Student bank account advice?

ardclonman

Ok so, Im a second level student with a credit union account. So basically im looking towards my future and thinking maybe it would be beneficial to open a bank account. Would there be any advantages to having a bank account rather than a credit union account? Should I stick with the credit union or open a bank account? If so which bank?

Eurovisionmad

Well there's obviously pros and cons to both, I presume you're talking about opening a current account as opposed to a savings account with the bank? Regardless if you're saving money the best rate and the best place to keep it will almost always be in the credit union, and keeping the money in the credit union also opens the door to small loans if you so need them in the future (a good history of saving in the Credit union always is a massive asset when applying for a loan in the future!), so definitely if you do open a bank account don't bother moving all your money into it! Having said that if you're planning on getting a formal part time job (where the money is declared to Revenue rather than cash-in-hand) you'll need a current account to get it paid into! Another advantage/disadvantage is the debit card which is great for online shopping etc but also it makes you lose all concept of spending because you don't see the money physically go so I find personally I'm much looser about spending money!

With regard to which bank, most of the banks 2nd level accounts are almost identical in what they offer, some try offer sort of ridiculous perks to attract you, I recall Ulster Bank used offer a discount in Game Stop and PTSB allowed you to customise your debit card, which is a bit mad if you were to use that as the deal breaker in choosing which bank! Most should have quite good deals, like you don't pay any quaterly fees, they pay your government duty on the debit card and free foreign money exchange. Just to keep in mind certain banks have restrictions because it's a 2nd level account, like I think BoI used require your parents to sign to say you were allowed a debit card and that. I personally signed up to Permanent TSB because at the time they were the only bank offering Visa Debit cards as opposed to Laser cards, which were a bit useless, but now all the banks offer it so that reasoning is a bit redundant! On top of that there's local considerations to take into account, for example if you live in a rural sort of county town or near it there may be no PTSB or Ulster Bank and you'd only be left with BoI or AIB.

In conclusion if you do open a bank account don't be swayed by the silly things they offer you, look at what banking fees you might have to pay or not and if you do open a bank account don't close or ignore your credit union account, the credit union can be hugely useful to be a part of and to have a good savings history with, most people in Ireland have both a current account and a credit union account!

gruffler91

My 2 cents would be to go with whichever bank you will have on campus in college. If your college doesn't have a bank on campus go with one close to the college. I've found it a godsend to have the bank close by so I can run over to it between lectures if I have something that needs to be sorted etc.

spurious

They will all be mad keen to get you to sign up. Not so keen if you want anything off them.
Remember it's not that difficult to switch bank if you have to later, so get whatever free stuff is going.

yournerd

Ive an account in every bank and i think bank of ireland is the most annoying one!