PTSB removing Loyalty Current Account

spuddy

Delta2113 wrote: »

-No don't think so that's called "permanenttsb Current".

Does anyone know if this is the same as one listed as "Current Account"?

JTMan

spuddy wrote: »

Does anyone know if this is the same as one listed as "Current Account"?

Different products but both subject to the changes. See here.

JTMan

Yggr of Asgard wrote: »

Well as our govement says: The Central Bank Switching Code is on your side making the process easier than ever.
Source: https://www.switchyourbank.ie/

So it's easy enough to do if you choose to change to a different bank which better fits your purpose.
And while that does not work with automatic charges to the visa card, it works for direct debits/standing orders etc.

The issue is the switch code does not deal with inbound wires and if you have a few people that wire you money you have to get them all to update their details manually. Also, the migration of direct debits and standing orders does not always go smoothly - well speaking from experience, albeit, a while ago.

Yggr of Asgard wrote: »

And therefore people are asking PTSB for a copy of the original T&C that they signed up for.

They have every right to ask for the T&C's. I would be very surprised if the T&C's guaranteed free banking for life.

A simpler route is just to switch to PTSB Explore.

c6ysaphjvqw41k

For those saying they are going to switch to KBC for a current account, just something to be aware of.
As KBC are a cashless bank, you can't take money out in branch and there are no KBC ATM's. You have to use a different banks ATM or one of the non bank ATM's So you pay something like .12 cent every time you take cash out. That's fine.

My mother banks with KBC for her everyday banking. On a few occasions she has had her card compromised or lost and had to cancel. Took them the better part of 2 weeks to get her out a new one. Also fine, I'm with PTSB and its the same. Problem was because she was without her card for two weeks and KBC has no cash, she was without access to money for almost two weeks. She complained about this and they told her there was nothing they could do. To transfer anyone else money would take a few days because nobody else was with KBC so I ended up giving her money until she got her new card.

I'm with KBC for a few other products and honestly I'm pretty happy with them. I wouldn't want to be with them for everyday banking though because of the above. I'm happy with my Explore Account.

AlmightyCushion

Cameron Screeching Larvae wrote: »

For those saying they are going to switch to KBC for a current account, just something to be aware of.
As KBC are a cashless bank, you can't take money out in branch and there are no KBC ATM's. You have to use a different banks ATM or one of the non bank ATM's So you pay something like .12 cent every time you take cash out. That's fine.

That charge is for the government stamp duty so you pay that regardless of the bank you are with.

Cameron Screeching Larvae wrote: »

My mother banks with KBC for her everyday banking. On a few occasions she has had her card compromised or lost and had to cancel. Took them the better part of 2 weeks to get her out a new one. Also fine, I'm with PTSB and its the same. Problem was because she was without her card for two weeks and KBC has no cash, she was without access to money for almost two weeks. She complained about this and they told her there was nothing they could do. To transfer anyone else money would take a few days because nobody else was with KBC so I ended up giving her money until she got her new card.

I'm with KBC for a few other products and honestly I'm pretty happy with them. I wouldn't want to be with them for everyday banking though because of the above. I'm happy with my Explore Account.

I'm with KBC for everyday banking, have been for about 2 years now. I haven't had any problems with them. I have a KBC credit card and Revolut so I have back ups in case something goes wrong with my debit card (not that I even use it much, I prefer to use my credit card). For the vast majority of people KBC will suit their needs just fine.

Tar.Aldarion

JTMan wrote: »

The issue is the switch code does not deal with inbound wires and if you have a few people that wire you money you have to get them all to update their details manually. Also, the migration of direct debits and standing orders does not always go smoothly - well speaking from experience, albeit, a while ago.

I don't think incoming wires is an issue for most people, if it was for me I'd just send an email and bcc everybody. They claim 99% rate of success now for general switching.

Cameron Screeching Larvae wrote: »

For those saying they are going to switch to KBC for a current account, just something to be aware of.
As KBC are a cashless bank, you can't take money out in branch and there are no KBC ATM's. You have to use a different banks ATM or one of the non bank ATM's So you pay something like .12 cent every time you take cash out. That's fine.

My mother banks with KBC for her everyday banking. On a few occasions she has had her card compromised or lost and had to cancel. Took them the better part of 2 weeks to get her out a new one. Also fine, I'm with PTSB and its the same. Problem was because she was without her card for two weeks and KBC has no cash, she was without access to money for almost two weeks. She complained about this and they told her there was nothing they could do. To transfer anyone else money would take a few days because nobody else was with KBC so I ended up giving her money until she got her new card.

