Changing banks!!

jod1983

Hi all,
Im thinking of changing from BOI to PTSB. Please forgive any stupid question i might ask as banking is not my best subject.

Is day to day banking the same with them?
The way i bank is as follows: (probably the same as everyone else)
Car loan standing order with BOI
Use the Visa Debit for payments and cashback
Have a BOI credit card on direct debit
Use the likes of Amazon ect
Travel to the UK a few times in the year and with draw from there

I keep above the €3000 min BOI require for 'No Fee Banking' even though the now charge a €5 no matter what!!

PTSB give 1% interest quarterly i think!!

How likely are PTSB to introduce similar charges?

Sorry for dragging on but all advise greatly appreciated.

BuffyBot

You can do all the above with PTSB.

As for charges, no one can tell the future but as they're making a concerted effort to attract custom from the other banks it seems unlikely that they will in the short term.

fartyarse

BuffyBot wrote: »

You can do all the above with PTSB.

As for charges, no one can tell the future but as they're making a concerted effort to attract custom from the other banks it seems unlikely that they will in the short term.

Friend of mine works for TSB. She said that they might introduce fees but if they do, they must by statute give at least 6 months notice to customers.

Best case scenario, free banking forever.

Worst case scenario, free banking for only 6 months. How bad.

jod1983

Thanks guys,
One last question.

Alot of application forms ask you how long you've been with your bank. Ive been with BOI for about 16 years, is there any reason it would going against if i moved.

BuffyBot

Not in the least.

murphaph

You can always keep all your loans and credit cards with BoI and just move the current account aspect initially. You might want to do that if for example PTSB don't see fit to match your BoI card limits. I for example have nothing more to do with AIB except for a credit card which I wish to keep. If BoI are like AIB you'll still have online visibility of your BoI cards even if you have no current account with them anymore.

jod1983

Thanks everyone,
Decided to change, so waiting for my switching buddy to ring on the 2nd.

JTMan

fartyarse wrote: »

Friend of mine works for TSB. She said that they might introduce fees but if they do, they must by statute give at least 6 months notice to customers.

By law, they need to give 2 months notice, not 6 months.

In the short to medium term, I don't see PTSB introducing charges. PTSB are still running large advertisement campaigns against "senseless fees" and are still aggressively trying to win Danske business.

murphaph

Fungus wrote: »

By law, they need to give 2 months notice, not 6 months.

In the short to medium term, I don't see PTSB introducing charges. PTSB are still running large advertisement campaigns against "senseless fees" and are still aggressively trying to win Danske business.

I think the same. I think with a bit of luck we might see some Eurozone banking competition. Once SEPA comes in in February there will be no reason for most customers to be tied to a bank in Ireland. In theory at least.

JTMan

murphaph wrote: »

I think the same. I think with a bit of luck we might see some Eurozone banking competition. Once SEPA comes in in February there will be no reason for most customers to be tied to a bank in Ireland. In theory at least.

SEPA changes nothing to do with non residential restrictions at account opening stage. The banks can still impose non-resident restrictions.

Also, at this stage, I am unaware of any bank, in the Eurozone that is planning a pan european product post 1 February 2014.

Hence, SEPA may only have a minor effect on competition.

murphaph

Fungus wrote: »

SEPA changes nothing to do with non residential restrictions at account opening stage. The banks can still impose non-resident restrictions.

Also, at this stage, I am unaware of any bank, in the Eurozone that is planning a pan european product post 1 February 2014.

Hence, SEPA may only have a minor effect on competition.

Initially I agree that nothing will change but give it a bit of time. My German online only bank already actively seeks out german speaking customers in Austria, Spain and Scandinavia at present and SEPA isn't fully there yet. It just takes one bank to offer a free online only service in English for competition to open up. I don't think we'll be waiting that long.

If natural competition in the current account market doesn't become a reality the EU have a big stick they are working on that will force banks to open accounts for residents of other EU states. SEPA was a precursor to that but the commission are working on it already.

Elessar

Personally I dearly hope the SEPA changes ring in european-wide banking. The irish market would be opened up to free banking again with extremely competitive interest rates and benefits. The irish banks would be forced to compete or face collapse. I could see hundreds of thousands moving their bank to a large German or UK bank!

Though knowing the Irish government, they would introduce emergency legislation preventing Irish consumers opening foreign current accounts, because the Irish banks couldn't compete and would face collapse :mad:

JTMan

murphaph wrote: »

It just takes one bank to offer a free online only service in English for competition to open up. I don't think we'll be waiting that long.

Let's hope so. Let's really hope so. However, zero announcements thus far is not encouraging. I am watching this space. What is needed is an online only English based pan european operation that offers ATM/debit cards. The big question is will this happen in February or shortly thereafter.

The closest thing so far is KeyTrade. KeyTrade do free current accounts for Irish residents but don't offer ATM/debit cards.

murphaph wrote: »

If natural competition in the current account market doesn't become a reality the EU have a big stick they are working on that will force banks to open accounts for residents of other EU states. SEPA was a precursor to that but the commission are working on it already.

