Best "no fee" current account

dubdev

Hi there

I have my current account with AIB but am thinking of switching as I got hammered with €80 of quarterly transaction fees this month which I think is scandalous , particularly as they're encouraging customers to use contactless - I can see why now based on the charges per contactless transaction!

I was looking at the KBC extra account as it seems to have the lowest fees of any I have seen so far but I haven't used KBC so I'm wondering how their online banking and customer service compares?

Thanks

beechwood55

Would you consider getting a Revolut card or similar? I have one and top it up from my AIB debit card and then use the Revolut card for all contactless payments. I also use it where chip and pin is requested. Has completely cut down on AIB transactions.
Having said that we do keep the €2500 balance in our AIB current account which gives free banking but the Revolut card is great.

blindside88

dubdev wrote: »

Hi there

I have my current account with AIB but am thinking of switching as I got hammered with €80 of quarterly transaction fees this month which I think is scandalous , particularly as they're encouraging customers to use contactless - I can see why now based on the charges per contactless transaction!

I was looking at the KBC extra account as it seems to have the lowest fees of any I have seen so far but I haven't used KBC so I'm wondering how their online banking and customer service compares?

Thanks

From speaking to a friend that has worked in both AIB and KBC he has said that the online banking, app and background systems are all miles behind AIB. However you will save on the charges

nsa0bupkd3948x

Have you considered N26?

https://www.weresuckingdiesel.com/n26-the-mega-post/

Icsics

I find Permanent TBS very good & free banking above a certain monthly deposit

coylemj

EBS Moneymanager. The (Visa) debit card cannot do contactless but does work in ATM machines, there's no chequebook and no mobile app. No fees, no minimum balance and no minimum monthly lodgement.

LaLa2004

Icsics wrote: »

I find Permanent TBS very good & free banking above a certain monthly deposit

I had this type of facility with PTSB for many years. Recently they got rid of it and I got hit with €45 in fees for the last quarter.

They have some new current a/c where you can reduce fees by using your card.
It sounded like to much hassle for me.

28064212

dubdev wrote: »

particularly as they're encouraging customers to use contactless - I can see why now based on the charges per contactless transaction!

AIB don't currently have any charges for contactless transactions: https://aib.ie/help-and-guidance/aib-debit-card-faqs

The account transaction fee of €0.20c is being waived for all Contactless transactions until further notice. However, for non-euro Contactless transactions the Point of Sale Currency Conversion Fee of 1.75% of euro value. There is no minimum fee for Contactless Transactions.

Haven't paid any fees with AIB in years, but I'm willing to leave €2500 in the account permanently. EBS MoneyManager Account doesn't have any charges, AFAIK

Bubbaclaus

coylemj wrote: »

EBS Moneymanager. The (Visa) debit card cannot do contactless but does work in ATM machines, there's no chequebook and no mobile app. No fees, no minimum balance and no minimum monthly lodgement.

Sounds like you would be accepting brutal service in order to save some pocket change.

No contactless or app?

Christ that's pretty much all I do.

steumu

LaLa2004 wrote: »

I had this type of facility with PTSB for many years. Recently they got rid of it and I got hit with €45 in fees for the last quarter.

They have some new current a/c where you can reduce fees by using your card.
It sounded like to much hassle for me.

They got rid of it for new customers if you had it already they invited you to change but shouldmt of made you, I still have that one. Also I second n26 they are great, 5 free atm withdrawls then 2€ per withdrawl, thats the only fees at all, none for card use chip and pin or contactless

dubdev

Thanks all for the replies. I do actually have a MoneyManager account but as Bubbaclaus said, the account is so basic that I'd be losing a lot of convenience.

Part of me was thinking I should just try and change the way I use the card, but the bulk of my fees were taken up in "Debit card transactions", so the only alternative I can see is taking out a big wad of cash every week which sort of negates the whole purpose of having a debit card or bank account.

Ideally I'd like something that I can use just like a normal bank account with good online capability. I am tempted to try N26, but are there drawbacks setting up direct debits to a foreign account in Ireland? What about the lack of in-country customer service?

Another concern is that they don't offer any credit facility so I would still be applying for a loan / mortgage with an Irish bank. Would the fact that N26 is a non-irish bank affect my ability to apply for credit ?

Quackster

The benefit of EBS Moneymanager is that you can use it as a free bricks-and-mortar backup for N26 and/or Revolut.

august12

I still have the free current account but then again, I have it over 30 years, not planning on letting go of it, have saved quite a bit,

Also have Revolut, find it great but definitely need a back up as well,

august12

What about the new explore account from ptsb, they charge a flat fee of 4 euro a month I think, but every time you use your card to make payments, they refund 10 cent per transaction which in effect could bring you back to zero fees, you would need to double check that as i may not have all the correct facts on this.

dubdev

A few people have mentioned a "backup" account, could you explain what you mean ? Thanks

Delta2113

dubdev wrote: »

A few people have mentioned a "backup" account, could you explain what you mean ? Thanks

- EBS Money Manager is totally FREE so even if you only use N26 or Revolut etc. you still have an Irish outlet you can walk into if you say get a cheque or need to lodge a lot of cash for example.

