Free banking with PTSB?

purplecow1977

I'm thinking of moving my bank accounts/credit cards to TSB as I am sick of paying 28c charges every time I manage my money.

Advice?

What's the best CC out there? I pay it off 100% every month, so interest isn't really a problem.

My requirements:

- Virtually free banking
- Easy to manage online - I don't want to be going into a branch

Tar.Aldarion

You'll have to look up the conditions for free banking, something like a certain amount of online transactions and a certain amount deposited. They're online site is great, does what it is supposed to.

purplecow1977

Tar.Aldarion wrote: »

You'll have to look up the conditions for free banking, something like a certain amount of online transactions and a certain amount deposited. They're online site is great, does what it is supposed to.

Even if it was cheaper than 28c transactions or €11 per quarter - that's €44 per year! Have looked it up, just wondering about people's experiences & if it's easy to change direct debits etc to another bank without much hassle?

I live paycheque to paycheque so having X amount in my account to avail of free fees doesn't apply to me!

dobsdave

I just transfered over from BOI to PTSB
Left the BOI accounts open and changed the dd's my self.
Little bit of hassle, as some companies required a paper form.
Apart from that happy to be avoiding fees.

Tar.Aldarion

purplecow1977 wrote: »

Even if it was cheaper than 28c transactions or €11 per quarter - that's €44 per year! Have looked it up, just wondering about people's experiences & if it's easy to change direct debits etc to another bank without much hassle?

I live paycheque to paycheque so having X amount in my account to avail of free fees doesn't apply to me!

You don;t have to keep the money in there, just have to lodge it, eg your wages. So if you lodge 3000 in three months, make one transaction online and 18 with your debit card you get free fees for that quarter.

purplecow1977

Tar.Aldarion wrote: »

You don;t have to keep the money in there, just have to lodge it, eg your wages. So if you lodge 3000 in three months, make one transaction online and 18 with your debit card you get free fees for that quarter.

Not with BOI you don't!

greenman09

I said in another thread . PTSB are introducing a new current ac. No min balance no min transactions. Salary mandate or lodgement of 1500+ pm and sign up for e-statement (tbc)then banking is free. Should know more in the next few weeks.

Tar.Aldarion

No min balance atm anyway I don't think. The transactions are easy enough to do, hope they don;t change it to be hard! For others, luckily mines free without doing anything.
No way would I use BOI with their min of 3k constantly.

dobsdave

purplecow1977 wrote: »

Not with BOI you don't!

But the thread isnt about BOI???

purplecow1977

dobsdave wrote: »

But the thread isnt about BOI???

Yes I'm looking to MOVE

Tar.Aldarion

purplecow1977 wrote: »

Yes I'm looking to MOVE

That is why I was giving you information about PTSB. Which is why your reply "at BOI you don't!" didn't make sense, we all know that already.

dobsdave

purplecow1977 wrote: »

Yes I'm looking to MOVE

Yes, your reply didn't make SENSE.

Pablo Sanchez

Looks like free banking at PTSB will be introduced across the board:

http://www.independent.ie/irish-news/banking-price-war-on-the-cards-as-ptsb-scraps-fees-29133864.html

JTMan

Pablo Sanchez wrote: »

Looks like free banking at PTSB will be introduced across the board:

http://www.independent.ie/irish-news/banking-price-war-on-the-cards-as-ptsb-scraps-fees-29133864.html

Very interesting that PTSB will pay interest on current accounts.

The new PTSB product goes on offer on 2 April 2013, we will see the full details then.

I am sure PTSB will have to deal with mass switching from AIB, BoI and Danske.

dahamsta

What's the customer service like at PTSB? If it's any good, Ulster'll need to do a u-turn on fees if they want to keep me as a customer.

Stokseys Da

Fungus wrote: »

I am sure PTSB will have to deal with mass switching from AIB, BoI and Danske.

Been with AIB the ten years I've had a bank account - I can't see any reason to stay with them given PTSB will have free fees - only reason I can of is does loyalty come into it when possibly applying for a mortgage in the future?

Tar.Aldarion

dahamsta wrote: »

What's the customer service like at PTSB? If it's any good, Ulster'll need to do a u-turn on fees if they want to keep me as a customer.

