Opening a student bank account in Ireland

One of the first and essential 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 more effectively. This guide will explain what a student account is and how to open one, while also informing you about the benefits of a student bank account and everything you need to get started.

A student bank account is a specific current account offered by different banks that is designed for second or third-level students. These bank accounts are tailored to the needs of university students and often offer no monthly maintenance fees, more flexible overdraft terms, and introductory offers.

A student bank account in Ireland is designed to help students manage their money while studying. At the same time, they offer more flexibility and support during their education. To meet the students’ financial needs, they offer features such as access to credit, student-specific offers, mobile and online banking, overdraft facilities, and no or low fees.

Before you open a student bank account, it is important to compare banks and accounts. Each bank usually offers different services, features, and benefits. Consider carefully which bank and student account fit best for you personally. Here are a few aspects you should think about before you open a student bank account in Ireland: 

• Branch access: Decide whether you prefer more face-to-face banking or if you’d rather do most of your banking online. There are a variety of digital banks you can choose from besides the more traditional high-street banks. 

• 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, but there are others who may offer even more options than that.

• Credit and loans: Sometimes, you might need extra cash for a laptop, new books, or to travel. In these cases, it is worth checking out if a bank offers you interest-free overdrafts, loans, or even a credit card.

• Banking options: Some banks offer more when it comes to managing your money. Especially, if you prefer to manage your payments on the go, it’s worth considering a bank with better online services and apps.

Opening a student bank account is similar to opening a regular current account. You can either apply in person at a branch or online to open a student bank account and get an IBAN (International Bank Account Number). 

First, you start by choosing a bank that offers any features and services that fit you. After that, you need to provide the necessary documentation to complete the application process. When the application is completed, you will receive your account details and debit card and can start using your student bank account.

Not everyone can open a student bank account in Ireland. If you want to apply for a student account, then you need to be in secondary school, university, recently graduated, or pursuing a postgraduate degree. 

There are different types of bank accounts, which are designed for students:

• Second-level student account: This account is for students in secondary school who are 18 or younger. Usually, you can apply between the ages of 12-18. 

• Third-level student account: This account is for students in third-level education, so either pursuing an undergraduate or a postgraduate degree.

• Graduate account: This type of account is 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.

If you want to open a bank account in Ireland, it doesn't matter if it is a student bank account or a regular current account. In the application process, you need to provide certain documentation. In case of a student bank account, though, you will need to issue additional documents, which prove that you are a student.

To open a student bank account, you need the following documentation: 

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

• Proof of address: A utility bill (gas, electricity, or broadband), a government letter, 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

Bank accounts designed for students often come with many benefits and introductory offers. These accounts cater to the financial and everyday banking needs of a student. What a student bank account offers individually can vary from bank to bank. Here are some of the most common benefits of a student bank account:

• No maintenance fees

• No direct or debit card charges

• No ATM withdrawal fees

• Interest-free overdrafts, up to a certain amount

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

• Advice from student officers

To help understand the range of financial products available, it's useful to not only explore current accounts but also to consider savings options, especially for younger individuals. For example, children’s savings accounts offer a valuable opportunity for parents to start building financial literacy early on. These accounts often feature attractive interest rates and special terms designed to encourage long-term saving habits.

As a student with a student bank account, many banks offer you the possibility to apply for student loans, overdrafts or credit cards. In contrast to normal bank accounts, you will get special benefits as a student. If you need to get some extra money as a student for extra monthly expenses or new equipment, you can profit from competitive interest rates or even interest-free overdrafts. 

• Student credit cards: They are less common, but there are banks that allow students to apply for a credit card. They usually have a low credit limit and high interest rates. Students should always manage credit cards with caution to avoid debt.

• Student overdrafts: Depending on the bank, you can borrow money at short notice. These student overdrafts are offered by some banks as part of their student accounts and are often interest-free. A student overdraft can help you get through the academic year without adding further costs beyond your student loan.

• Student loans: Ireland does not have a large government student loan programme. There is, however, the Student Universal Support Ireland (SUSI), which is the main financial support scheme for students studying courses in Ireland. You can also get a student loan from a bank to cover your tuition fees, living expenses, or educational equipment. If you’re a student, these loans usually come with lower interest rates and a flexible repayment plan that starts after graduation.

Now that you know how to open a student bank account in Ireland, you can start looking for savings accounts, especially for students. Discover a wide range of high-interest fixed term and demand deposit accounts on the Raisin Bank marketplace. This is a simple method to grow savings for your children while accessing some of the best interest rates in Ireland and Europe. Just register for free, choose a deposit account from our partner banks, and start earning interest. Raisin Bank offers you a great option to save money for your child or allow them to access themselves once they reach an appropriate age.