AIB Graduate Account Terms and Conditions and Associated Benefits
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These and any other specific conditions are in addition to the Terms and Conditions of Current, Demand Deposit and Masterplan Accounts and General Terms and Conditions of Loan Sanction and any additional terms specific to any loan or facility. A copy of the Terms and Conditions for Current Accounts, Demand Deposit and Masterplan Accounts is available at our branches and here. Should there be a conflict between the AIB Graduate Terms and Conditions and the 'Terms and Conditions for Current Accounts, Demand Deposit and Masterplan Accounts', the Graduate Account Terms and Conditions shall prevail.
1.1 The AIB Graduate Account 'Graduate Account' and associated benefits replace any other Graduate package that may have previously been advertised.
1.2 Further terms and conditions will apply to any other service or facility provided by us in connection with your Graduate Account and you will be notified of any such terms and conditions if and when you request, and we provide, any additional service or facility.
1.3 We may alter these Terms and Conditions including the withdrawal or variation of the Benefits. If any alteration is to your disadvantage we will notify you in advance in accordance with the Terms and Conditions for Current Accounts, Demand Deposit and Masterplan Accounts.
2.1 You are eligible to apply for a Graduate Account if you are an existing AIB Student Plus Account holder and have graduated from full time third level education in the last two years. Alternatively, if you are a customer new to AIB, you must have graduated from a full time third level course of three years or more in length in the last two years and you will be required to produce evidence of Graduation (letter from College or Certificate of Graduation) when opening your Graduate Account. The Bank may at its discretion extend the benefits of the AIB Graduate Account to other customers.
2.2 You may only hold one Graduate Account at any one time and this account must be in your sole name.
3 Period of Graduate Account and associated Benefits
3.1 The Graduate Account and the Benefits are valid for a period of up to two years from the date you convert to or open your Graduate Account or for as long as you hold a Graduate Account with AIB, whichever is the shorter. At the end of this period, your Graduate Account will automatically convert to a Personal Current Account and the Bank's Terms and Conditions for Current Accounts, Demand Deposit and Masterplan Accounts will apply. We will advise you at least two months prior to your Graduate Account converting to a Personal Current Account.
4 The associated Benefits of an AIB Graduate Account
4.1 The associated benefits (the "Benefits") are the benefits which you enjoy when you hold a Graduate Account and they are only available to Graduate Account holders. In order to receive the Benefits you must satisfy the criteria described by the Bank for the relevant Benefit, identify yourself as a Graduate Account holder and request the benefit at the time of application/the transaction.
4.2 Any Benefits or reduced rates that you may have previously been entitled to will expire upon you converting to or opening a Graduate Account. An exception to this is where at the time of converting to or opening a Graduate Account you hold an existing AIB loan account. In this case all terms and conditions relating to that loan account will not change unless you request, and we approve, an increase in the amount, an extension of the term or otherwise amend the terms of that loan while you hold a Graduate Account.
4.3 Bank Free of Maintenance and Transaction Fees
4.3.1 You will receive maintenance and transaction free banking from the date you convert to or open a Graduate Account until the date your account is converted to a Personal Current Account. Your account will then be charged the Bank's standard fees and charges for Personal Customers. On conversion to one of our other personal Current Accounts, you may still qualify for 'A Way to Bank Free of Maintenance and Transactions Fees' with free maintenance and transaction banking. For full details please refer to the current edition of our booklet 'A Guide to Fees and Charges for Personal Accounts' which is available at our branches and here.
4.3.2 Maintenance and transaction free banking does not cover Bank service charges or Government charges. For details of bank service charges please refer to the current edition of our booklet A Guide to Fees and Charges for Personal Accounts which is available at our branches and here.
4.4 Interest Free Authorised Overdraft up to €1, 000
4.4.1 To qualify for the €1,000 interest free overdraft benefit, you must apply for and we must approve in writing an authorised overdraft facility. The interest free overdraft benefit only applies to authorised overdrawn balances up to €1,000, or the approved overdraft limit, whichever is less.
4.4.2 Credit facilities are subject to repayment capacity and financial status and are not available to persons under 18 years of age..
4.4.3 Only authorised overdrawn balances of up to €1,000 on Graduate Accounts will not be charged debit interest. Authorised overdrawn balances in excess of €1,000 will be charged debit interest at the Bank's Standard Variable 'A' rate for Personal Overdrafts.
4.4.4 If prior to conversion to the Graduate Account you were benefiting from an interest free overdraft facility greater than €1,000, upon conversion to the Graduate Account the interest free amount of your authorised overdraft facility will reduce to €1,000.
4.4.5 On conversion to a Graduate Account, any previously agreed reduced rate on an existing overdraft facility (over €1,000) may (unless otherwise agreed) be removed and the Bank's Standard Variable 'A' rate for Personal Overdrafts will apply.
4.4.6 If your Account is overdrawn without our prior written approval, or if you exceed an authorised overdraft limit, then debit interest will apply to the overdrawn balance at the Bank's Standard Variable 'A' rate for Personal Overdrafts together with surcharge interest on any excess balance. For details of current overdraft interest rates and borrowing charges please refer to notices displayed at our branches and here.
4.4.7 The Standard Overdraft Facility Fee of €25.39 will be waived for the period that you hold a Graduate Account.
4.4.8 The €1,000 interest free authorised overdraft is only available during the period that you hold a Graduate Account. Once your account ceases to be a Graduate Account, any authorised overdraft will be charged interest at the Bank's Standard Variable 'A' rate for Personal Overdrafts.
4.4.9 If you convert an existing account into a Graduate Account, any accrued debit interest outstanding on your existing account may be charged to your Graduate Account at the end of the next interest charging period.
4.5 Reduced Rate Personal Loan
4.5.1 The loan rate offered to Graduate Account holders is the Bank's Standard Variable 'A' Personal Loan rate discounted by 3%.
4.5.2 Credit facilities are subject to repayment capacity and financial status and are not available to persons under 18 years of age.
4.5.3 To receive the discounted rate Personal Loan, you must apply for and be approved for the loan while you maintain a Graduate Account.
4.5.4 Only Personal Loans in your sole name will be eligible for the discounted rate.
4.5.5 There is no limit to the number of discounted rate Personal Loans that you can apply for once they are approved and fully drawn while you maintain a Graduate Account.
4.5.6 Existing loans held by you prior to converting to or opening a Graduate Account do not qualify for the discounted rate. However, if you request, and we approve, an increase in the amount or an extension of the term of that loan while you hold a Graduate Account, the discounted rate will then apply.
4.5.7 The maximum loan term is five years and the discounted rate will apply for the agreed life of the loan until it is repaid, subject to Condition 4.5.8 below.
4.5.8 If having ceased to hold a Graduate Account you want to borrow further money on your loan ("top up your loan") or if you want to materially change the terms of the loan, we will have to enter into a new credit agreement with you for the total amount which may change the interest rate that applies on your loan. The new credit agreement will set out the terms, conditions and rate applicable to the new loan.