Been with them since I was a child, they are fine with me, never had a problem, in fact my account is free already and I never have to do anything with it. So it's not like they are bad to their current customers. Open24 is great as well.

Sheep Shagger

Thînk ill switch, seems easy to qualify for free banking

All you have to do to qualify is:

1. Use your Visa Debit Card to pay for purchases like petrol or groceries, 18 times per quarter

2. Lodge at least €3,000 to your account every quarter like your salary

3. Make at least one transaction through Open24 every quarter (this could be a funds transfer or bill payment)

4. Keep your account within agreed limits

Remember - if you do not meet all of the above criteria within the quarter then a fee of €12 will apply per quarter.

https://www.permanenttsb.ie/whatweoffer/current-accounts/current-account/

JTMan

The conditions you posted above are pre 2 April 2013 conditions.

PTSB have new easier to meet conditions from 2 April 2013 onwards via a new product.

Wait 2-3 weeks before switching.

Sheep Shagger

Fungus wrote: »

The conditions you posted above are pre 2 April 2013 conditions.

PTSB have new easier to meet conditions from 2 April 2013 onwards via a new product.

Wait 2-3 weeks before switching.

Thanks - can easily meet those, will be interesting to see how they reduce the criteria even more.

gambithh

moved from boi after 15 years,ptsb are ok,few catches like having to pay 20 euro up front for a check book.

my worst draw back is when i went looking for a mortgage twice last year,they didnt want to know about it.boi,aib and possibly ulster bank are the only banks lending for mortgages i can see.

ptsb are grand to deal with atm but long term ill be going else where

Taxburden carrier

Hang on a second..FREE banking from PTSB. How much have we paid to bail them out again?....and you want to give them more business?

Stevek101

I'm slightly confused. Is it fully free, what is this mention of 1,500 being paid in? Monthly or quarterly. The new offer would not be as good as the current if it was 1,500 a month against 3,000 a quarter.

Tar.Aldarion

where did you see that

Stevek101

From the start of next month, the only condition to avail of fee-free banking will be to have €1,500 or more – typically a salary – paid into the account.

http://www.independent.ie/irish-news/banking-price-war-on-the-cards-as-ptsb-scraps-fees-29133864.html

Launch date: 2 April 2013.
Product: PTSB Online Current Account.
No postal statements. All statements online.
Free banking if you wire at least 1,500 EUR per month into the account. No minimum balance requirement for free banking.
Product will run concurrent with other PTSB current account products.

http://www.askaboutmoney.com/showthread.php?t=177508

Not really that good of a deal and a bit disingenuous if true.

Tar.Aldarion

If that's true it's not free banking at all, just different conditions. It suits a lot of people as their wages will just do it for them, it won't suit a lot of people too however.

rahenyrover

Some of you are really missing the point - lodge your salary and so long as its over 1500 a month which is less than the minimum wage for full time workers and you pay no fees. Dont lodge and you pay a flat €12 which is a great deal less than most pay with other banks. But hey, if you want to pay fees stay where you are but for anyone sick of paying an average of €50 a quarter for a bank account this is very welcome imo. Also it just might make the other banks rethink their fees! A friend of mine was charged €72 for the last quarter with BOI, no matter what way you dress that up its simply senseless!

As for the comment about about €20 for a cheque book - thats stamp duty not a fee!! 40 cheques at 50c stamp duty per cheque!

Stevek101

You'd need to be earning above minimum wage to reach the new criteria. They're acting like its a better product. Its a shame really you only needed 1,000 a month with the older current account. I don't understand why they have to penalise lower income workers.

Tar.Aldarion

It is indeed more than minimum wage plus excludes hundreds of thousands of unemployed. It's not free by any means,just different criteria. Anybody paying 50e a quarter is just retarded. Sure you can have a free rabbo direct savings account with paypal attached to it. Essentially a current account. Amongst all the other cheaper ways to do things also, that's just one off the top of my head. I've never had bank fees, no way would I pay 72 euro.

MMAGirl

Im with Ulsterbank.
Moved to them from AIB when AIB brought in charges.
Im dead against paying charges for a current account.
Ulsterbank with their problems are really on thin ice with me at the moment.
Any other "glitches" or if they go ahead and bring in charges and i'm off to PTSB.
Good on you PTSB.

