cashsave vs current

dolittle

got a call from aib today offering to change from cashsave account to a current account, just wondering would it be beneficial to change

tryu

If the existing cashsave account satisfies your banking requirements, why change? Is it?

With a current account, you will have quarterly maintenance charges as well as transaction charges unless you can qualify for "no fees" by using your laser card for an online purchase and using it for an over the counter transaction - one of each in each quarter.

Check everything out thoroughly before you change.

homer911

My wife had a cashsave account for years - she earned about 2c a quarter in interest and paid about €6 a quarter in charges. As AIB had never done her any favours, I moved her to another bank with genuine free banking rather than switch to an AIB current account with highly conditional free banking

dolittle

thanks for that guys
i must check out those hidden charges

tryu

Hi again

The charges aren't hidden. Ask AIB to send you out details of charges for the type of current account they are suggesting along with the details of how you can avail of "free banking". Also, ask for the details of the charges on a cashsave account so that you can compare before you make up your mind.

dolittle

ok thanks again

vector

The cashsave account is not longer available to new customers, being cynical I assume this means it IS worth having...

It seems to have the benefits of a current account with slightly lower fees
(ok you cannot have a chequebook, but you will have a laser)

broker2008

vector wrote: »

The cashsave account is not longer available to new customers, being cynical I assume this means it IS worth having...

It seems to have the benefits of a current account with slightly lower fees
(ok you cannot have a chequebook, but you will have a laser)

I too received a call today looking to switch me to a current account. They didn't do the homework too well as I already have a current account as well as a cashsave account. They obviously are trying to shut down as many cashsave accounts as possible probably because they are not making as much money as the current accounts. I reckon fees will be going up soon

I didn't close it.

stepbar

If anything it's the opposite. If you're smart about it and do what AIB ask of you, you'll get paid to have a credit balance in your a/c. TBH a cashsave a/c is old hat, and I'd imagine if it's anything like the equiv a/c in BOI, laser cards are not an option and stuff like new D/D's and S/O can't be set up on same (open to correction on this).

chasm

With a cashsave a/c you do get the laser card and you can set up D/D and S/O, but the interest is rubbish. I think it is something like 0.025% and that's only on the first E1000 (I think). Havent received a call from them myself as regards changing a/c but it looks like i may soon!

Was intending on changing a/c last year but didnt find them very helpful in branch. Ive been with AIB since 1987 and my nephew in the uk has earned more interest in 2 years than i have with my cashsave a/c. Have never paid ANY fees on my a/c though.

IsThatSo?

If they were offering you the high interest current account then you would earn more interest than on the cashsave. The banks have an obligation to advise customers of the best product available to suit customers needs so this could be a "looking after the customer" exercise rather than trying to get rid of all the cashsave accounts, although its probably a combination of both.