PTSB Quarterly Fees

Esse85

I'm getting charged €40 quarterly fees from PTSB and I'm getting sick of it and open to switching banks.
I've no direct debits, no mortgage etc, just about €2450 deposited monthly, €25000 in my current account overall.
Money goes in and I use the ATM for withdrawals and use my debit card for purchases.

Am I getting ripped off or is there a bank out there that won't charge me €160 a year to hold my money?

ThisRegard

What account do you have? I've been banking with them since the early 90s and have never paid fees. My wife switched last year and doesn't pay any either.

I'm not sure of the criteria for us not paying, I think it's due to having a certain amount pass through it, or average balance, on a monthly basis.

Esse85

ThisRegard wrote: »

What account do you have? I've been banking with them since the early 90s and have never paid fees. My wife switched last year and doesn't pay any either.

I'm not sure of the criteria for us not paying, I think it's due to having a certain amount pass through it, or average balance, on a monthly basis.

Current account is all.

Yggr of Asgard

PTSB has so many different account types from their history and some are still fee free without any condition, some require certain deposits. It's very hard to know what kind the OP has.

Their current "Explore Account" charges 4€ a month maintenance fee. You should be able to switch your account to that one with a simple visit to the branch saving you 24€ a quarter.

Also it's unusual to keep that much money in your current account unless you still have one of those which gives you interest, have you though about putting it into an instant access savings account?

Otherwise have a look at the CCPC comparisons of current accounts for what is currently still available on current accounts in Ireland here.

Most banks charge a fee these days, but with your balance holding this big, you would qualify for free banking with EBS or AIB, go compare but the quickest might to talk to PTSB in the branch and ask them for their current account model.

ThisRegard

Esse85 wrote: »

Current account is all.

Yggr of Asgard wrote: »

PTSB has so many different account types from their history and some are still fee free without any condition, some require certain deposits. It's very hard to know what kind the OP has.
..........but the quickest might to talk to PTSB in the branch and ask them for their current account model.

Exactly this, they've so many legacy accounts as they refresh their products regularly.

As said, worth popping into a branch and trying to work something out, with a deposit that big might be worth putting it into a deposit or savings account where at least you might get a better return on it.

Nervous Wreck

Yggr of Asgard wrote: »

PTSB has so many different account types from their history and some are still fee free without any condition, some require certain deposits. It's very hard to know what kind the OP has.

Their current "Explore Account" charges 4€ a month maintenance fee. You should be able to switch your account to that one with a simple visit to the branch saving you 24€ a quarter.

I did this a few months ago. Signed two forms and job done.

TheChizler

We have a current account with KBC which works out €6 a quarter. My personal is with AIB which has no fees once you keep the balance over €2500. BoI do the same for over €3000.

I'd suggest moving that large balance into a dedicated savings account. You get basically no interest in a current account but might get nearly 1% APR or more in a dedicated account, for only the effort of signing a few forms.

Esse85

I called into PTSB yesterday and spoke to a lady who looked at my account and couldn't answer or explain why I was getting charged €40 quarterly, she said it was a very old account and she'd have to have someone contact me next week.

She did suggest I switch to a different account that costs €4 a month.

I told her I'd wait for an explanation and if I'm not refunded I'll be looking to open up an account with another bank.

dobsdave

Have the fees gone up or just started recently? Do you think those fees have been charged in error?

Delta2113

EBS Money Manager is now a totally FREE option. Even if you have a million Euro with BOI Curent Account it will cost you €20 per year.