Regulator warns students over banking charges

STUDENTS have been warned to look out for big variations in interest rates and other banking charges by the Financial Regulator.

While most transactions on student accounts are free and banks may offer various incentives to sign up with them, a survey of five banks carried out by the regulator shows that some charges can vary quite a lot between different financial institutions.

For example, the charges range from €4.44 to €12.70 each time a standing order, direct debit or cheque goes unpaid, which can happen if there is not enough money in the account to match these payments often used for bills or for rent.