Students get a flying start with Bank of Ireland
Free banking, interest free loans and a bonus free flight among the benefits this year
Third level students who open an account with Bank of Ireland this year can avail of free day-to-day transaction banking, interest free loans and a free European flight as part of a comprehensive student package launching in branches nationwide this week. The package is designed to help students deal with the inevitable cash-flow challenges during college years and includes a student overdraft, a credit card and other benefits such as discounted foreign exchange. Parents too can benefit from initiatives such as a new college fees loan to fund the payment of increased college registration fees.
This year the bank delivers another great student travel incentive and has announced that the first 15,000 new customers will receive a bonus of a free flight to Europe once they use their account 10 times, including one online banking transaction before the 31st October 2011. Destinations on offer this year are London, Paris, Rome, Barcelona, Liverpool, Milan, Brussels, Stockholm, Edinburgh and Amsterdam. This free flight offer has proved a firm favourite with students nationwide and research has proven that it is hugely appreciated by the student population who still rank travel top of their wish-list. Over 90% of students get their first-choice destination and nearly a third of free flight recipients last year availed of a free flight to Paris. The other top destinations were Barcelona, Stockholm, London and Edinburgh.
The Bank of Ireland third level student package for includes:
• Free banking on day-to-day transactions
• 9 months interest free grant advance overdraft
• 9 months interest free travel loan
• Discounted student loans at 11.9% APR
• Student credit card offering 0% interest on purchases for 6 months
• Discounted foreign exchange
• Telephone and online banking
• EasySaver regular savings account – save as little as €5 p/w and unrestricted payment holidays
• ATM/Laser card for worldwide access to cash
• Mobile phone text top-up and ATM top-up
• Dedicated student website http://personalbanking.bankofireland.com/life-stages/student/
Commenting on the launch of the 2011 student package, Lynsey Smith, Youth Recruitment Manager, Bank of Ireland, said: “We understand that starting college is a major milestone for students and our 3rd level package is designed to deliver financial products to meet their needs during these crucial years.
We recognise that many students will be living away from home for the first time, so with a branch on or near all major campuses, and a student officer in every campus branch, we are always on hand to assist with questions and queries.
Our market leading 9 month interest free travel loan allows students to travel abroad, with no repayments due until they return. In addition, with 15,000 free return European flights available for 1st years who open and use their account 10 times, we’ll help them on their way to fulfilling their dreams of travelling during the summer months.
With approximately 40% of students eligible for grants, our 9-month interest free grant advance overdraft allows a student get vital funds upfront and interest free when they really need it.
Our student credit card, offering 0% interest on purchases for 6 months, also gives students peace of mind when travelling and allows them to book online.
These products have been designed to really make a difference to students and allow them to travel while still keeping a tight control over their finances”, she concluded.
Recent *research shows that parents pay the registration fees for 53% of students and also that 42% of students do not work during the college year. However, 17% of students say they funded their own registration fees, 47% say the fund their own college expenses such as books and laptops, and 58% of respondents say they work to support their college years. Student income levels have reduced with 30% of those that worked earning less than €50 per week, 30% earning €50 – €100 per week and 40% in the €100+ per week bracket.
Ends 14th July 2011
Mary Brennan
Consumer Media Relations Manager – ROI
Group Communications – Bank of Ireland
40 Mespil Road, Dublin 4
Phone: 076 6234781 or 087 2833646
E-mail: Mary_C.Brennan@boi.com