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Switching Banks: Disadvantages

  • 31-07-2016 1:45pm
    #1
    Sully
    Moderators, Education Moderators, Technology & Internet Moderators, Regional South East Moderators Posts: 24,056 Mod ✭✭✭✭


    So come November my account with AIB will be liable for fees which look like it will be expensive enough.

    I've been with the bank years, had small business accounts with them and my salary is paid into it. But I am very tempted to switch banks, probably KBC as I am availing of their Extra Savings Account, due to the fact that I will need to have €2,500 in my AIB account at all times which seems a little unreasonable at this stage as I put extra money into savings after paying bills.

    My concern about switching is applying for loans or mortgages down the line. Or Credit Cards (I have two). Will looking for such be at a disadvantage if I do not bank with the bank or in the case of KBC I haven't banked with them enough.

    Thoughts?


Comments

  • #2
    ToxicPaddy
    Moderators, Business & Finance Moderators, Society & Culture Moderators Posts: 9,763 Mod ✭✭✭✭ToxicPaddy


    Hey Sully,

    I'm in a similar boat to you. I bank with AIB but their annual fees are getting to the stage of being ridiculous so I'm looking at KBC as an alternative. I've done some research with the other main banks and was also seriously considering Permanent TSB but their offers don't seem to match KBC with mortgages etc which I will be applying for down the line.

    I think you're spending and savings patterns will pretty much determine what you will be offered by any bank, not just KBC.

    Why not consider moving your day to day banking to KBC, if you do choose them, and keep your credit cards with AIB for the time being and then when you have enough spending done see what your new bank will offer you in that area?

    Loads of people I know have their daily banking with one bank and their credit cards and loans with other banks.

    Tox


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