Bank Charges

Tim76

Any advice on which bank offers the best bang per buck?

I'm getting fleeced by Ulster Bank but the rest of the big ones don't seem much better, AIB are edging it at €4.50 maintenance fee per quarter.

I only use the bank to receive my wages and pay a couple of direct debits & standing orders but UB are charging me about €6/month for the pleasure. I use Revolut for all day to day transactions.

Stewball

N26.
I switched to them in February. Same as yourself all I needed it for was a couple of DDs & SOs.

They have a limit on free ATM withdrawals (3 per month on a free account), but I don't use cash much so I get by with that.

billyhead

Switch to EBS

The Haven

Yeah I concur, N26 and EBS.

I'm still using AIB atm.
Thinking about stopping my credit card,
and just using debit cards, with pre paid cards.
Then I can switch banks to EBS.
AIB is another name for FEES, FEES, and even more FEES.

revz

The Haven wrote: »

Yeah I concur, N26 and EBS.

I'm still using AIB atm.
Thinking about stopping my credit card,
and just using debit cards, with pre paid cards.
Then I can switch banks to EBS.
AIB is another name for FEES, FEES, and even more FEES.

Keep your credit card, particularly if it's earning you cashback. You can pay your cc bill from another bank/current account.
KBC/EBS/N26 your only free banking options now (KBC with the minimum 2k transfer per month).

thebo

Hi

I'm planning ditching BOI when these €6/month charges come in.

I have a current account & savings account with them, thinking moving to n26.

I plan on keeping the savings account with BOI.

How would I top up my n26 account if you need another account/credit card to top it up when I would close my boi current account?

Sheep Shagger

After 20 years recently closed BOi accounts and moved to n26 as my main account.

Wasn't painful at all moving payments and salary.

SourSessions

thebo wrote: »

I'm planning ditching BOI when these €6/month charges come in.

They're already being applied since the 23rd November just FYI

Sheep Shagger

thebo wrote: »

Hi

I'm planning ditching BOI when these €6/month charges come in.

I have a current account & savings account with them, thinking moving to n26.

I plan on keeping the savings account with BOI.

How would I top up my n26 account if you need another account/credit card to top it up when I would close my boi current account?

Either get your salary paid direct n26 or if the BOI savings account allows, get lt paid there then transfer in to n26.

As soon as n26 start offering credit cards i will be closing my BOI one, that's all I have left with them.

The Haven

revz wrote: »

Keep your credit card, particularly if it's earning you cashback. You can pay your cc bill from another bank/current account.
KBC/EBS/N26 your only free banking options now (KBC with the minimum 2k transfer per month).

A decent idea.
No cashback on my credit card however.
So, I should ditch it, when I change to EBS?

With Revolut and N26, I rarely use my cc now, as fx transactions are covered.
It's mainly sitting there costing me 30e per year.

Tim76

Anyone know if there are nay issues/pitfalls with getting your wages paid into your Revolut account and setting up SOs & DDs from there?

I've no issue setting up an N26 account but if Revolut can do the business then why change?

Spocker

Tim76 wrote: »

Anyone know if there are nay issues/pitfalls with getting your wages paid into your Revolut account and setting up SOs & DDs from there?

I've no issue setting up an N26 account but if Revolut can do the business then why change?

Revolut are not (yet) a Bank, and they do not fall under the Deposit Guarantee Scheme. In theory, you could lose all your money

The Haven

Spocker wrote: »

Revolut are not (yet) a Bank, and they do not fall under the Deposit Guarantee Scheme. In theory, you could lose all your money

Exactly this.

Tim76

Spocker wrote: »

Revolut are not (yet) a Bank, and they do not fall under the Deposit Guarantee Scheme. In theory, you could lose all your money

That's good enough for me - to N26!

Rewired

Tim76 wrote: »

Anyone know if there are nay issues/pitfalls with getting your wages paid into your Revolut account and setting up SOs & DDs from there?

Already have DD for Internet bills on Revolut, no probs.

Will have my wages going from next week while I switch my current account to EBS.

Pitfalls? They're switching from GB > LT > IE banking over the next year, so your bank account will change at least once.

The Haven

I've now decided to leave AIB, and change to EBS now.
Not enough competition for the Irish banks they get away with charging what they want, as their English AIB and BOI customers get banking for free.

The J Stands for Jay

thebo wrote: »

.

