Ulster Bank introducing transaction charges

Bhangraman · 19-02-2019 5:10pm

Bye bye Ulster Bank, closed both current and savings account (to teach them a lesson), I do imagine them having 15 grand less stings a little. So far the dough is sitting on my N26 current account, any good savings account I could move to?

Wheety · 19-02-2019 5:12pm

Bhangraman wrote: »

Bye bye Ulster Bank, closed both current and savings account (to teach them a lesson), I do imagine them having 15 grand less stings a little. So far the dough is sitting on my N26 current account, any good savings account I could move to?

How long would you be willing to put it away for?

Tar.Aldarion · 19-02-2019 5:25pm

I'm with ptsb but am moving due to their change in fees too. KBC is best.

bluewolf wrote: »

the hassle of moving direct debits :mad:
I saw in the article something about 'for more transparency for customers'. get out of here

It's much easier these days, you fill out a switching form and your old bank sends the details to your new bank who set up the DD's for you
https://www.switchyourbank.ie/
https://www.ccpc.ie/consumers/money/banking/switching-accounts/

Bhangraman · 19-02-2019 9:02pm

Wheety wrote: »

Bhangraman wrote: »

Bye bye Ulster Bank, closed both current and savings account (to teach them a lesson), I do imagine them having 15 grand less stings a little. So far the dough is sitting on my N26 current account, any good savings account I could move to?

How long would you be willing to put it away for?

No need for quick access so could long term investment.

Wheety · 19-02-2019 9:10pm

Bhangraman wrote: »

No need for quick access so could long term investment.

State Savings?
1.5% AER for 10 years.
0.98% AER for 5.

If you're going with KBC, their Extra Regular Savings account gives a good rate (if you open an Extra Current Account). Currently 2.1% but likely to keep dropping over the years.

You could deposit €10k as your first deposit and then €1k a month. You can keep adding to it after the €15k is transferred in but if that's too much, you could reduce it. Minimum of €100 a month.

State savings are tax free but your money is locked away. You will pay DIRT on your KBC interest but it's instant access.

Bhangraman · 20-02-2019 10:09am

Wheety wrote: »

State Savings?
1.5% AER for 10 years.
0.98% AER for 5.

If you're going with KBC, their Extra Regular Savings account gives a good rate (if you open an Extra Current Account). Currently 2.1% but likely to keep dropping over the years.

You could deposit €10k as your first deposit and then €1k a month. You can keep adding to it after the €15k is transferred in but if that's too much, you could reduce it. Minimum of €100 a month.

State savings are tax free but your money is locked away. You will pay DIRT on your KBC interest but it's instant access.

1. About KBC, seems like the best rate around indeed for a savings account in Ireland, however I don't really want to open another current account (I just need savings as I use N26 as my main account for salary/day to day) and have to transfer 2500€ per month (unless I can have monthly standing order from KBC savings to current and back a day later?).

2. As to the state savings, I looked into this but actually locking away the money for 10 years (as anything less such as 5 years does not have such great interest rates) is a bit extreme for me (and besides I'll likely have moved out of Ireland by then).

3. What do you think about Raisin? https://www.raisin.com/our-offers/ Seems N26 is actually partnering with them so probably just a matter of time before it comes to Ireland but in the meantime, could open a savings account directly with them as the broker: https://techcrunch.com/2017/05/10/n26-launches-saving-accounts-with-raisin/

JTMan · 20-02-2019 10:13am

Raisin is not available for new Irish applicants.

Bhangraman · 20-02-2019 10:32am

JTMan wrote: »

Raisin is not available for new Irish applicants.

To avoid going off topic here, I continued our discussion about Raisin on its dedicated thread.

Asus X540L · 20-02-2019 4:23pm

This will sink Ulster Bank.

A monthly charge AND ludicrous transaction fees.

Costing you money if there's transfers into your account?

Eh no thanks.

Ciao

JTMan · 20-02-2019 5:06pm

It will not sink Ulster Bank. Inertia is rampant.

