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.

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

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.

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

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.

jakdublin · 20-02-2021 8:46pm

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?

I’ve been with EBS over 20 years. I’ve found the in-branch customer service excellent, especially once you get to know the staff. It’s a personal service that’s sadly hard to find anywhere these days, especially in a bank. However, the online experience is like something from the ‘90s. There’s no app and that posting the code when you change phones is causing me serious problems. I’ve moved abroad and couldn’t get them to accept the change of address for about a year, or get them to stop sending out statements to my old address. I finally got the address changed but the post where I am is poor and they won’t send the security code by registered post. I like EBS but I wouldn’t depend on them exclusively.

DaveyDave · 20-02-2021 9:00pm

I'm with KBC. I don't deal with cash and lodging cheques just means a short drive to their Maynooth or Stephen's Green hubs which isn't an issue for how infrequent I do it. Highly recommended for anyone who can lodge €2,000 a month. Customer support is pretty good too.

I use Google Pay a lot. Contactless for something that costs hundreds of euro or not needing to put a card in after 3 taps is great when dealing with person and joint accounts. Handy that you don't need to log into their website to setup a payee and can even scan an IBAN to add someone's account. Just wish you could download statements on the app.

Banking should be easy. I couldn't transfer money from my savings account to someone with PTSB. Had to transfer to my current account then to the person's account. No fingerprint login or Google Pay support when I left them last year. Don't get me started on the constant logging out for "security" and always being down for maintenance. Their support is atrocious too, rude on the phone, took 3 trips back and forth to close a joint account because the person on the phone told me I could do it alone in person, then someone in branch said I needed a letter which then turned out it needed to be headed paper from them, then the person who eventually did it managed to somehow wipe all my girlfriend's personal direct debits...

yabadabado · 20-02-2021 9:32pm

I have a PTSB account that I do majority of my banking with and a BoI a/c that's opened years but isn't much more than a bit of a savings account .I use BoI a/c for a bill or two and a way of building up a few euro but having easy access to it.

I would be lodging over 2k a month and probably only been into a bank about 3 times in the last 3 years.

I was thinking I would close both of my accounts and open one with less fees .
KBC my best bet?

20-02-2021 9:37pm

yabadabado wrote: »

I have a PTSB account that I do majority of my banking with and a BoI a/c that's opened years but isn't much more than a bit of a savings account .I use BoI a/c for a bill or two and a way of building up a few euro but having easy access to it.

I would be lodging over 2k a month and probably only been into a bank about 3 times in the last 3 years.

I was thinking I would close both of my accounts and open one with less fees .
KBC my best bet?

Check out which PTSB account you have. I have a PTSB switch account that has free banking for life, later they realised their big mistake and changed the terms and conditions to allow them introduce fees later, which they have since done. But on my switch account they can never charge fees. Their tech is pretty poor, the app is only okay and they haven't introduced Google pay yet but I'm using Curve to get that

ari101 · 20-02-2021 9:45pm

+1 for KBC if you have 2k to lodge a month - this can be achieved by transferring in and out funds.
They also do cash back on their credit mastercard, I think it's 1% (I get a few euro back on money I'd be spending anyway and I clear it each month).
The extra regular savings rate was better than most on the market, but it's dropped a lot in the last year, not sure if anyone has a decent rate now though.

I keep an N26 basic free account for fx spending to avoid translation fees.

yabadabado · 20-02-2021 9:46pm

[Deleted User] wrote: »

Check out which PTSB account you have. I have a PTSB switch account that has free banking for life, later they realised their big mistake and changed the terms and conditions to allow them introduce fees later, which they have since done. But on my switch account they can never charge fees. Their tech is pretty poor, the app is only okay and they haven't introduced Google pay yet but I'm using Curve to get that

I don't see any fees on my account and it is a switch account , probably as well to stick with that and maybe just close BoI account.

Indestructable · 20-02-2021 9:50pm

KBC with a Credit Union account for cash/cheque is a winning and free combo.

lau1247 · 20-02-2021 9:57pm

blackbox wrote: »

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

PTSB OAP account is for over 60's with free banking. Worth to use.

lau1247 · 20-02-2021 10:14pm

One that not many people think about but I'm thinking of doing it in a few years time (curious if people can pick any holes or flaws out of this plan?).

As some may know, people with AIB get free banking as long as you have mortgage with them. Let's say you have a 30 years mortgage. The premise is that you made lots of overpayment and say you almost have it cleared off on year 15 (or whenever). You reduce principal and maintain the term the same.

You can over pay until you owe say for example 5 euro and let the remainder run for the remaining 15 years (or whatever is left). Interest on the 5 euro mortgage is practically negligible over the remaining term.

Essentially you have 'free' banking until you reach retirement age (for most people their mortgage terms goes up to retirement age). Then switch to OAP account.

Well, do you think this will work?

mamaz · 20-02-2021 11:49pm

Gumbo wrote: »

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!

I have an N26 account and I can't see for the life of me why I wouldn't use it for my day to day when I get out of my free Third Level account in a year or so. Once Apple Pay is accepted it doesn't bother me at all once I don't get charged to use my own money

TheDriver · 20-02-2021 11:52pm

lau1247 wrote: »

One that not many people think about but I'm thinking of doing it in a few years time (curious if people can pick any holes or flaws out of this plan?).

As some may know, people with AIB get free banking as long as you have mortgage with them. Let's say you have a 30 years mortgage. The premise is that you made lots of overpayment and say you almost have it cleared off on year 15 (or whenever). You reduce principal and maintain the term the same.