I assume you are referring to DPA. Absolutely, SEPA was a precursor to DPA.

Unfortunately, DPA is still at proposal stage and could take many years to implement.

murphaph

Elessar wrote: »

Personally I dearly hope the SEPA changes ring in european-wide banking. The irish market would be opened up to free banking again with extremely competitive interest rates and benefits. The irish banks would be forced to compete or face collapse. I could see hundreds of thousands moving their bank to a large German or UK bank!

Though knowing the Irish government, they would introduce emergency legislation preventing Irish consumers opening foreign current accounts, because the Irish banks couldn't compete and would face collapse :mad:

To be honest savings interest rates in Ireland are better than most other eurozone countries because the Irish banks dearly need deposits.

If you're hoping for German type mortgage rates you will be disappointed. 3% fixed for 20 years only exists in Germany because German property is a very safe stable form of security for the lender and they can actually easily repossess if the borrower defaults. So long as Ireland persists with the notion that you can default on a mortgage but stay in occupation then there will never be long term low interest rates available. The risks are just too high for lenders in Ireland.

AlmightyCushion

Elessar wrote: »

Personally I dearly hope the SEPA changes ring in european-wide banking. The irish market would be opened up to free banking again with extremely competitive interest rates and benefits. The irish banks would be forced to compete or face collapse. I could see hundreds of thousands moving their bank to a large German or UK bank!

Though knowing the Irish government, they would introduce emergency legislation preventing Irish consumers opening foreign current accounts, because the Irish banks couldn't compete and would face collapse :mad:

Hundreds of thousands won't change their back over night. Permanent TSB have been offering free banking for a while now and it has been promoted heavily and people still stick with their existing bank.

JTMan

Elessar wrote: »

Personally I dearly hope the SEPA changes ring in european-wide banking.

Right now, on a balance of probability, it looks like SEPA alone will not be enough for pan european banking. More regulation is needed.

Elessar wrote: »

The irish market would be opened up to free banking again with extremely competitive interest rates and benefits.

Free banking already exists here subject to minor conditions.

Irish banks, KBC and PTSB in particular, offer very competitive interest rates, even by European standards.

Elessar wrote: »

I could see hundreds of thousands moving their bank to a large German or UK bank!

Without a retail presence here, there will not be a mass migration to any potential pan european service. It would be niche at best but with the potential for gradual market share gains.

Elessar wrote: »

Though knowing the Irish government, they would introduce emergency legislation preventing Irish consumers opening foreign current accounts, because the Irish banks couldn't compete and would face collapse :mad:

SEPA and DPA are European legislation which the government, once passed in Europe, are legally obliged to implement.

hognef

murphaph wrote: »

My German online only bank already actively seeks out german speaking customers in Austria, Spain and Scandinavia at present and SEPA isn't fully there yet.

Which bank is that, if you don't mind me asking?

JTMan

DKB me thinks.

hallo dare

Fungus wrote: »

By law, they need to give 2 months notice, not 6 months.

In the short to medium term, I don't see PTSB introducing charges. PTSB are still running large advertisement campaigns against "senseless fees" and are still aggressively trying to win Danske business.

im with Danske and haven't had one single bit of contact from any bank, let alone ptsb.

murphaph

hognef wrote: »

Which bank is that, if you don't mind me asking?

DKB. It's an online only wholly owned subsidiary of the Bank of the State of Bavaria. This means the deposits are guaranteed by the German government without limit.

They do take on German speaking/understanding customers from non German speaking countries but I think their criteria might be stricter for such potential customers (higher minimum income etc).

BuffyBot

..and now, we return to our usual programming original poster's topic

Sharoncos

Hi, I am just wondering has anyone switched to ptsb. I considering moving also as like creator of this thread being charged this new5e fee. Not too sure about the e-statements with the new ptsb account, it def more environmentally friendly but I would miss my paper statements

Delta2113

I moved from BOI Current Account to PTSB Current Account - no brainer.

You will soon get used to e-statements only and you can always print them if you want.

€20 per year with BOI before anything else - no thanks -i moved.

wmpdd3

Moved, find them way better than BOI but the internet banking is not as good as AIB,but perfectly fine for what I do anyway.

I haven't paid a fee since May, I was getting charged €70 per 3 months with AIB and that was with me trying to take out as much money as possible in advance to save trans fees.

I didnt bother with the switching buddy thing, I just spent a while online with the new internet banking setting up all the other stuff I used to have with BOI.

I did it all over the phone, I've never been into a PTSB branch ever.

The statements print out from a PDF file and are pretty good, access to a printer would be an issue to consider as most places that ask for statement want 3 months worth.

Sharoncos

Thanks... Any of u used the phone banking? That's how I do all my transfers currently. Find it handy with boi although they changed fron 1850 num to 0818. Used aib phone banking before and found it a pain with all the codes