Avoiding Bank Fees & Charges

Muahahaha · 19-02-2021 3:16pm #1

This wont be for everyone but might be handy for the 1.1 milllion Ulster Bank customers who are going to have to find a new bank.

I switched bank a couple of months back from Ulster to EBS. Ulster went and increased their fees back in November and I was already tired of their monthly maintenance fees and various other charges so I had a look around the market. This comparison page from the Consumer Protection Commission is invaluable for comparing bank account charges across all the main banks
https://www.ccpc.ie/consumers/money-tools/current-account-comparison/

BOI & PTSB charge 72 euro a year just to have an account open, AIB are cheaper but then they have a raft of other charges for transactions like direct debits or withdrawing cash. Between all of them most people will pay about 90-120 euro a year in banking charges.

Out of all the retail banks the only one that doesnt charge monthly/quarterly fees and transaction charges is EBS with their Money Manager Account. Its free to have an account and theres no transaction charges for direct debits, standing orders, cash withdrawals, etc.

Admittedly EBSs online offering isnt as good as the other main banks and they dont yet support Apple/Google Pay. Plus they dont have as many physical branches. But if thats something you can live with then they'll save you about 100+ euro a year compared to the other main banks.

Detailed info on switching bank accounts is here. It is not pain free but the system allows for your direct debits to be transferred. The important part is choosing a good switching date so direct debits dont get missed and informing your employer. https://www.ccpc.ie/consumers/money/banking/switching-accounts/

Finally just to be clear Ulster Bank are withdrawing from the market but it is going to be phased over a number of years. Your account wont just be shuttered immediately and you'll get plenty of notice. However given account holders are going to have to switch anyway staying with Ulster now is only going to cost you money when theres a viable free option available with EBS.

TheDriver · 19-02-2021 3:25pm

It's something we as Irish are very poor at doing. Banking fees need to be scrutinized regularly. AIB don't charge for contactless at moment but they do charge for Chip and Pin so when the shop says "oh, the machine isn't working, will you pop the card in" then it's charge time for AIB.

On a mod note, please don't go into a banking discussion. This is about fees and charges and how people can save. Or where it's costing money unnecessarily. Anything else is for the banking forum

StonedRaider · 19-02-2021 3:41pm

It's still free with AIB if you have a mortgage with them.
A lot of Ulster mortgages would be taken over by AIB when the time comes.
Never paid any bank fees going on 18 years now

dulpit · 19-02-2021 4:00pm

I'm with KBC. Fee free banking across the board, provided you lodge €2k per month. App is good, google pay & apple pay supported. Ballache if you need to deposit cash or cheques though.

jonerkinsella · 19-02-2021 4:03pm

I'm on a Money Manager account with EBS for the last 5ish years.
I'm not sure if its still the same, but when I opened the account first, I needed to leave a balance of €500 p/m in to maintain free banking for the month period. It is free to withdraw cash at digital cashback points and I am allowed three free bank machine withdrawals a month... at least that was the rules when I signed up.
There are limitations on the account like, the EBS card can't be used with Google pay, but just link it through Revolut. The payments into this account can sometimes take a little longer than main banks, but it always gets there. Only three direct debits per month are free. These conditions may have changed since I set it up, but its never impacted me, so I don't notice.

I've been very happy with my account. It saves me money, and sure that's what its all about... for me anyway.

downtheroad · 19-02-2021 4:03pm

I'm with PTSB. There is a €6 monthly charge however they give me back 10cent up to a max of €5 every time I use my card (including to top up Revolut). Also get 2% back on my payments to SSE. Net result is free banking each month, or actually im coming out with more than they charge me.

[Deleted User] · 19-02-2021 4:06pm

dulpit wrote: »

I'm with KBC. Fee free banking across the board, provided you lodge €2k per month. App is good, google pay & apple pay supported. Ballache if you need to deposit cash or cheques though.

I’ve KBC and also EBS for that very reason

zell12 · 19-02-2021 4:50pm

If people are on a minimum income with no other a/c, they can opt for a free basic bank account
If the total amount lodged into the account within the year is less than €20,686pa

MadDogGreener · 19-02-2021 5:07pm

If anyone is holding off on EBS (or any bank) because of lack of google pay / apple then have a look at https://www.curve.com/. I use it for cards for that dont support google pay (PTSB + Avantcard creditcard). It also supports garmin pay so I've the same cards on my watch.

