Fees/charges??

Help!!!!

I am with BOI but it irritates me having to pay fees/charges for using my own money
Are there any better alternatives? I just want an account that I can have money transferred into & be able to take out money at an ATM.

petethedrummer

KBC offering free banking if you lodge 2500 per month. No minimum balance required.

Ulster bank have a flat fee of €3 per month. Free if you maintain €3000 balance.

Toots

PTSB give free banking if you lodge €1500 or more per month. I moved there nearly 2 years ago and have been very happy with the service.

PaulM1977

PTSB seconded. Avoid KBC banking if you can, still seems to be a work in progress with them...
Not sure about Ulster Bank.

coylemj

EBS Moneymanager is a current a/c in all but name except they don't do cheques. You get an ATM (Mastercard debit, not contactless) card with up to 5 withdrawals per month free as long as you lodge at least €1,500 p.m. and all electronic txs (SO, DD etc.) are free. Online web access where you can do transfers & pay bills but no mobile app and their website is not mobile friendly.

So as long as you lodge 1,500 p.m. and don't exceed 5 ATM withdrawals, you can avoid all fees.

Sheep in a field

Would you be better off putting €2k into your savings account at 0.5% interest or leaving it in your current account to keep your daily balance above 2500(aibs threshold for free banking)

I don't think there would be much difference in the charges vs extra interest in this scenario...?

DMcL1971

Sheep in a field wrote: »

Would you be better off putting €2k into your savings account at 0.5% interest or leaving it in your current account to keep your daily balance above 2500(aibs threshold for free banking)

I don't think there would be much difference in the charges vs extra interest in this scenario...?

2K sitting in a savings account earning 0.5% interest would return around 49c per month after DIRT. [2000*(0.5/100/12)*0.59] So that would suggest that leaving 2K in a current account earning no interest would cause you to lose out on 49c interest each month. Which is probably a lot less than the monthly current account fees. Therefore it would be cheaper to maintain the minimum balance than leave it in a savings account.

Or better still transfer to PTSB where there are no fees providing you deposit 1500 per month and you will even earn 1% interest on the first 1500 in your current account.

coylemj

Sheep in a field wrote: »

Would you be better off putting €2k into your savings account at 0.5% interest or leaving it in your current account to keep your daily balance above 2500(aibs threshold for free banking)

I don't think there would be much difference in the charges vs extra interest in this scenario...?

Don't know about AIB but in the case of BoI, if you maintain a credit balance of at least €3,000 it means that you will avoid the transaction charges but you will still have to pay the €5 'quarterly maintenance fee'.

petethedrummer

coylemj wrote: »

Don't know about AIB but in the case of BoI, if you maintain a credit balance of at least €3,000 it means that you will avoid the transaction charges but you will still have to pay the €5 'quarterly maintenance fee'.

AIB is minimum balance 2500. No additional fees.

Delta2113

http://compare.consumerhelp.ie/CurrentAccount

PTSB or EBS - I'd keep well away from the other bank's for a current account.

Sheep in a field

Delta2113 wrote: »

PTSB or EBS - I'd keep well away from the other bank's for a current account.

Why don't more people move their current accounts away from the other banks?

Nervous Wreck

Sheep in a field wrote: »

Why don't more people move their current accounts away from the other banks?

At a guess; laziness.

Delta2113

Nervous Wreck wrote: »

At a guess; laziness.

- I agree -lazy -couldnt be bothered. I also think it should be made far simplier to switch but as many are aware the banks tell the government to jump and they say -how high.

Mrs OBumble

Sheep in a field wrote: »

Why don't more people move their current accounts away from the other banks?

Because it's not difficult to maintain the minimum balance required, and staying with AIB gives me way (Post Office) to do transactions like lodging a cheque on the weekend. It's very rare that I need to do this, but handy to have the facility.

Speedwell

Sheep in a field wrote: »

Why don't more people move their current accounts away from the other banks?

Because we need, for various reasons, to prove that we have held a bank account with the same bank for at least a year.