Make sure you look at the fees, charges and services provided in the account you are are opening and not just the free gifts.

The financial regulator advises: "You should try to look at the costs for the services you expect to use, for example the interest charged on an overdraft."

There is an annual Government stamp duty on ATM and debit cards of €10 per card. Combined ATM and debit cards attract a tax of €20. If these cards are activated and used even once, you will be liable for the stamp duty, the regulator warns.

•According to Bank of Ireland, more than one in five students currently have their own credit card. But it is not a good idea to use credit cards for long-term borrowing, the financial regulator's consumer director, Mary O'Dea, advises.

"Many people have learnt about credit cards the hard way. They are an expensive means of long-term borrowing and you could end up paying a lot through interest charges and late payment penalties if you do not pay the bill on time," she said.

However, the Bank of Ireland research suggests two-thirds of students clear their credit card bill every month.

•Don't be put off or impressed by financial jargon, the financial regulator says. "Ask for a clear explanation if you don't understand a particular term. Don't sign a document that you have not read, particularly if you are signing a declaration that states you have read and understand the terms and conditions." Don't be pushed into making a hasty decision, the regulator adds.

•Surveys on student bank accounts and credit cards and leaflets on money tips for students are available from the financial regulator on lo-call 1890 777 777. They can also be accessed at its website at www.itsyourmoney.ie and are available at its information centre at College Green in Dublin.