Plenty of referral codes available. And no cost to use. So definitely worth a look.

ted1 · 19-02-2021 5:23pm

Or use N26

loki7777 · 19-02-2021 5:47pm

We are with them for the last 2 or so years since ptsb introduced stupid charges or keep 2k€ every month in the account - don't like the cashback offer as not using the card too often.
They are in many things like BOI 10 years ago - till last year to make a bank transfer and add a person you had to ring them every time. Now it is done by app but you have to wait 24h for verification - even call to help center won't speed it up.
Contactless payment is now on all new cards with them.
Other then that it is grand and free.

Gumbo · 19-02-2021 8:09pm

ted1 wrote: »

Or use N26

I’m N26 for my day to day stuff since it opened.

I use Revolut as my “fun account”, paying for Amazon, buying their stocks/crypto and for using when away the weekends when we used to be able to do that!

J2CVC · 19-02-2021 9:26pm

Hard to beat the KBC offer. Yes you have to deposit 2k a month but even if you don't meet it with income you can transfer between it and Revolut to make it up. Free banking and the app is one of the best.

EBS is a decent offering but the app and customer service lags behind. Do you still have to get them to post you a new code if you reset or change your phone?

loki7777 · 19-02-2021 9:29pm

J2CVC wrote: »

Hard to beat the KBC offer. Yes you have to deposit 2k a month but even if you don't meet it with income you can transfer between it and Revolut to make it up. Free banking and the app is one of the best.

EBS is a decent offering but the app and customer service lags behind. Do you still have to get them to post you a new code if you reset or change your phone?

Yes You still have to;)

mydiscworld · 19-02-2021 9:50pm

https://www.moneyguideireland.com/alternatives-for-ulster-bank-customers.html

Money Guide Ireland have a page detailing Current Account options here

[Deleted User] · 19-02-2021 9:53pm

Who in this day and age would put up with a bank without an app or any modern features?

Nigel Fairservice · 20-02-2021 2:17am

dulpit wrote: »

I'm with KBC. Fee free banking across the board, provided you lodge €2k per month. App is good, google pay & apple pay supported. Ballache if you need to deposit cash or cheques though.

I have a KBC account and just use my local credit union if I need to deposit cash or cheques. I have my KBC account set up as a payee on my credit union app and just transfer the money that way.

[Deleted User] · 20-02-2021 8:35am

[Deleted User] wrote: »

Who in this day and age would put up with a bank without an app or any modern features?

Anyone over the age of 50

[Deleted User] · 20-02-2021 9:31am

[Deleted User] wrote: »

Anyone over the age of 50

My mother is in her late 60s she uses the app and online transactions all the time. I think she even has Google pay setup for covid times

I'm 47 and couldn't live without those features

Buddy Bubs · 20-02-2021 9:44am

[Deleted User] wrote: »

Anyone over the age of 50

You've undershot by 25 to 30 years there. Work with plenty of over 50s, some over 60s, and if something is beneficial to them they'll get it and use it.
Don't go in for a load of fads and glued to phones like the younger folk but will use apps that make life convenient for them. My parents are 66 and 67 and use them all the time.

corcaigh07 · 20-02-2021 9:55am

Free banking with AIB if you have more than 2.5k in your account at all times for each quarter.

EBS are great for a secondary account though like savings or a joint account.

daheff · 20-02-2021 10:00am

corcaigh07 wrote: »

Free banking with AIB if you have more than 2.5k in your account at all times for each quarter.
.

Great news if your card gets skimmed...robbers have access to a lot of cash then. I still am gobsmacked that Banks insist on this for free banking.... leaving large amounts on a current account.

Even if they set up a secondary account you can't access via debit card it would be a safer idea.

shanec1928 · 20-02-2021 10:57am

corcaigh07 wrote: »

Free banking with AIB if you have more than 2.5k in your account at all times for each quarter.

they removed that last year I thought?

On the EBS account

Pros

Free banking

Cons

Stupid sign up system, will require two visits to the branch.
Website is awful with no features.
Multi factor authentication is the worst I’ve ever seen usually takes two goes to get into your account.
Limited opening hours in branch’s if you need to change address you have to go into the branch can’t be done online. This is extremely inconvenient if it’s a joint account.

I’d go with KBC if possible and that’s someone who has an account with both.

corcaigh07 · 20-02-2021 1:23pm

shanec1928 wrote: »

they removed that last year I thought?

On the EBS account

Pros

Free banking

Cons

Stupid sign up system, will require two visits to the branch.
Website is awful with no features.
Multi factor authentication is the worst I’ve ever seen usually takes two goes to get into your account.
Limited opening hours in branch’s if you need to change address you have to go into the branch can’t be done online. This is extremely inconvenient if it’s a joint account.

I’d go with KBC if possible and that’s someone who has an account with both.

