Switching to An Post Bank

Beau

Hi,

Has anyone switched to An Post for banking? It's not obvious from their website if they offer a switching service. I wouldn't fancy switching if I have to move my mortgage and all my bills manually.

Thanks

Dempo1

https://www.boards.ie/discussion/2058216798/switching-to-an-post-bank

I have although not fully as waiting for KBC winding down. My understanding is they do not offer this service, why not, I can't explain but it would seem under central banks code of conduct re switching accounts , An Post are obliged to offer this service and indeed advertise this fact on their website, I can not see any info on their website.

Others with more banking expertise might be able to shed more light on this.

AngryLips

Isn't it because they're technically not registered as a bank?

Dempo1

https://www.boards.ie/discussion/comment/118130563#Comment_118130563

Not at all sure but if offering a current account in the state, according to central bank they are obliged to offer switching service. N26 don't offer this service either, perhaps its because they are Not physically based here, albeit they do offer current accounts 🤔

Avoid, have just left. Have a look at their customer service reviews. Post Office staff have nothing to do with the bank at all.

Really the worst business interactions in my life with this company, please pick any other option.

Dempo1

https://www.boards.ie/discussion/comment/118130738#Comment_118130738

I've personally not had any problems myself , admittedly their customer care haven't quite grasped the concept of replying to emails but in fairness, the new updated app very good , Post Office staff we're never part of an post bank, they only process lodgements and withdrawals, in the same way they do for AIB and now BOI, an post money is essentially operating like N26 , Completely online.

AngryLips

https://www.boards.ie/discussion/comment/118130639#Comment_118130639

I don't think they hold a banking license ...that's maybe the difference here.

Dempo1

https://www.boards.ie/discussion/comment/118132100#Comment_118132100

A, that would make sense 😏

Furze99

https://www.boards.ie/discussion/comment/118130738#Comment_118130738

Inclined to agree. An Post should stick to their core activity, collecting and delivering post. They operate a State Savings scheme I think on behalf of the state which works fairly well.

Anything else they do is either way overpriced and the staff seem to know little. It can be impossible to get a reply from An Post in relation to anything.

jrmb

I had the An Post current account for a few months but I wouldn't recommend it. People associate it with State Savings because it's offered by An Post, but it's a separate offering. An Post isn't part of the cheque clearing system, so there can be a long wait until a cheque lodgement becomes accessible money. They're also not part of the deposit guarantee because it's a payment account (like Revolut), rather than a bank. I like it as an idea, but it's not really an alternative to a mainstream current account, like the post office banks in other countries.

Beau

https://www.boards.ie/discussion/comment/118132156#Comment_118132156

Thanks for this. To be honest I was only going to switch for their new app, I like the idea of the piggy banks where you can effectivity envelop money away for specific things - like revoluts vaults. I didn't realise they weren't part of the guarantee scheme which was the only reason I was going to go with them over revolut.

vandriver

https://www.boards.ie/discussion/comment/118134664#Comment_118134664

Of all the things to worry about in this life An Post defaulting and you losing your money must be very,very far down the list.

Beau

https://www.boards.ie/discussion/comment/118134683#Comment_118134683

Fair point 😂

Wheety

https://www.boards.ie/discussion/comment/118134664#Comment_118134664

Do you need a physical bank? N26 have spaces. You have the your current account and 2 spaces with the free account. They now have spare change rounding, like Revolut with the extra going into a space.

I have a credit union account if I ever need to lodge cash or cheque but haven't needed to so far.

Beau

https://www.boards.ie/discussion/comment/118134818#Comment_118134818

Yeah, I have n26 but they don't do joint accounts. I could get my wife to sign up but we'd both need to pay for the smart account for the spaces to work.

AngryLips

https://www.boards.ie/discussion/comment/118130831#Comment_118130831

Does the new app give you notifications for debits from your account in the same way Revolut does?

Dempo1

https://www.boards.ie/discussion/comment/118135123#Comment_118135123

I can't say for sure as I've not set up direct debits yet, but you get notifications when spending/ using debit card etc and for any lodgements, (sorry, should have been clearer), this said, the 1st €5 maintainence fee was taken last Friday and no notification, perhaps as its not a DD as such, maybe no notification so to speak

Timfy

Avoid! No dedicated IE / An Post helpdesk staff, issues with some financial institutions as they are not technically a bank but a "Financial Services Provider" and for the icing on the cake, our account was cleared out not long after transferring over, apparently using our new card that had never been used. We did eventually get our money back but lesson learned.

Better the devil you know!

Wheety

https://www.boards.ie/discussion/comment/118135290#Comment_118135290

We had a bank account cleared out before with a card we never used before too. Makes you think how they got the details.

jrmb

https://www.boards.ie/discussion/comment/118134818#Comment_118134818

I'm with N26 and I love it. They're covered by the deposit guarantee scheme in Germany, so my funds are as secure as they would be in an Irish bank.