Current accounts - Banking

Ladybird25

Hi all, I was wondering what was your opinions on the current Irish banks. I am currently with AIB and was going to change to KBC just when they announced they were leaving Ireland.

They seem to be a very reduced list of Irish banks and always paying a good quarterly/monthly fee so I am a bit lost on were to look at for alternatives!

1dave123

Hi

This may help.

https://www.bonkers.ie/compare-current-accounts/

athlone573

Ladybird25 wrote: »

Hi all, I was wondering what was your opinions on the current Irish banks. I am currently with AIB and was going to change to KBC just when they announced they were leaving Ireland.

They seem to be a very reduced list of Irish banks and always paying a good quarterly/monthly fee so I am a bit lost on were to look at for alternatives!

As far as I know there are two major banks (the one you mentioned and BOI) and AIB would be generally seen as a bit more progressive on the IT side.

If you don't need a cheque book or personalised support then N26 would be the main alternative.

There's also the Credit Union or the Post Office or the various Building Societies.

JTMan

Ladybird25 wrote: »

Hi all, I was wondering what was your opinions on the current Irish banks. I am currently with AIB and was going to change to KBC just when they announced they were leaving Ireland.

They seem to be a very reduced list of Irish banks and always paying a good quarterly/monthly fee so I am a bit lost on were to look at for alternatives!

Options include:
- Revolut - free provided you do not exceed ATM withdrawal limits but no cash/branch service if needed.
- N26 - free provided you do not exceed ATM withdrawal limits but no cash/branch service if needed.
- Monese - free provided you do not exceed ATM withdrawal limits but no cash/branch service if needed.
- EBS - free but no app, no online direct debit set up, no mobile payments, high FX fees and appointments required for account opening.
- Combo EBS and Revolut/N26/Monese.
- PTSB - 1 euro per month provided you use your debit card at least 50 times per month.

athlone573

JTMan wrote: »

Options include:
- Revolut - free provided you do not exceed ATM withdrawal limits but no cash/branch service if needed.
- N26 - free provided you do not exceed ATM withdrawal limits but no cash/branch service if needed.
- Monese - free provided you do not exceed ATM withdrawal limits but no cash/branch service if needed.
- EBS - free but no app, no online direct debit set up, no mobile payments, high FX fees and appointments required for account opening.
- Combo EBS and Revolut/N26/Monese.
- PTSB - 1 euro per month provided you use your debit card at least 50 times per month.

Not all of those are banks. That means your money is not state guaranteed.

Now Revolut is trying hard to become a bank but its not there yet.

garrettod

I'm warming up to the Credit Union current account tbh. Its reasonably priced, offers an app etc and there's a person in a branch, if ever I need them.

I won't risk my salary going into Revolut, although I'm happy to use their service for small transactions, and just move funds into Revolut as needed.

athlone573

Mr.S wrote: »

Tech is something to keep in mind if you do a lot of web/app banking, but I'd say most people only use that once or twice a month, if even.

I wouldn't be so sure about that

Apps are handy for checking that your wages have been paid and that you have enough money left to pay your bills. EBS sounds incredibly basic.

Between contactless payments and credit cards with cashback (as was said) bank fees needn't amount to that much, personally I feel its well worth paying to have a local contact point when needed.

The J Stands for Jay

Mr.S wrote: »

Tech is something to keep in mind if you do a lot of web/app banking, but I'd say most people only use that once or twice a month, if even.

I would have to completely disagree with that statement. It may apply to people who don't have access to an app (EBS customers), or who can't rely on the info the app gives (BoI customers), but your average customer is going to be using it at least every other day, if not daily.

garrettod

With regards to the point about putting many of your costs through a credit card, and then clearing the balance (in full) each month :

- its obviously a strict discipline, that not everyone can stick to, and if they don't, it quickly gets expensive, and can become problematic

- for those who have the discipline to do it properly, there's the added benefit of some cash back, if you use the likes of the Avantcard cashback card. I think AIB also do a cashback card, from memory.

The J Stands for Jay

Mr.S wrote: »

Would people really pick a current account based on the app that's provided? ..

When KBC leave Ireland, I'll be specifically avoiding BoI and PTSB because of their apps.

Jim_Hodge

Mr.S wrote: »

Interesting point, out of the Irish providers who has the best app?

AIB?

I still think the majority of people will just go wherever is cheapest, or where they do most of their long-term banking (savings / mortgage)

I'll go where there's the best online options. Current account and savings are in Ulster Bank at present and their website is excellent.
The problem with switching to a new bank is you can't try out the website in advance and are dependant on what others think of it.

athlone573

Jim_Hodge wrote: »

I'll go where there's the best online options. Current account and savings are in Ulster Bank at present and their website is excellent.
The problem with switching to a new bank is you can't try out the website in advance and are dependant on what others think of it.

I would give the AIB app a solid 8 out of 10
My main problem with it is the difficulty of transferring funds to non Irish IBAN's,which currently requires use of the desktop website.

There were some news stories about the Irish banks proposing a new app for easier /quicker transfers but I'm not sure whether this would include all banks or what stage its at.

Jim_Hodge

athlone573 wrote: »

I would give the AIB app a solid 8 out of 10
My main problem with it is the difficulty of transferring funds to non Irish IBAN's,which currently requires use of the desktop website.

There were some news stories about the Irish banks proposing a new app for easier /quicker transfers but I'm not sure whether this would include all banks or what stage its at.

I don't and won't use apps , so the website with AIB may be what I need if ithas all the app has and more. Thanks.

Jim2007

Jim_Hodge wrote: »

I don't and won't use apps , so the website with AIB may be what I need if ithas all the app has and more. Thanks.

What is the logic behind that? Security, features, personal preference?

Jim_Hodge

Y

Jim2007 wrote: »

What is the logic behind that? Security, features, personal preference?

Rarely use a mobile phone as we have no reception at home. Security would be secondary but also a minor concern. And just don't need them.

Jim2007

Jim_Hodge wrote: »

Y

Rarely use a mobile phone as we have no reception at home. Security would be secondary but also a minor concern. And just don't need them.

OK. I use my banking app over the WIFi.

Jim_Hodge

Jim2007 wrote: »

OK. I use my banking app over the WIFi.

You probably don't have a 10 year old phone though.

Ladybird25

Thanks all for your responses on this.

I have AIB bank app because I thought I did not have any other choice with all this new security measures but the thing is that I am not big on banking from my app, I end up doing it from the computer as I find it more straight forward. I have read above that the likes of N26, Revolut are not real banks, anyone knows why's that? Why to use them along another bank is mentioned like ESB?

I cannot remember the last time I went to the bank so I do not really think that would be a big issue for me. I just don't want to be seeing a massive fee coming out of my bank account every three months like they did not do enough money already.

Thanks for your help on this!

The J Stands for Jay

Ladybird25 wrote: »

Thanks all for your responses on this.

I have AIB bank app because I thought I did not have any other choice with all this new security measures but the thing is that I am not big on banking from my app, I end up doing it from the computer as I find it more straight forward. I have read above that the likes of N26, Revolut are not real banks, anyone knows why's that? Why to use them along another bank is mentioned like ESB?

I cannot remember the last time I went to the bank so I do not really think that would be a big issue for me. I just don't want to be seeing a massive fee coming out of my bank account every three months like they did not do enough money already.

Thanks for your help on this!

N26 is a bank, Revolut is not.