinds of address verification, such as a bank statement and a power bill from the previous six months. All of your documents must be originals, but you may just photograph each one and upload it as part of your application.
The application process for Bank of Ireland’s 2nd Level Current Account is age-dependent
If you are at least 14 years old, you can apply online by uploading images of your current passport, a selfie holding your passport, and a document showing your parent’s or legal guardian’s address (for example, an energy bill from the previous 6 months).
If you are under the age of 14, you can apply online but must complete the procedure in person at a branch with a parent or guardian. You will be issued a reference number after applying, which you must provide to the branch. You will also need your passport, your parent’s or legal guardian’s passport, and proof of your address.
Can you have an overdraft on your Bank of Ireland student account?
Regretfully, Bank of Ireland student accounts are not eligible for an overdraft.
However, you always have the option to apply for a bank student loan if you really need more money. You may borrow up to €5,000¹⁰ if approved, however interest charges will be incurred.
That concludes our explanation of what you need to know about student accounts at Bank of Ireland. Features, costs, debit cards, application procedures, and everything in between have all been covered.
For second- and third-level students, Bank of Ireland offers a respectable daily account that is free for routine transactions and account maintenance.
You might want to consider Bank of Ireland unless you absolutely require an overdraft. However, exercise caution while using your brand-new Bank of Ireland debit card overseas. Should you take out cash or make purchases in an unfamiliar currency, the costs may come as a bit of a surprise.
Transferring money outside of the European Economic Area (EEA) and receiving more than €65 from outside the EEA both come with hefty fees.
FAQs
What are the Bank of Ireland’s guiding principles?
Our clients are the focus of everything we do. Our company is structured around them. We connect with people to make them feel important, and we do this by being sympathetic, listening, and working hard to meet their needs. Their accomplishments are our accomplishments.
Which are Bank of Ireland’s strategic pillars?
Customers come first, we work better together, take initiative, and make decisions at Bank of Ireland. Three strategic pillars are the centre of the Group’s strategy. These include more solidified bonds, easier transactions, and a long-lasting business.
Which pillars support the Central Bank of Ireland?
Financial Regulation; Consumer and Investor Protection; Operations and Transformation; Strategy and Governance; Monetary and Financial Stability.
What is the Bank of Ireland’s full name?
Group plc, Bank of Ireland
Limited liability Bank of Ireland Group plc was established in Ireland. Limited Liability Bank of Ireland was established in Ireland. The company formerly known as “The Governor and Company of the Bank of Ireland,” with registration number C-1, is referred to as the “Bank of Ireland” on this page.