Paying bank charges

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Kaelyn Tasteless Pearl wrote: »

Family savings account is 3% up to 1k/ month. You can also deposit 1k at opening. ( so up to 2k on the first month only)

Teen savings account and child savings account are 2%.

Slightly annoying how you can't put in more than 1k initially. Wonder why this is.

Galadriel

PTSB are free if €1500 is lodged into your account every month, you don't have to keep it there just have that amount go in.

Toots

Galadriel wrote: »

PTSB are free if €1500 is lodged into your account every month, you don't have to keep it there just have that amount go in.

That product isn't available anymore, the new account is the Explore account where fees are a flat €4 per month, but you can earn money back by using your debit card, so if you work it properly, you can offset your fees against your rewards.

I'm on the old €1500 per month account, opened it in 2014 and have to say that so far I'm very impressed with PTSB - their online banking is great, you can actually deal with a person when you go into a branch (in fairness it's rare that I'd need to, but it's nice to have the option) and any dealings I've had with their customer service have always been very pleasant.

ct5amr2ig1nfhp

Only one account per person over 18, however you can be "named" on another persons account. i.e you could have your partner open an account and have your yourself named on the account. That would allow you double the amount you save. edit: to add, anyone over 18 can have an account and have one other named on the account.

Ok, you still cannot open the account with a larger initial deposit but you can feed the second account max 1k from the lump.

Pheonix10 wrote: »

Slightly annoying how you can't put in more than 1k initially. Wonder why this is.

Bobeagleburger

Change to PTSB. It's quite easy.

Paying bank fees is nuts. I've always managed to avoid them thankfully.


EDIT, it's gone according to a few posts up

JTMan

Pheonix10 wrote: »

Slightly annoying how you can't put in more than 1k initially. Wonder why this is.

Most regular saver products have restrictions like this, regular saver products are not normally aimed at those who have a lump sum to deposit.

DANG333

Great article in the Journal.ie about bank charges. Seems AIB going to charge €0.20 for each contactless payment use on your Card starting Feb 24th.

Maintenance fees, contactless and ATM charges - here's how much you're paying your bank (via TheJournal.ie) - http://www.thejournal.ie/bank-charges-contactless-and-atm-3194785-Jan2017/

irishgeo

DANG333 wrote: »

Great article in the Journal.ie about bank charges. Seems AIB going to charge €0.20 for each contactless payment use on your Card starting Feb 24th.

Maintenance fees, contactless and ATM charges - here's how much you're paying your bank (via TheJournal.ie) - http://www.thejournal.ie/bank-charges-contactless-and-atm-3194785-Jan2017/

AIB have stated here http://touch.boards.ie/thread/2057694726/1/#post102316720 that they plan to extend the waiver on contactless charges.

ct5amr2ig1nfhp

Poorly written article. And why no mention of free banking for people under 18 or 60+, students or graduates? She's left a sizeable chunk of the population out.

"the days of free banking are long gone" and then a few lines later "Most banks do still offer ways to avoid those maintenance and transaction fees" and "Permanent TSB customers can actually make money as the bank"

No mention of building society alternatives such as EBS money manager.

:rolleyes:

dudara

Not a Consumer Issue - merged into the larger thread in Banking & Insurance & Pensions on bank charges

dudara

Delta2113

EBS Money Manager - my current best buy - FREE!

No overdraft, no cheque book, non contactless card (some prefer this), no mobile app but it's the way to go to avoid fee's.

ct5amr2ig1nfhp

A little off topic but I'm surprised cheques are still so widely used. Thought they would have gone the way of the dinosaurs by now.

The J Stands for Jay

Kaelyn Tasteless Pearl wrote: »

A little off topic but I'm surprised cheques are still so widely used. Thought they would have gone the way of the dinosaurs by now.

I can't think of any situation where I'd need to use a cheque. Doesn't stop some ridiculous companies trying to send them to me though...

JTMan

Delta2113 wrote: »

No overdraft, no cheque book, non contactless card (some prefer this), no mobile app but it's the way to go to avoid fee's.