Also if Revolut card didn't work say in France when on holiday you can then use your EBS debit card.

Always have a 'back up' is basically what is being said.

Every provider will have I.T. issues from time to time.

dubdev

Interesting. So if I understand correctly, I'd set up my salary to be paid to EBS, and then top up or transfer to Revolut/N26.
Are there no fees for day-to-day debit card transactions or transfers with both, at all?

coylemj

dubdev wrote: »

A few people have mentioned a "backup" account, could you explain what you mean ? Thanks

For tactical reasons, I have to have a BoI current account so I pay the €5 per quarter 'account maintenance' fee but I also have an EBS Moneymanager account. Every month, I transfer the bulk of my salary to the EBS account, leaving a small credit balance in the BoI account for contactless transactions in McDonalds, coffee shops etc.

So I use the BoI debit card for contactless which costs 1c per transaction and for everything else, (standing orders, direct debits, paying bills, ATM withdrawals), I use the EBS account which costs me nothing.

In terms of 'backup', you can't rely one one bank so for example if you were at the checkout in your local supermarket and your debit card was refused, you can always go for option B and hand over the backup card. I was low in cash one night in a pub and was buying a round of drinks, I presented the EBS debit card and asked for €100 cashback, it was refused even though there was plenty of money in the account. Needless to say this was highly embarrassing but luckily I had the BoI debit card as a backup.

The J Stands for Jay

Icsics wrote: »

I find Permanent TBS very good & free banking above a certain monthly deposit

Steer clear of these jokers.

The J Stands for Jay

dubdev wrote: »

Interesting. So if I understand correctly, I'd set up my salary to be paid to EBS, and then top up or transfer to Revolut/N26.
Are there no fees for day-to-day debit card transactions or transfers with both, at all?

Probably better off getting the wages paid to n26 given the lack of functionality with EBS.

noel100

Using Ulster bank keep 3k in account it's free and also use Revolut roughly 1200euro a month goes through this account couple of direct debit as well. Instant notification is brilliant. Once revolut is up and running as a proper EU bank 100k deposit protection i will be putting everything through this account.

august12

McGaggs wrote:

Steer clear of these jokers.

I totally disagree here, have had excellent service and free banking for years with them, they also have a really good online app.

dubdev

Mr.S wrote: »

An account to go along side your "online" bank account ala N26 or Revolut.

While they are great, chances are you will need an Irish account at some point, plus always going to have a second account 'just in case'

What i do is get paid into my N26 account and use that day to day, but also have an AIB current account for cash lodgements and to get instant payments from other AIB accounts.

Thanks. Do you have any issues setting up direct debits? I've read that some Irish companies do not accept non-Irish IBANs even though they are required to under SEPA.

Charles Babbage

coylemj wrote: »

For tactical reasons, I have to have a BoI current account so I pay the €5 per quarter 'account maintenance' fee but I also have an EBS Moneymanager account. Every month, I transfer the bulk of my salary to the EBS account, leaving a small credit balance in the BoI account for contactless transactions in McDonalds, coffee shops etc.

So I use the BoI debit card for contactless which costs 1c per transaction and for everything else, (standing orders, direct debits, paying bills, ATM withdrawals), I use the EBS account which costs me nothing.

In terms of 'backup', you can't rely one one bank so for example if you were at the checkout in your local supermarket and your debit card was refused, you can always go for option B and hand over the backup card. I was low in cash one night in a pub and was buying a round of drinks, I presented the EBS debit card and asked for €100 cashback, it was refused even though there was plenty of money in the account. Needless to say this was highly embarrassing but luckily I had the BoI debit card as a backup.

I have the same combination.
Note that the EBS card has a lower FX commission , albeit with a minimum, so I used it while in the US/Canada. It is also desireable while travelling to have cards from different systems, so the EBS Mastercard and BOI Visa debit are less likely to both fail at the same time.

noel100

Farmer Bob wrote:

They have them in red and black as well for the same price:

Charles Babbage wrote:

I have the same combination. Note that the EBS card has a lower FX commission , albeit with a minimum, so I used it while in the US/Canada. It is also desireable while travelling to have cards from different systems, so the EBS Mastercard and BOI Visa debit are less likely to both fail at the same time.

There is no FX costs using revolut. Minimal .5% weekends. & 2% if you take out cash ATM over 200