I'm with KBC for a few other products and honestly I'm pretty happy with them. I wouldn't want to be with them for everyday banking though because of the above. I'm happy with my Explore Account.

I don't really ever use ATMs but it is my understanding that it is just the regular KBC current account that has that fee? The Extra current account does not seem to have any fees once the lodgement requirement is met like it was with PTSB until now.

For your mothers issue I use a revolut card (a debit card that you can top up) and you either can top up after losing a card or have money on there anyway which is better in case of being compromised.

I recommend using something like revolut or N26 in the case of switching to the PTSB explore account also as you can just top up by €10 at a time if you didn't do all your transactions for a month. Depends how bothered somebody is!

c6ysaphjvqw41k

Tar.Aldarion wrote: »

I don't really ever use ATMs but it is my understanding that it is just the regular KBC current account that has that fee? The Extra current account does not seem to have any fees once the lodgement requirement is met like it was with PTSB until now.

For your mothers issue I use a revolut card (a debit card that you can top up) and you either can top up after losing a card or have money on there anyway which is better in case of being compromised.

Shes been with KBC a few years now so she could be on an older account, she also wouldn't have enough going in to cover no fees as shes retired. All I know is she pays every time she takes cash out.
My mother can hardly use her phone so she wont be using a revolut card! I'm not telling people to not go with KBC, as I said I use them for other things and I'm pretty happy, I just personally wouldn't want to use them for my main bank account and its just something to be aware of. Loads of people use them for their current account with no issues, that's just one issue we ran across.

Tar.Aldarion

Ah I see yes, definitely of use depending on circumstance. BTW KBC (and other banks) often offer free banking for those over 60, she could ask KBC to waive those ATM fees: https://www.kbc.ie/our-products/kbc-current-account/current-account/free-day-to-day-banking-for-60

AlmightyCushion

Tar.Aldarion wrote: »

Ah I see yes, definitely of use depending on circumstance. BTW KBC (and other banks) often offer free banking for those over 60, she could ask KBC to waive those ATM fees: https://www.kbc.ie/our-products/kbc-current-account/current-account/free-day-to-day-banking-for-60

A few banks do free banking for the over 60s.

https://www.askaboutmoney.com/threads/personal-current-accounts.21774/

You have to scroll down to the section 'Current Accounts with free banking for those aged 60+ or 66+:'

TestLink

I am also with PTSB. Got the letter today. PTSB would be charging 18 euro quarterly if 2500 euro is not maintained every day. I wont be able to do this.

What is the cheapest alternative? Any disadvantage in switching to EBS? No bills would be paid from this account. Just shopping + ATM cash withdrawal.

Davy

JTMan wrote: »

The issue is the switch code does not deal with inbound wires and if you have a few people that wire you money you have to get them all to update their details manually.

Using Revolut is easier for things like that as you can just use your mobile number. Has other benefits like the 'split' function, and its instant rather than waiting a day or two.

Delta2113

spuddy wrote: »

Does anyone know if this is the same as one listed as "Current Account"?

- Got the letter yesterday so must have €2,500 balance from 1 April to avoid the €18 maintenance fee.

advertsfox

Delta2113 wrote: »

- Got the letter yesterday so must have €2,500 balance from 1 April to avoid the €18 maintenance fee.

Is it a consistent / minimum balance of €2500 in your bank every day or do you have a lodgement of at least €2500 per month?

F1ngers

advertsfox wrote: »

Is it a consistent / minimum balance of €2500 in your bank every day or do you have a lodgement of at least €2500 per month?

A balance of €2500.
The Switch Current Account is the one where there must be a lodgement of €1500 per month.

TestLink

How is EBS? Any one got any experience with them?

1hnr79jr65

Got reply from TSB today basically saying the following

"we understand you not happy with change, we dont want you to take your business else where but if you do here is bonkers.ie to help you make a decision on move, otherwise our changes stand"

Rough translation - we dont give a damn.

Still going to contact ombudsman dont know if it will achieve anything but nothing ventured nothing gained. Also logged a data access request for sign up documentation on no charges for life of account as they must maintain these records.

