Tuesday 21 November 2017

Banks attempting to lure students with free pizza, 0pc overdrafts and €100 in cash

Richie Boucher. Photo: Frank Mc Grath
Richie Boucher. Photo: Frank Mc Grath
Charlie Weston

Charlie Weston

Banks have stepped up their efforts to entice college students to sign up with them by offering free pizza, cash payments, no-interest overdrafts, free gym memberships, fee-free banking and cash payments.

Some 50,000 students are set to enter colleges for the first time in the coming weeks.

Financial experts said banks engage in fierce competition to sign up students - as they know they stand a good chance of retaining their custom for life.

Students heading to college have been warned to choose a bank account carefully, and to be wary of gimmicks.

Maeve McLaughlin of price comparison site Switcher.ie said: "When choosing a bank account it is worth looking past the gimmicks and seeing which one offers the best deal for you in the longer term."

Bank of Ireland is offering free current account banking, free pizza, McDonald's meals and Hailo vouchers.

The bank is also trying to entice students with summer festival packs and free gym membership.

The bank, headed by Richie Boucher, has a 0pc loan from year two for those studying medicine, law, accountancy or computing.

AIB is also offering free banking to students and interest-free overdrafts.

It is attempting to get to the heart of students through their stomachs by offering 20pc off Just Eat takeaway deliveries every week for the college year.

It has a loan deal with interest-only repayments for the duration of the college course.

KBC Bank is challenging the big two with a €100 cash offer.

The deal sees students get €40 when they open a current account, and then €60 if they make 10 debit card transactions by December.

The bank has fee-free debit card transactions, ATM withdrawals and no quarterly maintenance fees for students.

Ulster Bank offers no transaction or maintenance fees, no fees for standing orders or direct debits, interest-free student overdrafts, commission free travel money, and the option to apply for a student credit card. Permanent TSB's student account has no lodging fees, no quarterly fees and no direct debit fees.

Irish Independent

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