Do i move from BOI to PTSB???

davemeade1

Hello,

Following up on another change to bank of ireland fees I am now ready to move bank. I'm considering PTSB. I have no experience of PTSB but know they have an attainable fee free option which would save me €80 per quarter minimum.

What views do people have? Have you moved from BOI to PTSB lately yourself? How does their internet/phone banking hold up compared to BOI? What about any other pros and cons?

Thanks in advance for your help guys

Pablo Sanchez

If your paying €80 a quarter on fees at present that works out to be 285 transactions at 28c each. Thats a huge number of transactions- and i would have thought the €5 is a mere drop in the ocean so to speak.

The good news is that the fee for ATM transaction's, direct debits, transferring funds online etc has actually dropped to 20c.

Say 90% of your transactions are non branch transactions that works out to be 256 transactions at 20c- therefore your quarterly fees will drop to €56! (256x20+€5).

So in this case you should see your level of fees drop.

That said, there are numerous ways you can try and reduce the actual number of transactions you do, thus reducing it further.

davemeade1

Pablo Sanchez wrote: »

If your paying €80 a quarter on fees at present that works out to be 285 transactions at 28c each. Thats a huge number of transactions- and i would have thought the €5 is a mere drop in the ocean so to speak.

The good news is that the fee for ATM transaction's, direct debits, transferring funds online etc has actually dropped to 20c.

Say 90% of your transactions are non branch transactions that works out to be 256 transactions at 20c- therefore your quarterly fees will drop to €56! (256x20+€5).

So in this case you should see your level of fees drop.

That said, there are numerous ways you can try and reduce the actual number of transactions you do, thus reducing it further.

Not exactly. I currently have 2 current accounts, one personal and one joint account. I pay €11.40 for the first 90 transactions on each account and 28c for each afterwards. One account had 157 transactions last quarter which i was charged just over €30. that will now be nearly €37. Other account had 210 which i was charged €45 and it'll now be €47. So i'm afraid my fees go up even further. This was particularly heavy usage but the increase in fees actually is higher as a percentage the less transactions you make

wmpdd3

I moved, I opened the PTSB account fist and moved each payment over myself. I only had to fire off 3 letters for credits, payroll / child benefit etc and that was it.

All in all it took me 3 weeks by applying on the internet for the cards to be active in my hands and open24 set up.

To be honest I am just relieved not to be dreading using my debit card. I tried the 'take out enough cash for the week' but as bills came up I had to lodge money mis week!

I assume a "transaction" includes using your card to pay for things in tesco or an off license etc? if so im f*cked, I dont like carrying cash around so I use my card with the sort of American ethos of using your card for everything which i much prefer

wmpdd3

Yep, every time I put that card in to a machine, it's costing me money, every time I transfer money, it costs me money.

Every time I pay a bill online, more money gone.

Even if it was just 3 credits a week and 1 debit ot take out all my money, the €11 per 3 months would barely cover it. So I always go over the included transactions.

Bye Bye BOI.

Nervous Wreck

Pablo Sanchez wrote: »

If your paying €80 a quarter on fees at present that works out to be 285 transactions at 28c each. Thats a huge number of transactions- and i would have thought the €5 is a mere drop in the ocean so to speak.

The good news is that the fee for ATM transaction's, direct debits, transferring funds online etc has actually dropped to 20c.

Say 90% of your transactions are non branch transactions that works out to be 256 transactions at 20c- therefore your quarterly fees will drop to €56! (256x20+€5).

So in this case you should see your level of fees drop.

That said, there are numerous ways you can try and reduce the actual number of transactions you do, thus reducing it further.

Why would anyone think any of this is 'good news'? Quarterly fees dropping to €56 is good?! The max ptsb charges per quarter is €12 and that's only if you don't lodge €1,500 p/m. That's a difference of €176 a year. That's huge.

wmpdd3

The fact they dropped the fees is telling, esp since there were 4 in front of me closing their account in BOI.

But too little too late.

It would only be good if you were tied to BOI with a overdraft etc.

Delta2113

Move to PTSB or EBS - no brainer!

PEACEBROTHER

Delta2113 wrote: »

Move to PTSB or EBS - no brainer!