Ten Pin

Posted this in the other thread, looks like it's possible to get free banking (for 5 years) with a basic account with PTSB (or any other bank), max 20k total lodgement per annum

https://www.permanenttsb.ie/everyday-banking/current-accounts/basic-payment-account/

Some more info on Citizens information
http://www.citizensinformation.ie/en/money_and_tax/personal_finance/banking/standard_bank_account.html

Roanmore

I went in to the branch today and switched to the Explore account, took ten mins.
I am a sky customer so will get 5€ a month back with covers the 4€ monthly charge and this is before the 10 cent per transaction return kicks in.

Hurrache

What's the Sky thing?

Roanmore

Hurrache wrote: »

What's the Sky thing?

If you pay Sky bill with direct debit you get 5% back on it plus 2% on SSE Eirtricity. 2% on Circle K if you pay with TSB card

caviardreams

Ten Pin wrote: »

Posted this in the other thread, looks like it's possible to get free banking (for 5 years) with a basic account with PTSB (or any other bank), max 20k total lodgement per annum

https://www.permanenttsb.ie/everyday-banking/current-accounts/basic-payment-account/

Some more info on Citizens information
http://www.citizensinformation.ie/en/money_and_tax/personal_finance/banking/standard_bank_account.html

Note, you can only open one of these if you do not already have a current account in the ROI.

Ten Pin

Note, you can only open one of these if you do not already have a current account in the ROI.

If you closed your existing current account in PTSB and then just open the basic account, that should work? The EBS Money Manager is in that basic account category (AFAIK).

Hardtochoose

Got this letter today . Sending me to the ‘explore 4’ account.
I’ll sign up to it. It’ll end up costing them money as id use the card enough to earn the €5 max per month in Cashback . Is there a max Cashback amount inclusive of the sse bills etc? Like could I earn the €5 from card usage plus 2% back on SSE bill ?

sonyvision

I rarely used my bank card. Use revolut for day to day transaction but I ain't paying €18 every three months.

Just opened up a KBC bank account and filling in my switcher account form Monday. No fees lodging over 2.5k a month, lower credit card rates, lower loan rates. Garmin and adriod pay.

datk

I got the letter too - went on to their website and see they have another current account that works out at €48 per annum instead of the €72 they say will now be on my current account. Annoyed they didn't put that in the letter while they were at it.

Bank customers beware - when BoI took away their free banking I went in search of a new bank - moved to Ulster Bank just before they had their major f*#k up, after 'I' broke Ulster Bank I then moved to another bank and they had a bit of a to-do and then the Permanent TSB. :-)

alwald

I got the letter too, I have both Revolut and N26 but I like to have an Irish bank account with a financial institution that has branches so I started the process of opening a KBC extra current account. There is no way I am paying PTSB 18 quid every quarter and I don't fancy keeping 2500 EUR in my current account so adios...if tomorrow KBC start charging then I will move elsewhere simple as that.

redlead

sonyvision wrote: »

Use revolut for day to day transaction

Out of interest what was the benifit of using revolut for day to day transactions when you already had free banking?

Anyone have any experience banking with EBS?

caviardreams

Ten Pin wrote: »

If you closed your existing current account in PTSB and then just open the basic account, that should work? The EBS Money Manager is in that basic account category (AFAIK).

Yes you could, but you can only lodge a minimum amount per year up to approx minimum wage as a previous poster stated, so you can't have another current account to get your salary paid into for example (if it was higher than the threshold). Obviously if you are at that income level it makes perfect sense to go with the basic account.

sonyvision

redlead wrote: »

Out of interest what was the benifit of using revolut for day to day transactions when you already had free banking?

Anyone have any experience banking with EBS?

I travel alot to the UK so I use it for GBP, better exchange rates and no charges. for example you take the underground tap on. 1 GBP transaction 49 cent. tap off thats another 49 cent.

Also I use the (vault) to collect spare change on transactions and add to a savings account (ok no interest is earned) but none either with PTSB.

Plus every time the card is used I get an APP notification, which is good when travelling just incase the card is skimmed!! I can then lock it from the app straight away.

biebiebie

sonyvision wrote: »

I travel alot to the UK so I use it for GBP, better exchange rates and no charges. for example you take the underground tap on. 1 GBP transaction 49 cent. tap off thats another 49 cent.

Also I use the (vault) to collect spare change on transactions and add to a savings account (ok no interest is earned) but none either with PTSB.

Do you use a GBP account on your Revolut for those payments?
Or do you just just the one Euro account and let Revolut do the exchange for each transaction?

Wondering myself which works best?