You can over pay until you owe say for example 5 euro and let the remainder run for the remaining 15 years (or whatever is left). Interest on the 5 euro mortgage is practically negligible over the remaining term.

Essentially you have 'free' banking until you reach retirement age (for most people their mortgage terms goes up to retirement age). Then switch to OAP account.

Well, do you think this will work?

Great idea except the life assurance must still be paid which is probably more than the fees

Sheep Shagger · 21-02-2021 12:18am

TheDriver wrote: »

Great idea except the life assurance must still be paid which is probably more than the fees

You also can't get the deeds for your house from the bank until the mortgage is fully discharged/paid off.

lau1247 · 21-02-2021 1:00am

TheDriver wrote: »

Great idea except the life assurance must still be paid which is probably more than the fees

That is true, good thinking. That would be the caveat that I forgot.

I'm on dual life level term mortgage protection (technically it is a form of life insurance, rather than mortgage protection I think). I intend to see it through the whole way anyway even after clearing mortgage normally, just due to the way the insurance work.

From insurance side, there is payout for each death and the amount is the full initial mortgage amount on each payout. Monthly repayment for insurance is very small compared to the potential chances of death (about €31 euro). To me it is a no brainer as an extra form of cheap life insurance for the remainder of my mortgage term after mortgage is cleared. The insurance doesn't end until either I stop paying or the term finish.

Maybe this would really only work for people with similar circumstances as mine.

TheDriver · 21-02-2021 1:11am

lau1247 wrote: »

That is true, good thinking. That would be the caveat that I forgot.

I'm on dual life level term mortgage protection (technically it is a form of life insurance, rather than mortgage protection I think). I intend to see it through the whole way anyway even after clearing mortgage normally, just due to the way the insurance work.

From insurance side, there is payout for each death and the amount is the full initial mortgage amount on each payout. Monthly repayment for insurance is very small compared to the potential chances of death (about €31 euro). To me it is a no brainer as an extra form of cheap life insurance for the remainder of my mortgage term after mortgage is cleared. The insurance doesn't end until either I stop paying or the term finish.

Maybe this would really only work for people with similar circumstances as mine.

I didn't realise that, are you sure it's the initial amount? I thought it was just the remainder.

lau1247 · 21-02-2021 1:35am

TheDriver wrote: »

I didn't realise that, are you sure it's the initial amount? I thought it was just the remainder.

Yeah, level term makes the amount constant throughout the term of the insurance. (Remember it is technically a life insurance, which is not advertised in the mortgage protection section but essentially has the same feature that can be used for mortgage protection purpose)

Most people just buy the most basic 'joint' (single payout for couple) 'reducing' term where the value of payout drop with the mortgage balance as it goes along. That is because it is the cheapest. Or they either was not aware of the existence of the option.

In my case the joint reducing option quoted at the time was about €18 per month. Comparing to the non reducing one being about just €13 extra at €31, yet the potential value in return is so much more. It was worth it IMO

lau1247 · 21-02-2021 1:41am

TheDriver wrote: »

I didn't realise that, are you sure it's the initial amount? I thought it was just the remainder.

Here is the reference from CCPC site

https://www.ccpc.ie/consumers/money/insurance/mortgage-protection-insurance/

wrote:

Level Term policy: The amount you are insured for and the premium you pay remains level. This gives you the same amount of cover throughout the term of the mortgage. If you die before your mortgage is paid off, the insurance company will pay out the original insured amount. This will pay off the mortgage and any remaining balance will go to your estate.

CoBo55 · 21-02-2021 2:02am

[Deleted User] wrote: »

Anyone over the age of 50

That's a ridiculous post to make and to make it worse you got two likes for it. Must be quiet over on Reddit...

Yyhhuuu · 21-02-2021 4:07am

yabadabado wrote: »

I have a PTSB account that I do majority of my banking with and a BoI a/c that's opened years but isn't much more than a bit of a savings account .I use BoI a/c for a bill or two and a way of building up a few euro but having easy access to it.

I would be lodging over 2k a month and probably only been into a bank about 3 times in the last 3 years.

I was thinking I would close both of my accounts and open one with less fees .
KBC my best bet?

Yes I would recommend KBC if you lodge > 2k per month. Their app is quite good. Their staff answering the phones are courteous and polished and helpful just like Bank of Ireland's staff who I dealt with. Obviously KBC alone isn't for you if you lodge cash.

As regards PTSB, I personally would be reluctant to deal with them due to a bad experiences in branch and on the phone.

EBS branches offer a personal service, with helpful teller staff. Free Current account AT PRESENT. No mobile App. If you're old fashioned and really dont use internet banking ( or are willing to put up with a mediocre internet banking service to say the least) then I would recommend E.B.S. as it's free at present and accepts cash and cheque lodgements.

21-02-2021 4:21am

I switched to KBC last year and did the whole €2k a month think for a months and then stopped, weirdly I haven't noticed any extra charges, I presume they save them until the end of the year or my account has slipped past their radar?

AlmightyCushion · 21-02-2021 4:28am

Deleted User wrote: »

I switched to KBC last year and did the whole €2k a month think for a months and then stopped, weirdly I haven't noticed any extra charges, I presume they save them until the end of the year or my account has slipped past their radar?

I think charges are meant to be per quarter in that case. I could be wrong though. I remember a few years ago I was pretty sure I didn't do the €2500 lodgement for a few months (it was 2500 back then). I didn't get charged for it either.

Avoiding Bank Fees & Charges

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