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Bank of Ireland VS AIB

  • 05-01-2016 5:30pm
    #1
    oB1
    Registered Users, Registered Users 2 Posts: 706 ✭✭✭


    Just looking for opinions more than anything. I have been with Bank of Ireland since i was old enough to work, was considering a change in bank when i ran in to severe difficulty trying to get a small short term loan from them.

    in the end i got it, but it took weeks of back and forth and appealing it. I think they seen there silly mistake at the end of it all i guess.

    I have a good salary paid on time in to my account every month. I have no bad credit on my ICB and have never missed a payment deadline with them before.

    I have heard through friends that AIB are good to customers and that there general banking systems and day to day operations are on a better level.

    like the fact that you can apply online for loans/credit cards etc and have an approval within a short period of time..

    anyway... as i said, just testing the waters..

    cheers


Comments

  • #2
    Lumina
    Closed Accounts Posts: 125 ✭✭Lumina


    I would say AIB and BofI are similar and it's down to the branch. Maybe the only functionality is the deciding factor.

    I am in the process of moving to a current account with Number26 and a credit union for savings/receiving the occasional loan. I'd suggest looking into this option if you're in the position to do so.

    Lumino


  • #3
    murphaph
    Registered Users, Registered Users 2 Posts: 19,050 ✭✭✭✭murphaph


    Out of the frying pan and into the fire. I wouldn't move to any bank where you'll be paying avoidable fees. PTSB should be able to offer you free day to day banking. Would also look at Number26 etc.


  • #4
    xband
    Closed Accounts Posts: 368 ✭✭xband


    I'd rate AIB as having marginally better internet banking, generally better technology and being more friendly to deal with.

    They're much of a muchness though.


  • #5
    HeidiHeidi
    Registered Users, Registered Users 2 Posts: 30,051 ✭✭✭✭HeidiHeidi


    Why would you pay fees to ANY bank when you don't have to?

    Free banking with pTSB if you lodge €1500 into the account. You don't have to maintain any balance.

    I'm no fan of any bank tbh, but that's a no-brainer in my book.

    (ETA I don't know anything about Number26, whatever that is - I've vaguely heard the name - so can't express an opinion on that!)


  • #6
    whatawaster
    Registered Users, Registered Users 2 Posts: 12,910 ✭✭✭✭whatawaster


    Also free banking with KBC if you lodge €2,500 per month


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  • #7
    HeidiHeidi
    Registered Users, Registered Users 2 Posts: 30,051 ✭✭✭✭HeidiHeidi


    whatawaster wrote: »
    Also free banking with KBC if you lodge €2,500 per month
    Is there no minimum balance requirement with KBC? Thought pTSB was the only one without a balance requirement? Maybe KBC have changed in recent years - be great if they have, some competition might concentrate the minds of other banks!


  • #8
    stimpson
    Registered Users, Registered Users 2 Posts: 7,828 ✭✭✭stimpson


    whatawaster wrote: »
    Also free banking with KBC if you lodge €2,500 per month

    And 4% back on your credit card (dropping to 1% after 3 months) and .2% off your mortgage. I reckon I'll be a grand better off over the first year with them. I was with BOI for 25 years...


  • #9
    whatawaster
    Registered Users, Registered Users 2 Posts: 12,910 ✭✭✭✭whatawaster


    HeidiHeidi wrote: »
    Is there no minimum balance requirement with KBC? Thought pTSB was the only one without a balance requirement? Maybe KBC have changed in recent years - be great if they have, some competition might concentrate the minds of other banks!

    With their Extra Current account it's only a requirement to lodge €2,500, no minimum balance requirement.


  • #10
    Agent Smyth
    Registered Users, Registered Users 2 Posts: 715 ✭✭✭Agent Smyth


    Do you not get free banking with AIB if you have a min balance of €2500 each month ??


  • #11
    whatawaster
    Registered Users, Registered Users 2 Posts: 12,910 ✭✭✭✭whatawaster


    Agent Smyth wrote: »
    Do you not get free banking with AIB if you have a min balance of €2500 each month ??

