Which Bank

cookie1977

368100 wrote: »

So I.T. maintenance, staff costs, interbank charges, costs of issuing cards etc. Should be 100% carried by the bank, while you get a completely free service?
I think people forget these days that banks are a business, there to make money. What other main services are 100% free these days? None

Banks make money from loans using deposits in current and savings accounts. Our banks are also charging some of the highest interest rates in europe on mortgages due to their mistakes. Not to mention the significant amount of EU tax payers money poured into them. I see them as milking it when they are taking double digit figures off me per quarter while offering me 0% interest rates on my deposits.

Yes current accounts should be free. There's plenty of other places to add charges.

The J Stands for Jay

cookie1977 wrote: »

Banks make money from loans using deposits in current and savings accounts.

I see them as milking it when they are taking double digit figures off me per quarter while offering me 0% interest rates on my deposits.

p

The vast majority of the banks' lending is done using funds that they borrow, target than from the deposits they hold. You may remember this being at the heart of their issues during the credit crunch.

The double digit interest you're paying did sound too high. You should easily be able to refinance that to a lower rate.

cookie1977

McGaggs wrote: »

p

The vast majority of the banks' lending is done using funds that they borrow, target than from the deposits they hold. You may remember this being at the heart of their issues during the credit crunch.

The double digit interest you're paying did sound too high. You should easily be able to refinance that to a lower rate.

The double digit refers to fees per quarter for the current accounts (6 euro per month). It's not asking too much for banks to offer free current accounts while still charging for other things.

368100

cookie1977 wrote: »

Banks make money from loans using deposits in current and savings accounts. Our banks are also charging some of the highest interest rates in europe on mortgages due to their mistakes. Not to mention the significant amount of EU tax payers money poured into them. I see them as milking it when they are taking double digit figures off me per quarter while offering me 0% interest rates on my deposits.

Yes current accounts should be free. There's plenty of other places to add charges.

So somebody with just a current account, no loans, mortgages, deposits or credit cards should be offered a 100% free service for nothing in return?

cookie1977

368100 wrote: »

So somebody with just a current account, no loans, mortgages, deposits or credit cards should be offered a 100% free service for nothing in return?

Yes, yes that's exactly what I said....

...of course not.

It doesnt matter. The more people that vote with their feet and move to banks that offer no quarterly (n26) or reduced fees the quicker the banks will get the message. N26 has fees for certain things like foreign exchange and atm withdrawals so it's possible for a bank to make money while still offering free current accounts.

368100

cookie1977 wrote: »

Yes, yes that's exactly what I said....

...of course not.

It doesnt matter. The more people that vote with their feet and move to banks that offer no quarterly (n26) or reduced fees the quicker the banks will get the message. N26 has fees for certain things like foreign exchange and atm withdrawals so it's possible for a bank to make money while still offering free current accounts.

Is a bank that charges for atm withdrawals offering a free current account?

And N26 isnt a sustainable business model...

cookie1977

368100 wrote: »

Is a bank that charges for atm withdrawals offering a free current account?

And N26 isnt a sustainable business model...

Yes as it gives 5 free before charging you and since I rarely take money out it never affects me. And lets not talk about sustainability in the banking sector without mentioning the very fact that many European banks owe their very existence to a bailout by tax payers.

Delta2113

Nobody and I repeat nobody should be paying for Current Accounts when you still have FREE options.