PTSB to End Free Banking in September

I have free banking with them but it's not tied to any minimum balance criteria so I wonder if I'm affected. To be honest, they really need to launch their long-delayed new app as a way of giving people a reason to stay. There's other options in and around the €6 per month space that may have a more compelling product.

I guess the writing is on the wall for Switch current accounts too

Revolut will increase their market share further...

And Revolut have already started to address the lack of income. Increasing fees, expanding products etc. They already have a 2 million customer base and growing.

I have been banking with PTSB for about twenty years and have had my wages paid into the PTSB account for the last fourteen years. I have an outstanding loan with PTSB and rarely if ever have missed direct debit payments previously with no direct debit missed on the current loan for the last twelve months. I wanted to book holiday flights online for myself and my partner for a long haul holiday which amounted to about €2600. When I tried to process the e-tickets online, I received a message saying that the bank did not authorize it. As I had arranged my work holiday days off around the planned holiday I was anxious to secure the booking. There was just seven seats left on the flight.

I rang Open24 and I was told that there is a transaction limit on the account of €2500 and the best thing to do was get the company's IBAN and do the booking that way. The travel company is based in Singapore and it is an online transaction so there is no way I can contact them to do something like this.

I ended up booking one flight and prayed that the other seats were not taken up the day after, I was lucky as there was three seats left and I was able to secure the second seat twenty four hours later (about €1300). When I was off work I went into a PTSB branch and queried why I could not use my own wages in my current account to book flights. I was told that due to "scamming activity" across the board that there has been a limit set on accounts and it is being looked into.

I was told that the way around this was to secure a credit card and I could transfer money to my current account at will. I went about this online and got a call a few days later saying the credit card application had been successful with a credit limit of €3.5K and I would receive the card within 3 to 5 working days. I received another call two days later stating the underwriter had declined the application. I do not miss direct debits and am working fulltime, paying tax for years.

My monthly wage when it was paid into my current account when I tried to book the flights exceeded the cost of the flights but I was prevented from purchasing the flights through my wage by the bank. So now I cannot use my own money to secure economy class flights let alone a single business class flight if I wanted to. The bank is essentially stopping me from spending my own money.

Thanks for your assistance but the money that the bank was preventing me from spending was actually in part my wage which I earned so I was indeed prevented from spending my money. This was through a debit card which I have.

Jim2007 gave you an excellent advice. He's always extremely helpful and very well informed, truly, a professional in this area.

Try Avant for a credit card. I use them for any kind if online purchase. I've got it without a big hassle, just took a good few weeks. I think, you should too, if you haven't got a missed DD within a 3 or maybe 6 months' period. Can't remember how much back did they ask me for bank statements.

Regarding your wage etc. Again, bank protects themselves (as scammed clients go to bank asking for a compensation and also your own assets to make sure no one fraudulently spends your wage. Would you rather be scammed and lose 2k or, say, 5k? However, I know some bank in Europe do increase a limit temporary on request. Not sure why PTSB didn't suggest that... Either way, credit card is your answer. Please keep your sentiments, emotions and everything else what's not related to numbers, money and risk, to yourself - it's just a reality, nothing personal.

Not sure what you mean but the wage that I earn and pay tax back to the government should be mine freely to spend is all : ) thanks for the advice though : )

Will PTSB be writing to the customers impacted by this? I haven't heard anything about this other than reading this thread.

I got a letter in the door today saying I will be charged €18 a quarter for my current account from October.

Disappointing, as I've had free current account banking with TSB since 1997.

Any Irish banks out there do free current accounts? I will move if so.

Got the letter from PTSB in the door today saying I will be charged €18 a quarter for my PTSB current account 3 from next charging quarter of my account, which will begin on the 25th September 2023.

The letter is dated 10th July 2023

I dunno, the new app seems a big improvement from my perspective. Have it on android but haven't seen it yet on iOS

Time to go revolut fulltime

I've an account set up in the late 90s with no fees.

Tsb are closing all these accounts to increase their profits further.

Ok, they are keeping them open and charging customers €72 per year for the same account they've used free of charges for the last 20+ years unless they switch to the Explore account which is €6 per month.

If you are on the same account as me and the 47,000 other TSB customers you will be getting a letter in the door soon, like I did.

https://m.independent.ie/business/personal-finance/permanent-tsb-set-to-end-fee-free-banking-for-47000-of-its-customers/a1401668856.html#:~:text=Thousands%20of%20Permanent%20TSB%20customers,day%2Dto%2Dday%20banking.

The Explore account costs me around €1-1.70/month after using account for various chip & PIN/contactless payments throughout the month.

The only free current account is from EBS but it's a bank for those with technophobia. No app, no Apple/Google Pay & other pre-2010 banking quirks...

I wouldn't be surprised if they phase out all free current accounts in the long term, although their explore account remains one of the best value products on the market at present.

I received 1 of these letters about account changes, i have a current account from 1996/7 with the free banking with €2500 minimum in account. I am unsure what options to go with in for future based on what they offered. I understand what is being said about the business model and costs being unsustainable however after having had 2 mortgages (1 currently with TSB) and other loans,credit cards all with no missed payments, it feels like a kick in the nuts.

Are there any recommendations on if the explorer account is worth it to stay or should i move banks, was considering AIB possibly?

EBS Money Manager and combine with Curve.

Revolut, Monese, - still FREE options available.