    Think so, yeah, but you have to maintain a minimum of €2,500 at all times, so it's not practical for most people. It makes much more sense to keep larger amounts in savings where it will earn interest.


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  • #12
    curiosity
    Registered Users, Registered Users 2 Posts: 376 ✭✭curiosity


    Agent Smyth wrote: »
    Do you not get free banking with AIB if you have a min balance of €2500 each month ??
    whatawaster wrote: »
    Think so, yeah, but you have to maintain a minimum of €2,500 at all times, so it's not practical for most people. It makes much more sense to keep larger amounts in savings where it will earn interest.

    A year's interest on €2,500 won't cover a year of fees. Just took a look, my fees for the last four quarters totaled €67. The best interest rate for €2,500 instant access is 1.25% gross, with DIRT of 41% to come off that. €18.43 net interest!

    http://compare.consumerhelp.ie/LumpSumSavingsAccountResults.aspx

    You're effectively giving AIB €2,500 for the lifetime of your account though.


  • #13
    HeidiHeidi
    Registered Users, Registered Users 2 Posts: 30,051 ✭✭✭✭HeidiHeidi


    curiosity wrote: »
    A year's interest on €2,500 won't cover a year of fees. Just took a look, my fees for the last four quarters totaled €67. The best interest rate for €2,500 instant access is 1.25% gross, with DIRT of 41% to come off that. €18.43 net interest!

    http://compare.consumerhelp.ie/LumpSumSavingsAccountResults.aspx

    You're effectively giving AIB €2,500 for the lifetime of your account though.

    This.

    Again, why would you do that (or pay fees, which is where this thread started) when you don't have to? I'm obviously not familiar with every bank's operations, but I haven't heard anything that suggests that pTSB's or KBC's customer service or online offerings are substantially different than AIB's or BOI's, but their charging structures certainly are!

    I know the inertia factor is huge with bank accounts, but if someone is considering changing anyway it's a complete no-brainer.


  • #14
    work
    Registered Users, Registered Users 2 Posts: 661 ✭✭✭work


    I am a small business owner and have business and personal accounts in both AIB and BoI.

    I think everyone has different experiences but over time they will both let you down very significantly. The behavior of both and customer service beggars belief. I won't give examples as I could go on forever.

    There are some good people working in the banks but they work within the institutions "rules/procedures"

    I suggest you either flip a coin or call into local branches and see if one will offer you any personal service (which is unlikely).

    In summary it matters little


  • #15
    Agent Smyth
    Registered Users, Registered Users 2 Posts: 715 ✭✭✭Agent Smyth


    HeidiHeidi wrote: »
    I know the inertia factor is huge with bank accounts, but if someone is considering changing anyway it's a complete no-brainer.

    It depends on your circumstances, I am in the process of changing from BOI to AIB because of my personal experience with BOI in the last few years, I don't have an income to lodge every month with a bank so the "keeping a minimum" balance works for me.


  • #16
    murphaph
    Registered Users, Registered Users 2 Posts: 19,050 ✭✭✭✭murphaph


    Agent Smyth wrote: »
    It depends on your circumstances, I am in the process of changing from BOI to AIB because of my personal experience with BOI in the last few years, I don't have an income to lodge every month with a bank so the "keeping a minimum" balance works for me.
    PTSB don't require a salary lodgement AFAIK so you could still move to them and simply withdraw and lodge the 1500 each month to have free banking. I assume you can do this as you have 2500 to leave on constant deposit with AIB.


  • #17
    Agent Smyth
    Registered Users, Registered Users 2 Posts: 715 ✭✭✭Agent Smyth


    murphaph wrote: »
    PTSB don't require a salary lodgement AFAIK so you could still move to them and simply withdraw and lodge the 1500 each month to have free banking. I assume you can do this as you have 2500 to leave on constant deposit with AIB.

    Agreed but that requires me to make that transaction every month when with AIB I can just leave the minimum amount and forget about it and the fees.


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