Tim76 · 21-02-2019 10:23am

Anyone know if you can set up DDs and standing orders on Revolut?

Think I'll just use UB as a zombie account (let them have their €2 pound of flesh) and use Revolut for the day to day.

filbert the fox · 21-02-2019 10:39am

van_beano wrote: »

To be fair though, Ulster Bank have given us the guts of 2 months to get alternative banking set-up, plenty of time get DD’s sorted etc. I’d be like others here not wanting to give UB 1 cent more than I have to. KBC do Apple Pay aswell which is handy, they’re kinda like Ulster Bank when Ulster Bank were competitive!

I feel a tinge if sadness leaving UB now though after 32 years but they haven’t give me any choice, they will get more and more expensive as tine goes on. KBC May go the same way, will cross that bridge if it happens.

I'm sure the banks are crying too......

Sono · 21-02-2019 10:39am

Tim76 wrote: »

Anyone know if you can set up DDs and standing orders on Revolut?

Think I'll just use UB as a zombie account (let them have their €2 pound of flesh) and use Revolut for the day to day.

That’s my plan too but will use N26 for DD hopefully.

Sono · 21-02-2019 10:42am

filbert the fox wrote: »

I'm sure the banks are crying too......

Well if enough people leave they will have to drop these crazy charges.

ednwireland · 21-02-2019 10:45am

n26 card arrived today, setup wed 13th uploaded docs on sat 16th

Sabre0001 · 21-02-2019 10:51am

Sono wrote: »

Well if enough people leave they will have to drop these crazy charges.

Hard to know. The inconvenience or perceived inconvenience may put plenty of people off switching. Others will do the "Well, I'll just transfer to Revolut and take the hit on a couple of direct debit charges - may still be less than previous fees". But in all their customer examples, people were racking up fees of €10 a month. I imagine someone has crunched the numbers and said that this will pay off / won't hurt them at least.

Cartman78 · 21-02-2019 10:55am

I guessing a few on here have UB Mastercards as well (?).

Possibly a stupid question, but is there any impact on this if you close your other UB accounts?

Wheety · 21-02-2019 10:58am

Cartman78 wrote: »

I guessing a few on here have UB Mastercards as well (?).

Possibly a stupid question, but is there any impact on this if you close your other UB accounts?

As far as I know you can have a credit card without a current account.

Claireabella · 21-02-2019 10:59am

How do I put money into N26 account? Go into another bank with IBAN? Can I do that in the post office, and is there a fee? Sorry, this stuff goes over my head

famagusta · 21-02-2019 11:00am

Sono wrote:

Well if enough people leave they will have to drop these crazy charges.

I am definitely closing my current account, it's a pain because I only switched to UB because AIB introduced something similar.

A couple of things, will KBC follow suit?? I don't want to be changing again in a few months!
I wonder how many people will be closing their UB accounts, hundreds? Hardly thousands?

Ave Sodalis · 21-02-2019 11:05am

famagusta wrote: »

I am definitely closing my current account, it's a pain because I only switched to UB because AIB introduced something similar.

A couple of things, will KBC follow suit?? I don't want to be changing again in a few months!
I wonder how many people will be closing their UB accounts, hundreds? Hardly thousands?

I'm not sure many people realise what's happening. Ulster bank send out a lot of emails about changing and improving, and nothing noticeable gets done. It wouldn't surprise me if most people seen the word "changes" and ignored the email. I know I nearly did.

Mousewar · 21-02-2019 11:24am

I got a letter in the post detailing the charges.
I have my application into KBC already.

DavyD_83 · 21-02-2019 12:02pm

I received physical letter last week too.
I'm really annoyed, but honestly don't want the hassle of moving banks right now.
UB online and mobile banking works well for us, and have DD etc so the way I want them.
Main account is uFirst so not impacted, just gonna shut down other current accounts that were only in place for convenience and will prob need to leave the 3k balance in one account.
So I'm not leaving just yet, but I'll make sure I'm not paying any of these charges either. Honestly don't understand how anybody can justify charges for online /mobile movement between accounts and for DD.
As somebody else said, surely the savings from on premise staff and bank closures should allow the running of the online service.