The lack of an app, the poor online banking, the lack of contactless, the lack of Android Pay and the lack of other features, mean that most of best choosing the KBC Extra Current Account product and ensuing 2,500 EUR is deposited each month even if this means a few wires in and out.

sashafierce

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The J Stands for Jay

sashafierce wrote: »

What's PTSB's explore account like online? Decent?

I looked into it, but it worked out more expensive than staying with the current account I already use.

daheff

McGaggs wrote: »

I've had a PTSB current account, and they were terrible.

Gotta say i find their online account very good. At least it doesnt duplicate transactions at a certain time of day like BOI do (or did when I had them).

ct5amr2ig1nfhp

It costs 4 EUR a month however you can earn up to 5 EUR per month by using your card to pay for items. So you could actually earn a whopping 1 EUR per month. You get 10cent each time you use your card. The more you use your card the more likely you are to negate the 4 EUR monthly charge. More details here.

As banks go, I've been with most over the years. I've had problems with them all. PTSB's online banking is excellent, definitely the best of the lot IMHO. BOI online banking is dreadful (when if ever it's actually "online").

sashafierce wrote: »

What's PTSB's explore account like online? Decent?

TheChizler

Pheonix10 wrote: »

Slightly annoying how you can't put in more than 1k initially. Wonder why this is.

I've set this up. If you start with €1000 and deposit the same per month it works out at roughly (from memory) 1.6% interest over the year. 3% on a lump sum would be unheard of in a savings account so that's why they limit the initial principal.

I learned this the hard way by walking into EBS with all my savings thinking I had beat the system and they just looked at me blankly when I asked to put it all in.

sashafierce

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TheChizler wrote: »

I've set this up. If you start with €1000 and deposit the same per month it works out at roughly (from memory) 1.6% interest over the year. 3% on a lump sum would be unheard of in a savings account so that's why they limit the initial principal.

I learned this the hard way by walking into EBS with all my savings thinking I had beat the system and they just looked at me blankly when I asked to put it all in.

Is this 1.6% taking dirt into account or before that?

TheChizler

Pheonix10 wrote: »

Is this 1.6% taking dirt into account or before that?

Before DIRT. €1000 starting balance with an additional €1000 per month up to 1 year since account opening, @ 3%.

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TheChizler wrote: »

Before DIRT. €1000 starting balance with an additional €1000 per month up to 1 year since account opening, @ 3%.

Why is 1.6% then if it says 3%? Pittance return if 1.6 is before dirt :O

_Kaiser_

sashafierce wrote: »

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Yes, in fact it's a lot easier as things that would have required you to dig out your AIB calculator can be done with a text verification code to your phone. It may not be quite as slick as the AIB site/app (though the PTSB app has improved significantly in recent times) but the functionality is much better.

You also get a lot more control online over things like direct debits and transfers that would have required a visit to the branch and written instructions back and forth internally.

Also agree that the staff (on the phone and in branch) are a lot nicer and easier to deal with anytime I've needed to.

Source: former AIB customer who got sick of the charges, "computer says no" attitudes (though I can't blame the front-line staff for that) and the ridiculous notion of having to maintain a balance of €2500 in a current account every day to avoid fees, instead of having it somewhere it might make a bit of a return.

TheChizler

Pheonix10 wrote: »

Why is 1.6% then if it says 3%? Pittance return if 1.6 is before dirt :O

1.6% (might be 1.3% depending on when it's calculated) effective at year end on a 3% interest rate. The €12000 principal isn't there from the start earning interest, it's built up month by month. You only earn interest on principal in the account for the duration it's in the account. You earn 12 months interest on the first €1000, 11 on the second, 10 on the third etc.

It's actually a pretty good rate for a savings account.

Quackster

Delta2113 wrote: »

EBS Money Manager - my current best buy - FREE!

No overdraft, no cheque book, non contactless card (some prefer this), no mobile app but it's the way to go to avoid fee's.

And if you really want contactless, just use in conjunction with Revolut.

gmisk

sashafierce wrote: »

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I really would consider moving to PTSB, they did most of the leg work for me and was very straightforward. Looks like that free banking one has gone though.
They also have decent rates for home improvement loans etc.

This article gives a good overview of options.
http://www.irishtimes.com/business/personal-finance/what-s-the-point-of-permanent-tsb-s-new-current-account-1.2665867