How would I top up my n26 account if you need another account/credit card to top it up when I would close my boi current account?

You top it up exactly the same was as you topped up your BoI account.

The J Stands for Jay

The Haven wrote: »

I've now decided to leave AIB, and change to EBS now.
Not enough competition for the Irish banks they get away with charging what they want, as their English AIB and BOI customers get banking for free.

Don't AIB own EBS?

Sheep Shagger

McGaggs wrote: »

Don't AIB own EBS?

Yes

Sheep Shagger

The Haven wrote: »

Exactly this.

Use n26 then- they have a German banking license and offer broadly the same services as Revolut - free of fees.

Amirani

The Haven wrote: »

Not enough competition for the Irish banks they get away with charging what they want, as their English AIB and BOI customers get banking for free.

This is as much to do with the rates set by the Central Banks at the moment as competition.

It's costing banks money in the Eurozone to hold deposits. This isn't the case in the UK.

The Haven

Amirani wrote: »

This is as much to do with the rates set by the Central Banks at the moment as competition.

It's costing banks money in the Eurozone to hold deposits. This isn't the case in the UK.

So very true

BBeats

Interesting, so these charges are probably stealth negative interest rate charges for the Euro? People are being screwed because their not spending enough because of Covid? sheesh!

ixoy

Amirani wrote: »

It's costing banks money in the Eurozone to hold deposits. This isn't the case in the UK.

Yet they're far slower to pass on the savings for the lower interest rates on mortgages.

Jim2007

Amirani wrote: »

It's costing banks money in the Eurozone to hold deposits. This isn't the case in the UK.

BBeats wrote: »

Interesting, so these charges are probably stealth negative interest rate charges for the Euro? People are being screwed because their not spending enough because of Covid? sheesh!

Nothing to do with the Euro as a currency, if it was Arbitrage would have taken care of it. As a result of quantitative easing there is simply too much money in the system world wide and rates are down everywhere.


The banks can't find sufficient opportunities to lend at a reasonable risk and so they need to discourage depositors.

Amirani

Jim2007 wrote: »

Nothing to do with the Euro as a currency, if it was Arbitrage would have taken care of it.

Rates charged to depositors have nothing to do with negative interest rates at the ECB. Really?

JP Liz V1

SourSessions wrote: »

They're already being applied since the 23rd November just FYI

I thought they started in December

SourSessions

JP Liz V1 wrote:

I thought they started in December

The first charge is in December but it's effective from November 23rd (you'll be charged the monthly fee plus charges from the last quarter at the end of the month)

The Haven

I just started to change my bank from AIB to EBS.
Just over a week ago I went into the EBS branch to say I wanted to open an account, and then close my current account.
They took my details. Today I went into town today to officially fund the account (just a nominal amount), and start the process using the Switching Pack.

From my understanding, I don't have to go into the AIB to close my account.
Between EBS and the Central Bank of Ireland, they will switch the balance over (after AIB have deducted any fees due), transfer direct debits, then instruct AIB to close my account on the given date. I chose early next year, because of the Christmas holidays.

This will just leave me with the AIB Credit Card - should I keep it or just use Debit Cards - revolut/n26 etc

Sheep Shagger

The Haven wrote: »

I just started to change my bank from AIB to EBS.
Just over a week ago I went into the EBS branch to say I wanted to open an account, and then close my current account.
They took my details. Today I went into town today to officially fund the account (just a nominal amount), and start the process using the Switching Pack.

From my understanding, I don't have to go into the AIB to close my account.
Between EBS and the Central Bank of Ireland, they will switch the balance over (after AIB have deducted any fees due), transfer direct debits, then instruct AIB to close my account on the given date. I chose early next year, because of the Christmas holidays.

This will just leave me with the AIB Credit Card - should I keep it or just use Debit Cards - revolut/n26 etc

You do realise you'll end up with an AIB account one day given EBS is part of AIB and one day they will merge the two brands.

Three pages and nobody mentioned PTSB.

Their Explore account is e6 a month and 50 taps in a month gets you €5 back(max refund).
Once you're already using that style of payment it's not hard to hit.

Especially in normal times when you tap 6-8 times in the pub.

I've scarcely paid more than the e1 per month.

When I lost my student account last year the few weeks I used the BOI account cost me around €12.

Amazing the masses are paying those sorts of fees instead of switching.

