AIB basic current account - national min wage threshold condition

BrianD3

AIB are offering a basic current account with reduced/no charges if certain conditions are met. One of these is that payments in a year do not exceed the national minimum wage threshold - yet, nowhere is this threshold stated. Anyone know what it is, Is it the current hourly minimum wage x 48 hours x 52 weeks?

Also, does the threshold apply to the balance when the account is opened. Let's say the threshold is 20k, can someone open an account with more than that and keep the account once less than 20k is then paid in during the year.

Thanks

Jim2007

AIB, like all the banks, are obliged by law to offer this account to any EU citizen that has been denied banking services. So before you even get to your question, you will need to have no accounts with any bank and have been denied services by at lease one of the banks.

The account is purely a payment account, if you start accumulating a balance, you will loose the right to hold one. It is not a facility to allow people to avoid paying fees if they are capable of doing so.

BrianD3

https://www.boards.ie/discussion/comment/119637268#Comment_119637268

Thanks for the little lecture. So to sum up you can't or won't answer the question. I'm looking for facts here, not commentary.

There is nothing in AIBs T&Cs or on citzensinformation about:

"being denied services by at least one other bank"

"not accumulating a balance".

or how it is "not a facility to avoid paying fees if capable of doing so".

https://www.citizensinformation.ie/en/money_and_tax/personal_finance/banking/standard_bank_account.html

https://www.irishbankingcultureboard.ie/publications/ibcb-basic-bank-account-guide-2/

Fol20

Great attitude to have when some shares some valuable info. I’m sure you will be flooded with loads of facts on this thread…

dennyk

There is no requirement to have been denied banking services to open a basic bank account, only a requirement that you don't currently have another current account with any Irish bank. There's also no restriction on the balance you can carry, only that you can't lodge more than the minimum wage each year (that amount being the current hourly minimum wage x 40 x 52).

Mrs OBumble

https://www.boards.ie/discussion/comment/119643699#Comment_119643699

The latter effectively means you cannot accumulate money in the acct.

dennyk

https://www.boards.ie/discussion/comment/119643731#Comment_119643731

It means it would certainly be rather difficult to accumulate a lot of money in the account, I suppose, if you're limited to lodging ~€20k or so a year and you don't have any other Irish bank account from which to pay your bills, but there's nothing specifically prohibiting it in the regulations or policies.