Cheapest Ways to Bank

c.p.w.g.w

Just wondering what is the cheapest way to bank...

Seen people mentioned n26, Bunq & different regular brick & mortar banks.

Looking for a bank for my salary to go, and maybe set up a savings section. While avoiding having to pay too much too.

Gooser14

c.p.w.g.w wrote: »

Just wondering what is the cheapest way to bank...

Seen people mentioned n26, Bunq & different regular brick & mortar banks.

Looking for a bank for my salary to go, and maybe set up a savings section. While avoiding having to pay too much too.

The EBS Money Manager account might suit you.

Salary Negotiator

KBC have few free banking if you deposit €2K per month.

Their branch network is poor and they don’t deal in cash but otherwise I’ve found them to be grand.

coylemj

Gooser14 wrote: »

The EBS Money Manager account might suit you.

+1 no fees, no minimum balance, no minimum monthly lodgement.

You get a contactless debit card which you can use in all ATMs. You can move money around via the website i.e. you can add recipients for EFT.

The downsides compared to other current accounts are ...

1. no chequebook (ask your dad)
2. no mobile app and their website is not mobile friendly

c.p.w.g.w

coylemj wrote: »

+1 no fees, no minimum balance, no minimum monthly lodgement.

You get a contactless debit card which you can use in all ATMs. You can move money around via the website i.e. you can add recipients for EFT.

The downsides compared to other current accounts are ...

1. no chequebook (ask your dad)
2. no mobile app and their website is not mobile friendly

With EBS for my mortgage...found their online services really poor.

JTMan

Yeah, EBS offer no mobile payments and have no app. Don't go with EBS by itself.

5 better free options:
- Combo EBS and Revolut.
- Combo KBC Extra and Revolut if you find the 2k requirement meetable.
- Go with N26 unless you use the ATM over 5 times a month.
- Go with Revolut only and keep ATM use below 200 GBP per month.
- Go with Monese and keep ATM use below 200 GBP per month.

johnmcdnl

If you can maintain a balance of 2500 AIB have free banking and their Android app does what it needs to.

coylemj

johnmcdnl wrote: »

If you can maintain a balance of 2500 AIB have free banking and their Android app does what it needs to.

I'd dispute the term 'free banking'. Maintaining a minimum balance effectively means that you have to gift AIB €2,500. I know its technically still your money but you can't touch it so it's a permanent loan you give to them. For the privilege of 'free' banking.

punisher5112

Revolut!!!

€200/£200 cash withdrawal at no cost but a fee after this.

A other payment no charge and you are equipped with IBAN and BIC.

You get virtual cards and can apply for a physical card... Most likely visa.

johnmcdnl

coylemj wrote: »

I'd dispute the term 'free banking'. Maintaining a minimum balance effectively means that you have to gift AIB €2,500. I know its technically still your money but you can't touch it so it's a permanent loan you give to them. For the privilege of 'free' banking.

As I said, if you have the money to spare, it's a fine option for someone who wants to keep it simple.

Revoult don't provide easy ways to save either as OP asked for.
If you ever have to handle a check or cash, Revoult etc. become a right pain in the arse.
If you ever want to visit a branch, AIB do have decent coverage.
If you want an online app and android app that is better than abysmal, it checks that box.
If you want to avoid companies that have regular systems issues (Ulster Bank) they check that box.

If you get paid towards the end of a month, just keep in mind with any account that if your company gets delayed in paying you for any reason until the 1st of the next month, you will be liable for fees. If you have a partner or someone you trust, you can however just ask them to transfer you the cash, and send it back to them if this ever did arise to meet the requirement. Just to keep it in mind.

Having to maintain 2 accounts between EBS + Revoult or similar might be cheaper, but takes some extra maintenance, and then you have to live with the downsides of the specific account in some aspects.


AIB might work for some, especially if you value any of the above items, and can afford to go without the potential interest you might make on the 2500 in another account.

It's not a perfect option by any means, but might work for some.

sonyvision

Revolut for my day to day banking but salary goes into KBC. I lodge the €2k a month so no fees and have a credit card.

I topup my Revolut card by €1,000 per month transfer it straight to my current account and clear the credit card. The end of the month KBC pays me €10 "cashback rewards"... so effectively they pay me to bank!.

un5byh7sqpd2x0

c.p.w.g.w wrote: »

With EBS for my mortgage...found their online services really poor.

Can you manage your mortgage online with EBS??

MarkR

JTMan wrote: »

Yeah, EBS offer no mobile payments and have no app. Don't go with EBS by itself.

5 better free options:
- Combo EBS and Revolut.
- Combo KBC Extra and Revolut if you find the 2k requirement meetable.
- Go with N26 unless you use the ATM over 5 times a month.
- Go with Revolut only and keep ATM use below 200 GBP per month.
- Go with Monese and keep ATM use below 200 GBP per month.

I have the KBC extra account, what extra benefits would the revolut account give?

Creamy Goodness

MarkR wrote: »

I have the KBC extra account, what extra benefits would the revolut account give?

If you purchase a lot in foreign currencies it's worth it. It allows you to hold multiple currencies (if you need this, I travel a lot so this is useful). They have a nice savings feature called vaults where you can name (i.e. new phone, holiday 2020 etc.) them and auto save into them, you can even round up transactions so you save without knowing e.g. a €2.70 coffee becomes €3 charge, the coffee shop gets €2.70 and 30c goes into your vault.

Revolut does have caveats, mainly they're an e-money provider and not a fully licensed bank (they're in the process of becoming one). Money is safe there but they're not somewhere I'd be putting my full salary into it and keep my balance quite low in it to reduce the risk.

mfceiling

Silly question alert.

I have a revolut card linked through to my aib account.

I'm going over to London at the weekend. What is my best way to get sterling?

Transfer from aib to revolut then withdraw from an atm?

Withdraw direct from my aib account via atm when I'm there?

Change cash (post office/beareau de change)?

Guessing the last is the most expensive.

It's not a fortune I'm going to spend - probably €500 max.

Thanks.

Quackster

sonyvision wrote: »

Revolut for my day to day banking but salary goes into KBC. I lodge the €2k a month so no fees and have a credit card.

I topup my Revolut card by €1,000 per month transfer it straight to my current account and clear the credit card. The end of the month KBC pays me €10 "cashback rewards"... so effectively they pay me to bank!.

With the change of designation of Revolut top-ups to being cash advances, I doubt very much you'll get cashback rewards for them any more.

Quackster

EBS + Curve all the way for me. No thinking required. And if I need to zap money to another person or bank account, I can do it through Revolut, thereby avoiding having to use EBS's non-mobile-friendly online banking.