Looking at a savings account and possibly switching my current account too.

gavmcg92

Hi there,
Have been thinking about opening a savings account recently and have been looking around at the offerings. From my little bit of research, it seems like KBC give the best rates out of the bunch at 3.5%

I went in today to have a talk with them and they really were trying to get me to switch my current account too. They told me that I can bump my interest rate up to 4.5% if I did. However, I believe she was saying that there would be a €6 quarterly fee and also a 20c charge on ATM usage. I am currently with Ulster Bank and I believe (open to correction, but I have never noticed it) that I am charged neither of them. I also have the added benefit of withdrawing from RBS ATMs and not getting charged either.

Any of you care to shine a light on this? Is there a minimum current account balance with KBS? Are there better offers than them or would I be better keeping my current account with Ulster Bank and opening the savings account with KBS.

Thanks for the help

BuffyBot

Ulster Bank have had fees for the last while on standard current accounts. You may want to review that

Kenno90

Well most banks offer free banking if you've over a certain amount, or deposit a certain amount every month

AIB

What’s more, if you maintain a minimum daily credit statement balance of €2,500 in your account for each fee quarter, you can qualify for maintenance and transaction free banking.

Ulster Bank

To meet this waiver, you need to maintain a minimum cleared balance of €3,000 in your current account for each charging cycle. Examples of these dates are below:

BOI

To qualify for this offer in this fee quarter you must maintain a minimum credit balance of €3,000 in your Personal Current account throughout the full fee quarter. You will still be liable for the €5 quarterly maintenance fee.

PTSB

No quarterly fees if you lodge €1,500 monthly

gamblor101

The 20c ATM fee (and government levy) can be avoided if you use the cashback facility at a till in a shop.
The 4.5% interest rate is only until 1st June 2015. After that it goes back to 3.5%

gavmcg92

BuffyBot wrote:

Ulster Bank have had fees for the last while on standard current accounts. You may want to review that 

They still haven't figured out that I'm finished college so I'm on a student account. Just realised there yesterday.

JTMan

gavmcg92 wrote: »

Hi there,
Have been thinking about opening a savings account recently and have been looking around at the offerings. From my little bit of research, it seems like KBC give the best rates out of the bunch at 3.5%

Nationwide UK (Ireland) give the best rate without fees at 4.00%.

gavmcg92 wrote: »

I went in today to have a talk with them and they really were trying to get me to switch my current account too. They told me that I can bump my interest rate up to 4.5% if I did.

The 4.50% rate is a gimmick. The rate ends 1 June 2015, very soon. The rate requires you to pay contingent current account fees that you don't need to pay if you go elsewhere.

gavmcg92 wrote: »

However, I believe she was saying that there would be a €6 quarterly fee and also a 20c charge on ATM usage. I am currently with Ulster Bank and I believe (open to correction, but I have never noticed it) that I am charged neither of them. I also have the added benefit of withdrawing from RBS ATMs and not getting charged either.

Ulster Bank have quarterly fees unless you have a minimum of 3,000 EUR in your account each and every day.

gavmcg92 wrote: »

Is there a minimum current account balance with KBS?

There is a minimum balance requirement to avoid ATM fees but you still pay maintenance fees.

gavmcg92 wrote: »

Are there better offers than them or would I be better keeping my current account with Ulster Bank and opening the savings account with KBS.

Best opening a PTSB current account with no fees and opening a savings account with Nationwide UK (Ireland).

Susandublin

The only draw back to a PTSB current account is the internet banking - can be tricky to transfer funds or use card outside Europe. I'm with PTSB but mainly too lazy to change - tried to use my arm card in America with no joy - my friend had to use his aib one but this was over a year ago - might have improved since then.

JTMan

Susandublin wrote: »

The only draw back to a PTSB current account is the internet banking - can be tricky to transfer funds

I have done hundreds of wire transfers with PTSB over the years with zero issues.

Susandublin wrote: »

or use card outside Europe.

I have used the card in dozens of countries with no issue other than the fact that you need to tell PTSB that you are going abroad.

Susandublin wrote: »

tried to use my arm card in America with no joy

I lived and worked in the USA for 6 months last year and used my PTSB all over the states with no issue whatsoever. Did you ring PTSB in advance and tell them you were going to the USA?

gavmcg92

JTMan wrote: »

Best opening a PTSB current account with no fees and opening a savings account with Nationwide UK (Ireland).

Thank you for all the help.

Even after I get switched over to a main current account, I might stay on with Ulster Bank. The whole family is with them which makes it a lot easier to transfer money between us as opposed to waiting for it to clear if we were with different holders. Also helps that we have a business with a local branch and know everyone working there.

Going to look into nationwide uk now and see what it's like. Thanks for the help!

JTMan

gavmcg92 wrote: »

The whole family is with them which makes it a lot easier to transfer money

Thanks to SEPA, it makes very little difference which bank you are with, payment arrives the next business day.

28064212

JTMan wrote: »

Thanks to SEPA, it makes very little difference which bank you are with, payment arrives the next business day.

That's for inter-bank transfers. Transfers within a bank can be processed instantly

gavmcg92

JTMan wrote: »

Thanks to SEPA, it makes very little difference which bank you are with, payment arrives the next business day.

Within the same bank the transfers are instantaneous, not the next day.

JTMan

gavmcg92 wrote: »

Within the same bank the transfers are instantaneous, not the next day.

All bank transfers, even intra bank transfers, have a value date. The close of business balance on the value date is used to determine the interest calculation. Even if the movement gets displayed in real time, the value dated balance is not back dated with the movement, it will get subsequent value date.