The J Stands for Jay

gilberto_eire wrote: »

Three pages and nobody mentioned PTSB.

I couldn't recommend them because they are such hassle to deal with.

The Haven

Sheep Shagger wrote: »

You do realise you'll end up with an AIB account one day given EBS is part of AIB and one day they will merge the two brands.

I didn't realise that. But I don't mind it atm.

Just going with free account with euro purchases.
I'd use revolut for non euro purchases.
Changing for the reduction in fees.
AIB charges the most, leave them to EBS!

Yyhhuuu

The Haven wrote: »

I didn't realise that. But I don't mind it atm.

Just going with free account with euro purchases.
I'd use revolut for non euro purchases.
Changing for the reduction in fees.
AIB charges the most, leave them to EBS!

Just a word of warning..I opened a regular saver with EBS then paying 1.25%. I then opened an EBS MONEY MANAGER current account.EBS have dreadful internet banking. Antiquated. No app...! I moved to EBS from BOI ( where I paid €20 per year)then I opened an account with KBC. I usually withdraw €100 which in these covid times lasts me weeks. I'm old fashioned and like cash and dont like my statement peppered with small transactions. I drip feed higher interest regular savings accounts such as Ulster bank paying 0.85% from my EBS account. I use my KBC current a/c for most of my day to day banking as good banking app but slow to show up ATM withdrawls in real time. I lodge 2k into KBC per month for free banking and lodged 10kinto their regular saver paying 0.55%. I would have preferred BOI but told them to **** off when they wanted €72 in fees. Why should I pay them that?

KBC are in for the hard sell. Some Young inexperienced staff at branch with little personality. ( god be with the days when banks treated me like a VIP and I'm not old) KBC branches have a clinical feel.KBC Kept e mailing me looking to invest and buy insurance products realizing I was a cute hoor and they wouldnt make a penny from me in fact in costing them money as they're paying me interest when rates are negative. Love it when I beat the Banks cause I hate banks.

Sheep Shagger

The Haven wrote: »

I didn't realise that. But I don't mind it atm.

Just going with free account with euro purchases.
I'd use revolut for non euro purchases.
Changing for the reduction in fees.
AIB charges the most, leave them to EBS!

Why not just use revolut for everything if tiy have an account with them - cleaner.

The Haven

Yyhhuuu wrote: »

Just a word of warning..I opened a regular saver with EBS then paying 1.25%. I then opened an EBS MONEY MANAGER current account.EBS have dreadful internet banking. Antiquated. No app...! I moved to EBS from BOI ( where I paid €20 per year)then I opened an account with KBC. I usually withdraw €100 which in these covid times lasts me weeks. I'm old fashioned and like cash and dont like my statement peppered with small transactions. I drip feed higher interest regular savings accounts such as Ulster bank paying 0.85% from my EBS account. I use my KBC current a/c for most of my day to day banking as good banking app but slow to show up ATM withdrawls in real time. I lodge 2k into KBC per month for free banking and lodged 10kinto their regular saver paying 0.55%. I would have preferred BOI but told them to **** off when they wanted €72 in fees. Why should I pay them that?

KBC are in for the hard sell. Some Young inexperienced staff at branch with little personality. ( god be with the days when banks treated me like a VIP and I'm not old) KBC branches have a clinical feel.KBC Kept e mailing me looking to invest and buy insurance products realizing I was a cute hoor and they wouldnt make a penny from me in fact in costing them money as they're paying me interest when rates are negative. Love it when I beat the Banks cause I hate banks.

I don't mind all that for the situation I am in.
Thanks for this information.

NIMAN

So has anyone any suggestions for best current account to use, if you were thinking of moving away from BoI and their new charges?

Or is it pointless, considering its probably only a matter of time before they are all charging you to hold a current account?

L1011

Sheep Shagger wrote: »

You do realise you'll end up with an AIB account one day given EBS is part of AIB and one day they will merge the two brands.

They have begun a build-out of EBS branches in areas with existing AIB branches - they are clearly preparing to sell, not merge.

Yyhhuuu

NIMAN wrote: »

So has anyone any suggestions for best current account to use, if you were thinking of moving away from BoI and their new charges?

Or is it pointless, considering its probably only a matter of time before they are all charging you to hold a current account?

KBC if you lodge €2k per month into their Extra current account. But the cynic in me suggests only a matter of time before they charge.