Charges in AIB (pros and cons along with rewards scheme)

Creamy Goodness · 04-05-2017 2:36pm #1

ideb wrote: »

6. Charges

6.1 Your participation in the Cashback Service is made to you free of charge.

6.2 Payment of any money for goods or products and related charges (such as delivery) with Participating Merchants remains your sole responsibility.

They mean on the actual account itself

http://compare.consumerhelp.ie/CurrentAccountDetail.aspx?i=165

To qualify for maintenance and transaction free banking on your personal current account you must maintain a minimum daily credit statement balance of â‚¬2,500 in the account for each fee quarter

ATM withdrawal fee: 	        &#226;&#8218;&#172;0.35
Internet transaction:	        &#226;&#8218;&#172;0.20
Debit card purchase fee:	&#226;&#8218;&#172;0.20

ouch!

bk · 04-05-2017 2:52pm

Creamy Goodness wrote: »

ATM withdrawal fee: 	        &#8364;0.35
Internet transaction:	        &#8364;0.20
Debit card purchase fee:	&#8364;0.20

ouch!

Only apply to Debit Card/Current Account *

Doesn't apply to an AIB Credit Card.

* And the above charges don't apply if you qualify for free banking.

Creamy Goodness · 04-05-2017 2:57pm

bk wrote: »

Only apply to Debit Card/Current Account *

Doesn't apply to an AIB Credit Card.

* And the above charges don't apply if you qualify for free banking.

Irish people are majority a debit customer IME.

who the hell keeps a daily balance of over €2,500 in the account to qualify for free banking when other banks offer free banking with better criteria.

all in all, the fees comment was a legitimate comment, I was just backing it up.

davo2001 · 04-05-2017 2:59pm

Creamy Goodness wrote: »

who the hell keeps a daily balance of over €2,500 in the account to qualify for free banking when other banks offer free banking with better criteria.

If you can't keep at least €2500 in your account and your not a student or unemployed then you need to take a long hard look at yourself :pac:

Creamy Goodness · 04-05-2017 3:01pm

davo2001 wrote: »

If you can't keep at least €2500 in your account and your not a student or unemployed then you need to take a long hard look at yourself :pac:

I save it and have it in an account that I don't have a card tied to, don't have it sitting in my current account for my piece of plastic to be swiped and have my account drained by some lad sitting in his boxers in his bedroom in Brazil.

Cape Clear · 04-05-2017 3:08pm

Creamy Goodness wrote: »

Irish people are majority a debit customer IME.

who the hell keeps a daily balance of over €2,500 in the account to qualify for free banking when other banks offer free banking with better criteria.

all in all, the fees comment was a legitimate comment, I was just backing it up.

Indeed the fees listed above soon wipe out any cash back. PTSB charge a €4 flat monthly fee for their explore a/c and also offer up to €5 cash back on purchases as well as rewards.

bk · 04-05-2017 3:44pm

Creamy Goodness wrote: »

Irish people are majority a debit customer IME.

Says you, but many people, myself included, have credit cards. They are very handy financial tool and have many benefits, including security.

Creamy Goodness wrote: »

who the hell keeps a daily balance of over €2,500 in the account to qualify for free banking when other banks offer free banking with better criteria.

Or if you have a mortgage with AIB, then no need for €2,500.

Or if you are retired or are student!

Creamy Goodness wrote: »

all in all, the fees comment was a legitimate comment, I was just backing it up.

No, it is not, the majority won't have charges for using this. Credit card users, OAP's, students, AIB mortgage holders or €2,500 balance folks won't have any charges for using this.

Also, spending 20 cent to get €10 back even if you have charges seems like a good deal!

No harm in pointing out that some people might have charges and that the charges might not make it worth it and I certainly wouldn't swap from a free account (EBS offer free banking to all - BA there) for this, but certainly many, if not most people can benefit from this with no charges.

Mickeroo · 04-05-2017 3:59pm

Do you have to ask them to activate the free banking if your balance goes above 2,500?

callaway92 · 04-05-2017 3:59pm

Mickeroo wrote: »

Do you have to ask them to activate the free banking if your balance goes above 2,500?

No

omb0wyn5ehpij9 · 04-05-2017 4:32pm

Mickeroo wrote: »

Do you have to ask them to activate the free banking if your balance goes above 2,500?

callaway92 wrote: »

No

AIB charge fees per quarter. You have to have 2.5k in your account at all times in a specific quarter to qualify for the free banking, otherwise you get charged full fees for that quarter if it dips below 2.5k at any point AFAIK

bk · 04-05-2017 4:58pm

BDJW wrote: »

AIB charge fees per quarter. You have to have 2.5k in your account at all times in a specific quarter to qualify for the free banking, otherwise you get charged full fees for that quarter if it dips below 2.5k at any point AFAIK

True.

But just to clarify, this doesn't apply to the following people, all of whom get free accounts without needing to do the above:

- Over 65's
- Student Accounts
- Have an AIB mortgage and use the account to pay into it.

callaway92 · 04-05-2017 5:06pm

BDJW wrote: »

AIB charge fees per quarter. You have to have 2.5k in your account at all times in a specific quarter to qualify for the free banking, otherwise you get charged full fees for that quarter if it dips below 2.5k at any point AFAIK

Yes exactly - But he was asking if you have to notify AIB (which you don't)

68 lost souls · 04-05-2017 9:53pm

bk wrote: »

True.

