Free banking with €3000 carrying on?

BoxerX

AIB have just announced free banking with a constant €2500 lodged is now finished. I am thinking about moving to BOI to regain that banking privilege, but do not want to if the BOI is thinking of following suit. Is there a chance of this happening, or is this offer from BOI carrying on for the foreseeable?

williaint

I am also considering leaving AIB due to excessive charges but I think I will go to an online bank account. Has anyone any recommendations? Although I heard AIB may back down on this as so many people will pull their current accounts out of there...

BoxerX

I was looking at N23, but I'm just not ready for an account without a High St presence to be honest. Maybe one day.

And if AIB do back down, it'll be too late, they've lost me and I'm sure many others. Plenty of options out there that are now cheaper and just because they back down doesn't mean all their annoyed customers will come running back!

bigtimecharlie

Life long AIB customer but to this may be the end of it.

Can see BOI doing something similar.

I'm going looking for a better service, I hope I find it.

BoxerX

I just looked at Revolut too, but poor online customer service seems par for the course with them.

Seems Ireland really does have terrible banking service. Banking in the UK is all free, and I mean free, no charge unless you go overdrawn!

williaint

Yea I think their charges are a disgrace, I've had accounts in several other countries and no bank has ever tried to charge like this.

One solution I read is to have your salary paid into AIB but use an online account for day to day transactions. How much would AIB charge to transfer every fortnight to an online account? Or would it be even worth my while?

Thank you to everyone for the suggestions.

BoxerX wrote: »

I was looking at N23, but I'm just not ready for an account without a High St presence to be honest. Maybe one day.

And if AIB do back down, it'll be too late, they've lost me and I'm sure many others. Plenty of options out there that are now cheaper and just because they back down doesn't mean all their annoyed customers will come running back!

To be fair, the level of those replying on this thread on behalf of BOI will not have any greater insight on this than yourself.

jimmy86

Why don't you keep your AIB and transfer money to Revolut or N26 for free day to day spending, that will limit your bank charges while still having access to a high street bank should you need it.

thomas 123

I’ve been using Revolut now for about a year, still have a bank account with a high street bank though.

I don’t think you need customer service from them the app is fantastic.

My fear would be when I go for a mortgage down the line would it stand against me.

thomas 123

I’ve been using Revolut now for about a year, still have a bank account with a high street bank though.

I don’t think you need customer service from them the app is fantastic.

My fear would be when I go for a mortgage down the line would it stand against me.

BoxerX

That is an idea I'd not thought of, thank you for what actually is obviously a good idea, why did I not think of it!

As I am swapping to BOI anyway, maybe I'll see how that goes, and if they do the same, I'll Revolut up!

Re: Mortgage thing, agreed if that is something you'll want a ways down the line. Lucky for me I'm passed that now and shouldn't need loans in the future, I haven't even got a credit card, my credit score must be really sad!

jimmy86

I don't think Revolut should stand against you when applying for a mortgage provided you've a tidy account, similar to what you current a/c should be! 

If they see regular top ups, they will ask for Revolut statements.

@Boxerx - If you use a lot of cash, I would recommend N26 over Revolut as you get 5 x free withdraws per month as opposed to €200 per month fee free with Revolut. 

BoxerX

@jimmy86 Thanks for the recommendation, well noted!

Bank of Ireland: Richard F

Hi BoxerX,

Thanks for reaching out to us here on Boards.ie and sorry for the delay in responding.

We’re glad to hear you are interested in opening an account with ourselves. If you maintain a credit balance of €3,000 in your account for a full fee quarter, you will not be charged any transaction fees. There would still be a €5 quarterly maintenance fee.

There is more information on the below link: https://personalbanking.bankofireland.com/bank/current-accounts/personal-current-account/fees/

We hope this information helps. Please don’t hesitate to get back in touch if we can help any further.

Many thanks,
Richard