Student Accounts
Choose your account wisely
If you are just starting off college you may want to open a bank account. If you are an international student, you will need a letter from your college stating:
Many providers will offer you freebies, such as a cash bonus or free flights, to encourage you to open an account with them, but look at all the fees and charges and think about how you will use your account.
If you plan to get an overdraft, compare the overdraft fees charged by each provider and the penalty fees that apply if you go over your limit.
Some other things to compare:
Some banks may offer you overdrafts or student loans. Before you consider borrowing money, you should see if you can save to pay for what you want or whether you could earn the money with a part-time job. If you do need to borrow:
Credit cards are a convenient way to pay for goods and services, for example booking tickets or flights online. If you are thinking about getting a credit card, you should compare the different terms and conditions and look for a low APR.
Be careful how you use your credit card- your credit limit is not a target . If you use it too much, even for small things, and don't pay off what you owe, debt can mount up quickly. Before you use your card to buy something, ask yourself if you can really afford it. Try to pay your bill in full each month, or else your balance owed can build up very quickly, leaving you in debt.
Manage your bills effectively
You can pay your regular bills standing order, direct debit or credit transfer. Check your account regularly to make sure that you have enough money to meet these bills. If you don’t you may have to pay a penalty charge.
Money saving tips
If you find yourself having difficulties making loan repayments or trying to pay off credit card debt, don’t ignore the situation. If you miss repayments, it will affect your credit history and might prevent you from getting a loan in the future.
If you are just starting off college you may want to open a bank account. If you are an international student, you will need a letter from your college stating:
- you are a student at your college
- the name of your course
- your address in your home country
- your address in Ireland
Many providers will offer you freebies, such as a cash bonus or free flights, to encourage you to open an account with them, but look at all the fees and charges and think about how you will use your account.
If you plan to get an overdraft, compare the overdraft fees charged by each provider and the penalty fees that apply if you go over your limit.
Some other things to compare:
- The networks of branches- are they easily accessible for you?
- Access to your account- do they offer internet and phone banking?
- Additional benefits, such as a 'no-fee graduate account' when you finish college.
Some banks may offer you overdrafts or student loans. Before you consider borrowing money, you should see if you can save to pay for what you want or whether you could earn the money with a part-time job. If you do need to borrow:
- don’t borrow more than you can afford to repay
- aim to pay the money back in as short a time as possible, based on what you can afford; and
- look for a low annual percentage rate (APR). You can also contact your local credit union to see if they are offering loans to students.
Credit cards are a convenient way to pay for goods and services, for example booking tickets or flights online. If you are thinking about getting a credit card, you should compare the different terms and conditions and look for a low APR.
Be careful how you use your credit card- your credit limit is not a target . If you use it too much, even for small things, and don't pay off what you owe, debt can mount up quickly. Before you use your card to buy something, ask yourself if you can really afford it. Try to pay your bill in full each month, or else your balance owed can build up very quickly, leaving you in debt.
Manage your bills effectively
You can pay your regular bills standing order, direct debit or credit transfer. Check your account regularly to make sure that you have enough money to meet these bills. If you don’t you may have to pay a penalty charge.
Money saving tips
- Save on your utility and phone bills - the Power of One site has lots of energy saving tips to help you cut costs. And you can save money on your mobile, by comparing costs on the Comreg site callcosts.ie.
- Look for student discounts and try buying online – many shops offer discounts for students with a valid student card, so it’s worth asking. And try buying online, you’ll often find better deals on clothes, music, books etc.
- Save on your grocery bills - check advertisements for regular special offers. The National Consumer Agency's review of supermarket costs shows there are savings to be made. Make a list of your meals for the week and stick to it, and use all the money off coupons you can get your hands on.
- Claim your tax –you may be entitled to a tax refund if you worked over the summer. You can get more information on the Revenue website.
If you find yourself having difficulties making loan repayments or trying to pay off credit card debt, don’t ignore the situation. If you miss repayments, it will affect your credit history and might prevent you from getting a loan in the future.
Maintenance Grant
The maintenance grant is the main source of financial help available from the Irish State for students in full-time Post Leaving Certificate Courses (PLCs) and full-time higher education undergraduate/postgraduate courses. Support is available to eligible students in most colleges in Ireland as well as eligible Irish students in many colleges in Northern Ireland, the UK and other EU States. For eligible students, the maintenance grant is there to help with the various costs of participating in further or higher education. Students on part-time courses, access or foundation courses (in higher education institutions) and short courses are not eligible to apply for a maintenance grant.
Click the link below for a copy of the maintenance grant application form...
Click the link below for a copy of the maintenance grant application form...
| maintenance_grant_form.pdf |
Few tips about other finance...