Sabre0001 · 21-02-2019 12:11pm

Wheety, I saw your post over in the AskKBC forum (from a user rather than a rep) about the lodgement of €2,500 to avoid fees

"A total of 2500 has to be lodged into your account, this can be in multiple transactions. You could even transfer the same 500 in and out 5 times."

This sounds too good to be true...Is this for real? An absolute no-brainer for me to switch if this is the case! Just have to pick out the period between bills coming out of UB Current Account / Credit Card.

Wheety · 21-02-2019 12:24pm

Sabre0001 wrote: »

Wheety, I saw your post over in the AskKBC forum (from a user rather than a rep) about the lodgement of €2,500 to avoid fees

"A total of 2500 has to be lodged into your account, this can be in multiple transactions. You could even transfer the same 500 in and out 5 times."

This sounds too good to be true...Is this for real? An absolute no-brainer for me to switch if this is the case! Just have to pick out the period between bills coming out of UB Current Account / Credit Card.

Yeah it's true. Someone else mentioned it has to come from an external account but it is a way to meet the deposit requirement.

Lanshane · 21-02-2019 12:38pm

Wheety wrote: »

Yeah it's true. Someone else mentioned it has to come from an external account but it is a way to meet the deposit requirement.

This is exactly the way Ulster Bank started slowly introducing restrictions.......I'm sure KBC will go the same way but I for sure will be taking that chance and will jump from them when they start behaving like Ulster.....but not for a few years hopefully....

Tim76 · 21-02-2019 2:54pm

Wheety wrote: »

As far as I know you can have a credit card without a current account.

You definitely can with AIB anyway

TallGlass · 21-02-2019 6:34pm

TallGlass wrote: »

For all it's worth, I let them know what I think about there new transaction fees.

Just to follow up on this.

They got back to me via letter today.

In summary, PFO (please **** off), we are going ahead with these changes, like it or lump it*. The letter went even so far as to show me a web link to where I can see a copy of there T&C's and where they can do what ever they please.

*can complain to FSPO

It's a 'bank policy decision', more bollix. Quick look at the main 'bank' RBS shows a nice offer of 'Switch your account to us and earn yourself £150'.

Unable to 'uphold my complaint' and in no way reflects my 'loyalty' as a customer.

I'm guessing, account holders are not kicking up enough fuss.

Here are the charges linked with RBS 'Select' account. (In typical Paddy style we take it, we are getting shafted by UB). The mere question of charging for contactless payments isn't even mentioned on RBS. Not a hope the Brits would put up with this carry on.

I'm off to KBC. UB can go an fú ck.

https://personal.rbs.co.uk/content/dam/rbs_co_uk/currentaccounts/downloads/RBS-Fee-Information-Document.pdf

Service Fee
Maintaining the account No fee
Payments (excluding cards)
Direct Debit No fee
Standing order No fee
Cards and cash
Cash withdrawal in pounds in the UK No fee
Debit card payment in pounds No fee

van_beano · 21-02-2019 7:26pm

TallGlass wrote: »

Just to follow up on this.

They got back to me via letter today.

In summary, PFO (please **** off), we are going ahead with these changes, like it or lump it*. The letter went even so far as to show me a web link to where I can see a copy of there T&C's and where they can do what ever they please.

*can complain to FSPO

It's a 'bank policy decision', more bollix.

Yeah, mentioned that earlier in this thread, I’m quite used to tone they use in those letters!

Mousewar · 21-02-2019 9:57pm

I wrote to BOI back in the day when they introduced charges and they replied in a similar vein. Sure what else can they say? They did it and they're still here, still rich.
I mean, do Banks actually care about current accounts? I can't imagine they make much money on them. Probably happy enough to offload some.

Ulster Bank introducing transaction charges

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