Opening a student bank account in Ireland

One of the first steps when beginning your university journey in Ireland is to set up your own student bank account. These accounts are specifically designed for students to manage their finances day to day. This guide outlines what a student account offers and what you need to open one.

The information provided here is for informational and educational purposes only and does not constitute financial advice. Please consult with a licensed financial adviser or professional before making any financial decisions. Your financial situation is unique, and the information provided may not be suitable for your specific circumstances. We are not liable for any financial decisions or actions you take based on this information.

A student bank account is a current account designed for second or third-level students in Ireland. These bank accounts are tailored to the needs of students, helping them manage their day-to-day spending and receive payments from part-time jobs. Once the student has graduated or finished their education, the account may transition into a standard current account.

To meet students’ financial needs, student bank accounts sometimes offer student-specific offers and overdraft facilities.

Each bank offers its own set of benefits on student accounts, so it’s important to check the terms and conditions of the options available. Some of the most common features include:

• No (or low) monthly maintenance fees

• No ATM withdrawal or cash lodgement fees

• No Direct Debit or debit card transaction charges

• Interest-free overdrafts (up to a set limit)

• Option to apply for a student credit card or student loan

• Mobile and online banking access

• Introductory perks such as cashback or discounts

With student bank accounts in Ireland, a transaction is generally free of charge when it’s in euros. Fees may apply where purchases and withdrawals are made outside the Eurozone.

Before you open a student bank account, it’s important to compare the options available. Banks differ widely in the services, features, and benefits they offer. Here are a few aspects to consider: 

• Branch access: Decide whether you prefer face-to-face banking or if you’d rather do most of your banking online. Besides the more traditional high-street banks, such as AIB, Bank of Ireland, or Permanent TSB, there are a variety of digital banks you can choose from. 

• Payment forms: Check if your chosen bank offers different kinds of payment methods, such as mobile pay. Most banks offer digital wallets like Google or Apple Pay.

• Credit and loans: Before your studies begin, you may need to invest in a new laptop, books, or travel expenses. In these cases, it could be worth checking if a bank offers interest-free overdrafts, loans, or even low-limit student credit cards.

• Banking options: Some banks offer more when it comes to managing your money. If you prefer to manage your payments on the go, you may want to look for a bank with user-friendly online services and apps.

Opening a student bank account is similar to opening a regular current account. 

1. Choose a bank and account. Compare the features, benefits, and services offered by different banks.

2. Provide the required documentation. For student accounts, most banks require proof of identity, address, and proof that you are enrolled in a course.

3. Complete your application. You can typically either apply at a branch or online, but some high-street banks may require in-person applications. Once your application is reviewed and accepted, you’ll receive your account details, including your debit card and IBAN (International Bank Account Number).

If you want to apply for a student account, you typically need to be in secondary school, university, recently graduated, or pursuing a postgraduate degree. 

There are different types of bank accounts designed for students:

• Second-level student account: For students in secondary school. You can typically apply between the ages of 12-18, but parental consent may be required for younger students. 

• Third-level student account: For students aged 18 or over and in third-level education, so either pursuing an undergraduate or a postgraduate degree. Some banks may specify a minimum and maximum course duration.

• Graduate account: For students who have already graduated from third-level. Usually, they can use this account up to two or three years after graduation, before they need to apply for a normal current account.

Banking needs can change as time goes on. Along with a standard bank account, students may also consider options for saving any extra money, such as a student savings account. A demand deposit account can typically be opened from the age of 18, allowing you to earn interest on your money with the flexibility of easy withdrawals.

To open a student bank account, you’ll need to be a resident in Ireland and provide additional information that proves you’re a student.

You’ll need the following documents: 

• Proof of identity: A valid passport, national ID card, or driver’s licence (only Irish or UK)

• Proof of address: A utility bill (gas, electricity, or broadband), a government letter (e.g. from Revenue or the Department of Social Welfare), or a letter from your university, dated within the last six months

• Proof you’re a student: A valid student ID, or an official letter from your university to confirm that you are enrolled

• Proof of your PPSN (Personal Public Service Number): Some banks may ask for your PPSN, especially if the account earns interest.

Some Irish banks offer financial support with their student bank accounts, for example competitive interest rates or even interest-free overdrafts. 

• Student credit cards: These are less common in Ireland, but a few banks do allow students to apply for a credit card. They usually have low credit limits, but annual percentage yields (APR) can be high. Availability and limits depend on each bank’s criteria.

• Student overdrafts: A student overdraft is a short-term borrowing facility attached to your current account. These student overdrafts are often interest-free up to a certain limit, but conditions may change once the student has completed their course of studies. Always check the terms, as limits and conditions differ by bank.

• Student loans: Ireland doesn’t have a large state-run student loan programme. Students may qualify for a grant through the Student Universal Support Ireland (SUSI), which is the main financial support scheme for students in Ireland. Some Irish banks also offer student-specific loans to cover your tuition fees, living expenses, or educational equipment.

If you want to build up some savings for your children once they are in college, a pot of savings can help cover their accommodation, tuition, or other upfront costs. And starting early gives more time for interest to accrue, depending on the account’s terms.

With Raisin, you can choose from a range of demand deposit accounts or term deposits offered by our partner banks. Whether you prefer to be able to withdraw your money when needed or lock it away for a set term in return for a fixed interest rate, Raisin helps you compare different options in one place.