EBS vs AIB Current account - 2024

TestLink

Is it worth moving from EBS to AIB for a current account in 2024?

Paying the hefty AIB charges for better support and features vs Basic banking with EBS and their inferior support?

TestLink

Just to add, I have both Revolut and N26 accounts.

Q&A

It's a personal preference so it's hard for someone else to answer for you.

The question I'd ask you is what do you think is lacking from the three free current accounts you already have that warrants paying extra for?

TestLink

https://www.boards.ie/discussion/comment/122517363#Comment_122517363

EBS current account lacks the below:

1. Google Pay / Apple Pay
2. Need to go to a branch to setup standing orders etc
3. No mobile banking app available
4. Customer support is inferior to other banks

BowWow

EBS is a subsidiary of AIB…

Q&A

https://www.boards.ie/discussion/comment/122517394#Comment_122517394

For EBS that's all true. But have you tried N26/Revolut I'd imagine 1-3 are covered and 4 I'd say again is fairly subjective.

Ask your question the other way. What are you willing to pay for all those services? In a related point are all these things important to you or just what EBS is lacking?

TestLink

So do you think I keep my EBS account and then open an AIB Regular Savings Account that would give me 3% for my savings account, so I would get best of the both?

With EBS current account my money is lying idle there with no benefits!

I dont want to put my money in N26, Revolut, Bunk, Trade Republic etc, even if I get less money as savings interest.

Q&A

https://www.boards.ie/discussion/comment/122517494#Comment_122517494

If the EBS account isn't costing you anything why go to the trouble of closing it?

It definitely makes sense to put your money to work somewhere. The who is up to you.

Why have you both an N26 and Revolut account if you don't want to put money in them?

TestLink

https://www.boards.ie/discussion/comment/122517523#Comment_122517523

I use it for mainly contactless payments while on holidays etc. Also I started to use Revolut recently, for Google pay.

Q&A

https://www.boards.ie/discussion/comment/122517560#Comment_122517560

There's nothing to stop you using a mix of EBS and N26/Revolut for your banking (current account) needs. It sounds like you've already started.

TestLink

Had an appointment with AIB manager today.

AIB only offers 3% interest on it savings account for the first 12000 euro. Any thing after that is just .25%. So around 360 euro per year, when I have 12000+ euro in my savings account.

Also I decided to keep my EBS account as my main current account. For savings purpose what is my next best choice? I would like to deposit around 500 euro each month from my EBS current account to a savings account.

Any suggestions?

28064212

https://www.boards.ie/discussion/comment/122522941#Comment_122522941

The AIB savings option is substantially worse than that. You only get the 3% rate on the full 12,000 for a single month. You get:

• 3% on a maximum of €1,000 for the first month
• 3% on a maximum of €2,000 for the second month
• 3% on a maximum of €3,000 for the third month
• …
• 3% on a maximum of €12,000 for the twelfth month

And it all resets back to a maximum of €1,000 on the 13th month. The maximum interest for a year is a little over €195 (you get a pittance on the balance over the maximum)

Revolut, N26, Bunq, Trade Republic all offer better savings options than that, but you've already ruled them out, so…

TestLink

https://www.boards.ie/discussion/comment/122523012#Comment_122523012

I may have to reconsider one of Revolut for a regular savings account.

N26 Metal gives you 3% interest buyt its monthly cost is 16.90, so it is not worth putting savings in it.

Revolut standard account offers 2% interest, but has a ccc credit rating.

AIB / BOI etc offers 3% for 1st year only or upto a max threshold amount.

Is Revolut the best option I have?

28064212

https://www.boards.ie/discussion/comment/122523395#Comment_122523395

These threads provide a very good summary of best savings options, with pros and cons for each: https://www.askaboutmoney.com/threads/savings-best-buys.90481/

Bielsa2020

https://www.boards.ie/discussion/2058365003/ebs-vs-aib-current-account-2024

The fees with AIB aren’t too high. I have AIB for my salary and all direct debits. I use revolut for day to day spending and the AIB charges are less than €10 quarterly.

I have the online saver maxed out and the return after dirt this year was €123.50. While it’s better than the return from a current account, it won’t make you rich either.

TestLink

https://www.boards.ie/discussion/comment/122523635#Comment_122523635

10 euro quarterly is nothing, when comparing it with their service.

But curious to know whether you are getting charged by Revolut? Are you not using any Chip and Pin payment mode on the Revolut card?

ATM withdrawals?

Online payments?

What are you using for the above payments?

28064212

https://www.boards.ie/discussion/comment/122523761#Comment_122523761

Chip+PIN and Online payments are free on Revolut. ATM withdrawals are free for the first €200 or first five withdrawals (whichever comes first) per month. 2% or €1 per withdrawal fees after that

Bielsa2020

https://www.boards.ie/discussion/comment/122523761#Comment_122523761

I’m on a free plan with revolut so no account management fees. I can’t remember the last time I used chip and pin with either AIB or revolut. Both have free contactless transactions with Apple Pay. There’s a 1% fee if I go over the €200 cash withdrawal limit with revolut but I never need that much cash these days. Cash is almost dead.

TestLink

I am looking for a regular savings account rather than a single fixed deposit account. I plan to put 500 - 1000 euro per month in to a savings account that will yield me the best interest.

Eventhough my monthly deposit to a savings account will be low, I still would like to deposit it in a bank with good credit rating, so if the bank go bust I wont lose my money.

1. With Revolut, I will get 2% for what I have in my account as long as I am a Revolut customer.

2. With BOI I will get 3.00% AER for first year and then second year onwards I will get Standard Regular Saver rate (currently 2%).

billyhead

https://www.boards.ie/discussion/comment/122525021#Comment_122525021

You have to account for dirt with these rates.

TestLink

https://www.boards.ie/discussion/comment/122529270#Comment_122529270

You mean for main stream banks like BOI?

What about Revolut?

billyhead

https://www.boards.ie/discussion/comment/122529278#Comment_122529278

Not 100 percent sure on Revolut. Check the terms and conditions of their savings products.

Slightly Kwackers

https://www.boards.ie/discussion/2058365003/ebs-vs-aib-current-account-2024

I never had a problem with EBS.

Their online security is a pain, but I use AIB for day to day banking.

EBS support is fine. It can take a day or two to wait for security codes, but I have no complaints. The only banking difference being the lack of coin bags in EBS branches and I suspect the cash machine withdrawals might be greater with AIB.

AIB's support is totally unequaled by any bank I have used so far. Support for a mobile problem was ongoing for over a month and never was sorted. I would phone and the details taken, then support would go away for a day or two before asking me to try a,b,c,d…. etc, or another variation would be to say everything would work in a few hours. Of course it didn't.

I stuck with AIB though as it was the only online bank that made banking via my linux laptop practical. Everyone else needed a tablet or smartphone.

TestLink

https://www.boards.ie/discussion/comment/122529314#Comment_122529314

I decided to stick with EBS. Might be they are lacking few features that high street banks offer, but you get what you pay for.

I can use revolut as well for Google Pay and all. Little bit of inconvenience, but I am willing to take it after the advice and suggestions I got from here and from bit of googling.

28064212

https://www.boards.ie/discussion/comment/122529278#Comment_122529278

You have to pay DIRT on all savings accounts (with the exception of state savings). The only difference is whether the bank deducts it for you before paying out, or you declare it to revenue after the fact. Irish pillar banks deduct it for you, as do Revolut. N26 and Bunq don't