They were going to remove the 2.5k free banking and add 1c for contactless but got so much backlash, they went back on it (for now).

corcaigh07 · 20-02-2021 1:27pm

One more con for EBS, their cards come from Norway, I'm still waiting on a new card that expired end of Jan.

At least it'll have contactless this time

Skid X · 20-02-2021 1:33pm

corcaigh07 wrote: »

They were going to remove the 2.5k free banking and add 1c for contactless but got so much backlash, they went back on it (for now).

No, the AIB 2500 exemption is gone

https://aib.ie/help-and-guidance/personal-current-account-fee-changes-faqs

We will continue to provide contactless transactions free of charge to all our personal customers.

Previously we waived account maintenance and transaction fees for customers who kept a minimum daily balance of €2,500 in their account throughout the fee quarter. However, from 28 November 2020, regardless of the minimum daily balance maintained throughout the fee quarter, we are going to start applying these fees which will be charged quarterly from 29 March 2021.

dowtchaboy · 20-02-2021 1:58pm

Anybody over 60 can have a "Golden Years" account with Bank of Ireland. It's amazing how few know about it - I had to really badger my siblings into getting theirs. If you have an account with BofI you just tell them you want the Golden Years and it happens - nothing changes about the account except that the words Golden Years appears on the statement and all the charges go away - no per-transaction charge, no quarterly charge, no sterling cheque clearance fee, nada. OK there's the usual Govt duty on cards, and if you want to do something oddball like foreign currency drafts etc there are fees.

BofI have finally got into GooglePay - I use it all the time now at groceries, filling stations. Was a little bit of messing to get it up and running, with text messages that refused to send, but it got sorted by real live Irish customer support people.

They do take a day or so to transfer electronically - I understand that will soon be sorted with this new multi-Bank payment initiative?

I am a bit worried that they will sell off the ATM network and so there will be ATM fees - on the other hand I use cash so little these days maybe that's a minor concern.

corcaigh07 · 20-02-2021 2:27pm

Skid X wrote: »

No, the AIB 2500 exemption is gone

https://aib.ie/help-and-guidance/personal-current-account-fee-changes-faqs

They did go back on it initially but looks like they sneaked the 2,5k thing back in. I do have a Student account (for over 20 years!) though might be different.

Thanks for sharing.

Ten Pin · 20-02-2021 2:30pm

Be aware that EBS are implementing SCA for online debit card transactions from 22 March. Apparently it only works via an app (separate from the log in app). It needs Android 6 minimum.

Here is what you need to do:
1. Download this EBS CardManager app.
2. Open the EBS CardManager app. You will be prompted on screen to enter your date of birth and your mobile number.
3. We will then ask you to authenticate your mobile phone by ringing our customer care number displayed on screen and providing a code word sent to your phone. A member of our customer care team will ask you to read this code word out, and this will authenticate your phone. This will link your phone and the app to your EBS debit card.

Once you have set this up your SCA, you won’t have to do it again and you can continue to shop online securely using the app to authenticate your purchases.

https://play.google.com/store/apps/details?id=com.evry.android.cardcompanion.ebs

Quackster · 20-02-2021 2:37pm

jonerkinsella wrote: »

I'm on a Money Manager account with EBS for the last 5ish years.
I'm not sure if its still the same, but when I opened the account first, I needed to leave a balance of €500 p/m in to maintain free banking for the month period. It is free to withdraw cash at digital cashback points and I am allowed three free bank machine withdrawals a month... at least that was the rules when I signed up.
There are limitations on the account like, the EBS card can't be used with Google pay, but just link it through Revolut. The payments into this account can sometimes take a little longer than main banks, but it always gets there. Only three direct debits per month are free. These conditions may have changed since I set it up, but its never impacted me, so I don't notice.

I've been very happy with my account. It saves me money, and sure that's what its all about... for me anyway.

Much handier to link your EBS card to Curve to avail of Google & Apple Pay and free ATM withdrawals. No topping up involved, your Curve card functions as if it were your EBS card.

Edit: The €500 minimum balance requirement is gone a good few years now.

blackbox · 20-02-2021 2:45pm

dowtchaboy wrote: »

Anybody over 60 can have a "Golden Years" account with Bank of Ireland. It's amazing how few know about it - I had to really badger my siblings into getting theirs. If you have an account with BofI you just tell them you want the Golden Years and it happens - nothing changes about the account except that the words Golden Years appears on the statement and all the charges go away - no per-transaction charge, no quarterly charge, no sterling cheque clearance fee, nada. OK there's the usual Govt duty on cards, and if you want to do something oddball like foreign currency drafts etc there are fees.
.

According to their website you have to be over 66. Same for AIB.

Avoiding Bank Fees & Charges

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