Does this mean if your wages are going in each week and add up to a toal of over 1500e a month is that ok ,
Or does it have to be a lump sum of 1500e

murphaph

PEACEBROTHER wrote: »

Does this mean if your wages are going in each week and add up to a toal of over 1500e a month is that ok ,
Or does it have to be a lump sum of 1500e

With PTSB it can be any way. You can even lodge and withdraw the same €500 three times a month to cause fees to be waived. Don't know about EBS.

Taxburden carrier

Delta2113 wrote: »

Move to PTSB or EBS - no brainer!

Suppose that depends how much longer those two will be around for.

Delta2113

Taxburden carrier wrote: »

Suppose that depends how much longer those two will be around for.

- If you adopted that attititude to everything you would never make any decisions in life - oh maybe this insurance company could close or that shop will stop vouchers or that new plumber is near retirement age etc etc

Delta2113

EBS - You can get your first 5 withdrawals each month (either in-branch or at the ATM) without paying EBS fees if you do one or both of the following:

Lodge €1,500 to your account each month (either in one lump sum or as a series of smaller lodgements), and/or;
You keep a minimum balance of €500 in your account each month.

Standing orders and direct debits free - online banking not as good as PTSB.

suicide_circus

Im BOI and use internet banking all the time, almost exclusively through the mobile app.
What is the PTSB mobile banking like? This would be a big factor for me.

Delta2113

http://www.gordonmrm.ie/statement-ptsb-launches-smartphone-app/


- It's pretty good.

Bunnyhopper

Delta2113 wrote: »

http://www.gordonmrm.ie/statement-ptsb-launches-smartphone-app/


- It's pretty good.

That's a press release from a PR company so it's no surprise that it sounds good.

eoin95

suicide_circus wrote: »

Im BOI and use internet banking all the time, almost exclusively through the mobile app.
What is the PTSB mobile banking like? This would be a big factor for me.

I just switched over two weeks ago and used boi365 online a lot. Still getting used to PTSB online, my opinion is that the interface is not as good although I think this is more because I was so used to boi. There seems to be a few ads on the screen, never had that with boi. Also transactions don't show up immediately on you account instead it just says pending transaction:€xxx at the top of the screen and display your available cash balance which may differ from the balance on the on screen statement. Just a small thing.

Over all had no problem setting up all my payees and s/o's etc. just took a screen grap from boi365 and ticked them off one by one!! Can do all the same things with ptsb online so can't complain. Havn't much experience with the banking app but what I have seen of that it's ok.

Bye bye boi, i'll keep my €60 per quarter fee's or there abouts!!!

The Ayatolla

Moving banks to PTSB is easy. Just get your two forms of proof of address, passport, drivers license and proof of PPS and head into any branch.

spurious

The Ayatolla wrote: »

Moving banks to PTSB is easy. Just get your two forms of proof of address, passport, drivers license and proof of PPS and head into any branch.

Have an appointment in Raheny to switch tomorrow - after 43 years of an account with BOI. Enough is enough.

davemeade1

Good stuff. Seems like I've one choice. Have an appointment today in PTSB Dundrum branch. Another BOI customer going to PTSB...

The Ayatolla

I've convinced three of my friends also. Only found out they were BOI customers when they complained to me about fees.

cirrus55

I just switched to PTSB after 15 years with BOI. Found the staff to be extremely professional, knowledgeable and polite. Phone banking is excellent and the agent bent over backwards to help me. I find that the online banking does what its supposed to do i.e set up billers, direct debits, standing orders, top up phone credit etc. Not as snazzy as BOI or AIBs online banking but it is very easy and fast to navigate. I have over 30 regular payments which I just set up myself. I now lodge my mortgage money through the PTSB account on its way to Ulster bank, so i'll end up getting two free bank accounts (as i will also clear 3,000 a month into Ulster bank). I even found myself ordering the personalised PTSB debit card from the website as their own offering was a bit drab (and here I am meant to be trying to save money). Highly recommended overall.

Sarn

I'm going to switch over at the start of July after all my end of month transactions have gone through (just in case). I already have an account with PTSB so I'm familiar with their online service.

BOI are relying on people not bothering, but at this stage they're just beyond non-competitive. I don't know how long we'll have free fees with PTSB but I'll take the saving for as long as I can.

Cisco Kid

Just switched over from BoI to Permanent TSB yesterday. Was paying €42 per quarter in bank charges. Even got charged when automatic payments went into the account. Bye bye BoI bank charges and hello free Permanent TSB.