Best current account option for me?

Testament1

Hi folks, just looking for some opinions here. I lived abroad for a few years and closed my Ulster Bank account due to fees for a service I was no longer using. I'm back home again now and looking to open a current account again.

The majority of my wage is currently being deposited into my Credit Union account but I would like to have a bank account to use for modest amounts for online shopping, ATM transactions etc. I'm aware that a debit card can be got from the Credit Union but I'd like to leave my savings as they are.

So basically just wondering what would be my best option in terms of low maintenance and usage costs?

mickmac76

I think the online only account offered by the German bank Number 26 would suit you. You can apply online and it is free banking. Since It's German any money in it is guarunteed by the German government. See the thread in this forum for details on how to open an account with them.

coylemj

mickmac76 wrote: »

Since It's German any money in it is guarunteed by the German government.

The deposit guarantee scheme covers amounts up to €100,000 in current or savings accounts but as the OP is looking at options for a current account, I suspect that a guarantee of any kind is a low priority.

https://www.depositguarantee.ie/en/about-us

OP, the EBS MoneyManager account offers almost all of the facilities you get with the major banks' current accounts with the exception of a cheque book and they do not have a mobile app but there are no fees and you get a debit/ATM card, you can do online SOs & DDs and SEPA transfers.

http://www.ebs.ie/daily-banking/ebs-moneymanager-account-a-debit-card.html

Delta2113

http://compare.consumerhelp.ie/CurrentAccountDetail.aspx?i=239

EBS Money Manager - no brainer!

newacc2015

Would your CU allow you to set up a second account for day to day banking? The quality of service from N26 is supposed to be horrific. I emailed them I got an autoreply to fill out a form on their site. They appear to be offering German quality customer service...

Bob24

If you are going to lodge at least 2500 per month, KBC offers free banking and probably a much better mobile/online experience than EBS: https://www.kbc.ie/our-products/kbc-current-account/current-account/extra

(the only drawback is they don't support cash lodgement which I find a bit silly since they have a network of branches and ATMs)

Otherwise N26 is indeed worth a look (probably the best app, and free banking while having the cheapest fees for transactions in foreign currencies), but keeping in mind they are fairly new, don't have physical presence here if you need to talk to someone, and are currently lacking in terms of customer service response time. Having a non-Irish IBAN and bank card might also cause issues with some businesses (even though it is illegal for them to refuse DDs and payments from a German account, some Irish websites are still refusing payment from non-Irish cards and some businesses are refusing to establish direct debit mandates from a non Irish account - but this is a small minority and won't bother you very often).

Savman

EBS Money Manager + N26 is the best of both worlds.

Delta2113

Savman wrote: »

EBS Money Manager + N26 is the best of both worlds.

or EBS and Revolut - always pick and mix once it's FREE.

Bob24

Different people will think differently, but I personally see value in just picking one bank which offers a decent compromise for everything rather than stacking up multiple services (which adds more complexity). Of course if there is a genuine major reason for having multiple ones that is not a problem (for example having accounts in multiple countries or getting a much better mortgage deal with a bank while having much better savings interest rates with another), but I am not sure it is the case based on what has been posted here.

Savman

Bob24 wrote: »

Different people will thing differently, but I personally see value in just picking one bank which offers a decent compromise for everything rather than stacking up multiple services (which adds more complexity). Of course if there is a genuine major reason for having multiple ones that is not a problem (for example having accounts in multiple countries or getting a much better mortgage deal with a bank while having much better savings interest rats with another), but I am not sure it is the case based on what has been posted here.

Revolut & N26 offer considerable advantages. The app technology alone is worth the "complexity".

Bob24

Savman wrote: »

Revolut & N26 offer considerable advantages. The app technology alone is worth the "complexity".

Revolut isn't really a bank and in terms of the app, N26 has a considerable advantage if you compare it to EBS, but less so if you compare it to KBC which has a pretty decent app. Mind you, I do think N26 are doing a lot of things right and they do have a unique advantage on things like instant notifications or spendings classification. But on the other hand if you are only going to do half your banking with them and fragment half your activity with another bank which has a crap app or even no app, are you really benefiting overall as for example you won't be able to use their budgeting functionality properly since half your transactions will be missing and you will still have to log into a fairly outdated online banking system regularly (this will also affect the sense of security and being in control given by instant notifications because you have a second card linked to an account which is rarely checked because it is inconvenient to do so).

There is also the option to go with N26 only especially if the OP has an account with another foreign bank they can use as a backup (I assume it is the case since they said they were living abroad).

Testament1

Thanks for the advice. Decided to go with EBS Money Manager. Can't beat a fee free service!

Delta2113

Testament1 wrote: »

Thanks for the advice. Decided to go with EBS Money Manager. Can't beat a fee free service!

-Well done - it's a no brainer!