How to rate a bank for personal use? Switching questions too

dulpit

Hey all,

I'm currently with Ulster Bank, have been for the last 6 years or so. I was in with AIB today sorting out an old account that was supposed to be closed since 2011 but wasn't (they sent me a new debit card in post which confused me) and I was able to close account. It got me thinking about banks though, the way AIB treated me in the 10-15 minutes was far and away better than any dealings I've ever had with Ulster Bank. Having said that, I know/think that AIB is a much more expensive bank to use for day-to-day dealings, right?

So what I'm trying to figure out is how do I objectively review the banks? They all have differing charges floating around, some seem to be free with minimum balances, some with minimum spends/etc. Any ideas?

Also, if I was to switch bank, is a credit card switch automatic? I have to admit that my current card has been pretty neglected, it's more or less maxed out, I've been tipping away with a little over minimum payment each month, but was waiting for money to be a little more plentiful to sort it properly (which it is from now on), would that be a reason why a bank might say no to switching credit cards?

Any help/guidance/advice would be great. It's hard to find much apart from what the banks themselves say...

dennyk

Really depends on what qualities are most important to you, and your own financial situation. Personally, I keep a pretty good chunk of reserve money in my current account, so BoI works well for me, as they waive all of their fees (except the base €5/quarter account fee) if you keep a €3000 minimum balance. I also do all of my banking online, and their web site is decent enough. However, I basically never do any banking in person; I've literally never even set foot in my "home" branch, and I've only actually been in a BoI branch once in my life (had to withdraw some cash to buy a car). As such, their branch customer service doesn't really matter to me like it might matter to someone who does a lot of in-person transactions with their bank.

All of the banks publish their fee schedules and other terms of service online. It sometimes takes a little digging to find all of the fine print that actually governs their terms, but that's the sure way to do it. You can also use sites like bonkers.ie or http://compare.consumerhelp.ie/currentaccount to compare the major banks at a glance, but always make sure to check the actual terms and conditions at the bank's own web site before deciding just to make sure they haven't changed.

As for the credit card, that is a completely separate account. Unless your bank requires you to have an active current or savings account for some reason (which would be very unusual, unless your card is a secured credit card that's tied directly to your bank account), you don't have to close your credit card account when you close your current account.

If you wanted to change credit card accounts, you'd have to apply for a credit card at your new bank just like anyone else, and meet whatever their qualifications are to be approved. They may take your existing maxed-out card into account when deciding whether to approve you or not, and it may count against you (it definitely would in the US, as you'd be close to 100% utilization of your available revolving credit, but I don't know the criteria they look at here...). To close your old credit card account, you'd have to pay off the balance in full. Some credit cards will allow you to do a balance transfer from an existing card, and some may even give you a special deal (e.g. low or no interest for a period of time), so you may be able to pay it off that way.

As for general advice, pay down that credit card debt as quickly as you can; you're wasting a ton of money on interest charges on that debt. Once it's paid down, only use your card for purchases when you actually have the money to afford them, and pay off the entire balance every month to avoid paying any interest.

Merowig

http://www.bonkers.ie/money/ also compares banks/ their different services

I am with AIB for many years - I exchanged my credit card - though they forgot to close down my old one. I complained and they refunded me. If you have a mortage with AIB you get your account without fees. I have even cashback on my CC with them.

Personally I am happy with them.

BuffyBot

dulpit wrote: »

Hey all,

I'm currently with Ulster Bank, have been for the last 6 years or so. I was in with AIB today sorting out an old account that was supposed to be closed since 2011 but wasn't (they sent me a new debit card in post which confused me) and I was able to close account. It got me thinking about banks though, the way AIB treated me in the 10-15 minutes was far and away better than any dealings I've ever had with Ulster Bank. Having said that, I know/think that AIB is a much more expensive bank to use for day-to-day dealings, right?

So what I'm trying to figure out is how do I objectively review the banks? They all have differing charges floating around, some seem to be free with minimum balances, some with minimum spends/etc. Any ideas?

Also, if I was to switch bank, is a credit card switch automatic? I have to admit that my current card has been pretty neglected, it's more or less maxed out, I've been tipping away with a little over minimum payment each month, but was waiting for money to be a little more plentiful to sort it properly (which it is from now on), would that be a reason why a bank might say no to switching credit cards?

Any help/guidance/advice would be great. It's hard to find much apart from what the banks themselves say...

There is no automatic switching of credit card limits. However there is nothing stopping you from moving your current account to a more suitable one, and keeping your credit card with Ulster.

dulpit

Merowig wrote: »

I have even cashback on my CC with them.

Personally I am happy with them.

What do you mean by Cashback? As in a percentage of all payments?

Delta2113

http://compare.consumerhelp.ie/CurrentAccount - If you want free go with EBS MoneyManager Account.

EBS does not issue chequebooks to customers.

The EBS Debit Card comes with:

Free cash-back facility
Free electronic transfers
Free online purchases


Footnotes

One free replacement card per account holder per annum, €5.00 per replacement thereafter.
An ATM transaction charge of €0.30 per transaction applies if either the minimum qualifying criteria is not met and after the 5 free ATM withdrawals have been used.
An authorised overdraft is not available on this account.
Customers can get 5 free withdrawals each month by ATM or in branch (cash or cheque) if either at least €1,500 is lodged to the account each month, either in one lump sum or in instalments or a minimum balance of €500 is maintained in the account each month.

Online banking is pretty basic and no mobile app but if you want free this is the account to go for.

Sadly PTSB is no longer an option.

Merowig

dulpit wrote: »

What do you mean by Cashback? As in a percentage of all payments?

https://aib.ie/our-products/credit-cards/platinum-visa-card?gclid=CPvGgpD9k9ACFeS37QodvoQNIA

Merowig

Other sites which compare banks in addition to Bomnkers and Consumer Help

http://www.moneyguideireland.com/comparison-of-bank-charges-in-ireland.html

http://www.uchoose.ie/

TorresDaLegend

Delta2113 wrote: »

http://compare.consumerhelp.ie/CurrentAccount - If you want free go with EBS MoneyManager Account.

EBS does not issue chequebooks to customers.

The EBS Debit Card comes with:

Free cash-back facility
Free electronic transfers
Free online purchases


Footnotes

One free replacement card per account holder per annum, €5.00 per replacement thereafter.
An ATM transaction charge of €0.30 per transaction applies if either the minimum qualifying criteria is not met and after the 5 free ATM withdrawals have been used.
An authorised overdraft is not available on this account.
Customers can get 5 free withdrawals each month by ATM or in branch (cash or cheque) if either at least €1,500 is lodged to the account each month, either in one lump sum or in instalments or a minimum balance of €500 is maintained in the account each month.

Online banking is pretty basic and no mobile app but if you want free this is the account to go for.

Sadly PTSB is no longer an option.

Why stress about these nitty gritty requirements? PTSB don't charge a cent for ATM withdrawals in every single ATM across Europe AND they are paying me 10c for every POS CNC.

I have made €43 since June on this Explore Account between 10c back, Cashback on DD's and GoRewards...Whereas some folk at BOI AIB were charged this last Quarter - It's a no brainer

Delta2113

Stress about nitty gritty requirements? not me - my only one is lodging €1,500 per month into my PTSB current account (thankfully got a previous current account to Explore Account) and everything is FREE.

I don't get hit with a €4 per month charge and I also have GoREWARDS.

That's why I recommend EBS Money Manager as a FREE Current Account.

I do agree with staying away from BOI and AIB options.