But just to clarify, this doesn't apply to the following people, all of whom get free accounts without needing to do the above:

- Over 65's
- Student Accounts
- Have an AIB mortgage and use the account to pay into it.

Or are a graduate. Been banking with Aib for 16 years and never paid fees ever (part from the stupid government stamp duty)

mcgovern · 04-05-2017 9:56pm

68 lost souls wrote: »

Or are a graduate. Been banking with Aib for 16 years and never paid fees ever (part from the stupid government stamp duty)

They must like you, they started with my fees about 2 years after I graduated.

ShiverinEskimo · 04-05-2017 10:29pm

davo2001 wrote: »

If you can't keep at least ?2500 in your account and your not a student or unemployed then you need to take a long hard look at yourself :pac:

If you keep over 2500 quid sitting in a bank account earning you nothing just to save yourself 40 quid a year on banking fees then you need to take a long hard look at yourself.

Even an AIB financial advisor would advise against keeping 2500 in a current account paying nothing.

Vyse · 04-05-2017 10:51pm

ShiverinEskimo wrote: »

If you keep over 2500 quid sitting in a bank account earning you nothing just to save yourself 40 quid a year on banking fees then you need to take a long hard look at yourself.

Even an AIB financial advisor would advise against keeping 2500 in a current account paying nothing.

Honest question, how much interest would you expect to earn on 2500 in 1 year and how much would you be left with after DIRT? I don't expect it would be too much over 40 euros or am I totally wrong.

bk · 04-05-2017 10:59pm

ShiverinEskimo wrote: »

If you keep over 2500 quid sitting in a bank account earning you nothing just to save yourself 40 quid a year on banking fees then you need to take a long hard look at yourself.

Even an AIB financial advisor would advise against keeping 2500 in a current account paying nothing.

You'd be surprised, given how terrible interest rates are at the moment, you make more doing exactly that!

Best instant access savings account at the moment will only give you 0.65%:
2500 × 0.65% - 39% DIRT = €9.91

Best Fixed term savings account, 3 years (no access) 1.1%:
2500 × 1.1% - 39% = €16.775

You would actually make more money leaving the money in you current account then saving it!

Of course you could invest it instead, in pension, stocks, etc. But it is always a good idea to keep at least that amount of money liquid and accessible.

On the other hand, if you can get a free current account (various ways from AIB, KBC, EBS, etc.) then that would be better and then stick the 2,500 in an instant access account, even though it won't make you much.

Ri_Nollaig · 05-05-2017 7:55am

ShiverinEskimo wrote: »

If you keep over 2500 quid sitting in a bank account earning you nothing just to save yourself 40 quid a year on banking fees then you need to take a long hard look at yourself.

Even an AIB financial advisor would advise against keeping 2500 in a current account paying nothing.

Ah... actually no.
Assuming you still want reasonable access to the cash you could only put it into a savings account and given how crap the rates currently are, you would actually be "saving" more money having it sit in your current account avoiding fees compared to any interest less DIRT it would earn.

ShiverinEskimo · 05-05-2017 1:04pm

Ri_Nollaig wrote: »

Ah... actually no.
Assuming you still want reasonable access to the cash you could only put it into a savings account and given how crap the rates currently are, you would actually be "saving" more money having it sit in your current account avoiding fees compared to any interest less DIRT it would earn.

I don't think having to keep a balance of 2500 to avoid fees (which are backdated if you dip under that amount in a quarter) is reasonable access to cash.

It would earn a lot more even in a credit union account or even better in an actual investment.

2500 sitting in a current account to avoid paying 40 to 50 euro a year (on average) is dead money.

Blacktie. · 05-05-2017 1:55pm

ShiverinEskimo wrote: »

2500 sitting in a current account to avoid paying 40 to 50 euro a year (on average) is dead money.

Don't use your card much do you? That's my quarterly.

What kind of returns do you expect from credit union btw? Also an actual investment comes with added risk. Having E2500 on hand is pretty much a necessity. It's not exactly a substantial amount of money but would serve you well as a rainy day fund for when thing go t!ts up.

Creamy Goodness · 05-05-2017 2:06pm

Blacktie. wrote: »

Don't use your card much do you? That's my quarterly.

What kind of returns do you expect from credit union btw? Also an actual investment comes with added risk. Having E2500 on hand is pretty much a necessity. It's not exactly a substantial amount of money but would serve you well as a rainy day fund for when thing go t!ts up.

yup, when I was with AIB my quarterly fees were 40-50 too.

so saving 200~ a year when I moved to KBC, have apple/android pay and also get 3.0% on regular savings

Blacktie. · 05-05-2017 2:09pm

Creamy Goodness wrote: »

yup, when I was with AIB my quarterly fees were 40-50 too.

so saving 200~ a year when I moved to KBC, have apple/android pay and also get 3.0% on regular savings

3%??? Before DIRT I assume?

Creamy Goodness · 05-05-2017 2:10pm

Blacktie. wrote: »

3%??? Before DIRT I assume?

Yup.

The J Stands for Jay · 05-05-2017 4:03pm

davo2001 wrote: »

If you can't keep at least €2500 in your account and your not a student or unemployed then you need to take a long hard look at yourself :pac:

If you think leaving €2500 in an unproductive account just to save €24 a year in charges is a good idea then you need to take a long hard look at your finances.

Charges in AIB (pros and cons along with rewards scheme)

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