JTMan

Tar.Aldarion wrote: »

Anybody paying 50e a quarter is just retarded.

Agreed. However, sadly, due to inertia, not enough people are shutting their AIB, BoI and Danske accounts to get free banking with Ulster or free banking subject to light conditions at PTSB or EBS.

Sheep Shagger

Anyone with Ulsterbank, is the mobile phone insurance/discounts on concert tickets any good as part of their package?

blackplum123

22 years with BOI, will DEFINATELY be moving my business to PTSB.
People should be making moves ,if they are not happy with their bank charges. That is the only way better deals will be brought in by the banks.

MMAGirl

Sheep Shagger wrote: »

Anyone with Ulsterbank, is the mobile phone insurance/discounts on concert tickets any good as part of their package?

No.

robertxxx

I'm with boi since birth, and will be moving very soon due to them charging me €47, yes you can set up cheaper options with them but they caught me out first time.

Never again!

Caliden

robertxxx wrote: »

I'm with boi since birth, and will be moving very soon due to them charging me €47, yes you can set up cheaper options with them but they caught me out first time.

Never again!

Just got hit with 37 euro worth of fees and it's enough to push me into moving. I've a large amount of savings with BOI and I'll be moving those too

user1842

Tar.Aldarion wrote: »

It is indeed more than minimum wage plus excludes hundreds of thousands of unemployed. It's not free by any means,just different criteria. Anybody paying 50e a quarter is just retarded. Sure you can have a free rabbo direct savings account with paypal attached to it. Essentially a current account. Amongst all the other cheaper ways to do things also, that's just one off the top of my head. I've never had bank fees, no way would I pay 72 euro.

Its €1500 a quarter not a month. Therefore even a person on job seekers allowance would qualify.

If you use a current account this is a free product in 99.99% of cases.

Tar.Aldarion

Where does it say that?

Launch date: 2 April 2013.
Product: PTSB Online Current Account.
No postal statements. All statements online.
Free banking if you wire at least 1,500 EUR per month into the account. No minimum balance requirement for free banking.
Product will run concurrent with other PTSB current account products.

Although it could have been reported wrongly.

user1842

Tar.Aldarion wrote: »

Where does it say that?



Although it could have been reported wrongly.

Did you get that from "http://www.askaboutmoney.com"?

I have been told that it will be €1500 a quarter as a monthly check would mean a IT system change.

Until its officially announced both could be right.

Tar.Aldarion

Yeah it was just from there! I'd hope you are right for peoples sakes!

greenman09

this account will be exactly as reported. 1500e per month lodgement + the sign up for e-statements.

robertxxx

Ptsb will offer these accounts on the 2nd April.
I emailed them yesterday, so I'm switching then.

Slattsy

I've been with BOI my whole life. May well change over. I'm totally against charges on current accounts.

Is it an awful lot of hassle changing banks, with DD and SO's etc.

daheff

if its 1500 lodged per month then just open a rabo direct savings account, transfer 500 from PTSB to rabo & back again 3 times and you will meet the criteria before you even take account of salaries.

simples

purplecow1977

blackplum123 wrote: »

22 years with BOI, will DEFINATELY be moving my business to PTSB.
People should be making moves ,if they are not happy with their bank charges. That is the only way better deals will be brought in by the banks.

I'm 19 years with BOI and I WILL be moving to PTSB.

purplecow1977

https://www.permanenttsb.ie/switch-to-us/

ErinGoBrath

Probably a stupid question but... I've been with BOI all my life and considering the switch to PTSB. Will my chances of getting a mortgage be exactly the same with PTSB or would BOI be more generous as I've been with them so long?

I understand the credit rating would be used both banks but just wondering would they more forgiving to long time customers.

dahamsta

Both myself and my wife had our accounts with BOI and they were the first to turn us down for a mortgage a couple of years ago. We took our business elsewhere shortly afterwards.

HOEWEVER, if I was planning to get one soon, I wouldn't change /anything/ in my financial setup. Apply first and see what they offer. There's only 3 banks lending now, you can't afford to tick one of them off, and the savings made my moving could be far outweighed by a mortgage, no matter how crap their attitude and service. You can always move afterwards.