BOI Alternatives-New Charges

22-08-2020 2:42pm

McGaggs wrote: »

KBC don't require a balance, just a minimum value of payments into the account in the month

It’s a similar concept though.

The J Stands for Jay · 22-08-2020 2:43pm

Delta2113 wrote: »

@Hollybeg - I would recommend FREE EBS Money Manager account and then just use it to top up Revolut.

You then have the best off both worlds.

Or just use N26 and have no messing about topping up cards

lawred2 · 22-08-2020 2:54pm

JTMan wrote: »

No limit on ATM withdrawals with KBC Extra.

there is always a daily ATM withdrawal limit but it's something like €600/700

coylemj · 22-08-2020 3:10pm

I'll be interested to know what happens after you use the BoI card five times via Google Pay. It used to p**s me off when the POS machine rejected a tap and I had to insert it into the machine because apart from the inconvenience, it jacked the charge up from 1c to 10c.

I was assured by a call agent that this would only happen after my aggregate contactless purchases with the BoI Visa card reached €150 but that was BS. Five small purchases amounting to no more than a total of €50 and they wanted the PIN :mad:

Yyhhuuu · 22-08-2020 3:36pm

adox wrote: »

It also doesn’t mean you definitely won’t either, as you previously stated.

Either way I would hold large amounts in Revolut but do use it the most.

You would or you wouldnt hold large sums on Revolut?

Was this a typographical error on your part?

If your answer is in the affirmative then you are very brave when no bank guarantee...

22-08-2020 3:37pm

Yyhhuuu wrote: »

You would or you wouldnt hold large sums on Revolut?

Was this a typographical error on your part?

If your answer is in the affirmative then you are foolish in the extreme when no bank guarantee...

I would have no issue holding sums in Revolut and I do from time to time and always have mid to high 100’s in my balance as it’s my main bank account for all my spending. I have reasonably large sum of money in Nexo earning very nice interest which while I don’t consider it risky I’d still see it as riskier than Revolut.

adox · 22-08-2020 3:48pm

Yyhhuuu wrote: »

You would or you wouldnt hold large sums on Revolut?

Was this a typographical error on your part?

If your answer is in the affirmative then you are very brave when no bank guarantee...

Yeah typo on my part. Wouldn't.

CertifiedSimp · 22-08-2020 8:41pm

CageWager wrote: »

Unpopular opinion but €6 per month is hardly a rip off to maintain a bank account, its not much more than the price of a pint. Like paying for water, people in this country flip out at the thought of paying for their bank account because traditionally it was always free but it’s a service and it costs money to provide.

I use N26 and Revolut but I don’t fully trust them larger sums of money and although I am cashless day to day I still want to avail of my BOI branch to lodge cash/cheques when I get them. IMO an extra €52 per year on top of what I was paying for a debit card, online banking, a local branch network etc. is a small price to pay. Sure, I could move to EBS but theres no guarantee they won’t start charging for current accounts and then I’m back to square one. Better the devil you know.

How many people use branches anymore?

Majority of us don't deal in checks or cash anymore.

They could have even offered different levels of membership.

Yyhhuuu · 22-08-2020 10:31pm

CHEQUES are so outdated.

Delta2113 · 23-08-2020 12:08am

McGaggs wrote: »

Or just use N26 and have no messing about topping up cards

- You still need EBS if you wanted to lodge a cheque for example.

Yyhhuuu · 23-08-2020 12:31am

Would anybody recommend EBS current account? I was thinking of them and closing BOI Current account after decades . I wont require Google pay and I hope their online banking is accessible from a smartphone although they dont have an app. I have money credited to my BOI demand deposit accounts and hope to close my BOI current account and set up the new EBS current account as a payee on my Bank of Ireland online demand deposit account. I assume BOI will allow a 3rd bank account to be a payee on its online demand deposit accounts otherwise I will have to close my BOI online demand deposit accounts also.

The J Stands for Jay · 23-08-2020 9:18am

Delta2113 wrote: »

- You still need EBS if you wanted to lodge a cheque for example.

Nobody wants to lodge a cheque. Just have the payment made by bank transfer.

Delta2113 · 23-08-2020 9:45am

McGaggs wrote: »

Nobody wants to lodge a cheque. Just have the payment made by bank transfer.

-Really? - So the cheques State Savings send out to me every year for Interest payment on my Savings Certificates I should just tear them up and throw in the bin or that house Insurance overcharge refund from Alliance I once got.

People still occasionally get cheques.

Another example - yes a few years ago Irish Water sent out cheques.

Jim2007 · 23-08-2020 9:54am

Yyhhuuu wrote: »

CHEQUES are so outdated.

In European terms they are pretty well extinct outside of the British Isles!

23-08-2020 9:58am

McGaggs wrote: »

Nobody wants to lodge a cheque. Just have the payment made by bank transfer.

Cheques are still very common in some areas. The majority of our farm transactions are by cheque.

Also even in day to day stuff a lot still use them, I’d say about 40 people gave us our wedding gift as a cheque. Also the covid refund from my insurance came by cheque as have other refunds I have gotten and loads of other random stuff. I still handle loads of cheques.

The J Stands for Jay · 23-08-2020 11:09am

Delta2113 wrote: »

-Really? - So the cheques State Savings send out to me every year for Interest payment on my Savings Certificates I should just tear them up and throw in the bin or that house Insurance overcharge refund from Alliance I once got.

People still occasionally get cheques.

Another example - yes a few years ago Irish Water sent out cheques.

I got a cheque for overcharging sent by VHI. I had them pay it by bank transfer. I got Irish water to repay by bank transfer. I avoid state savings because of their use of cheques (and their current terrible rates).

Delta2113 · 23-08-2020 11:21am

For a 5 year term State Savings are still the highest rate and on a personal level yes I would prefer they did a bank transfer but they don't and rather than having to contact company's each time to cancel a cheque it be easier to have a FREE EBS account ready to take any lodgement.

Although I moved my Current account from BOI to PTSB I held onto a BOI savings account and I use that to lodge cheques via a LATM which is very handy and it's FREE.

Nobody and I mean nobody should be paying bank charges for Current Accounts.

jack_frost_09 · 23-08-2020 11:27am

Islander13 wrote: »

This is completely incorrect, banks lose money on cash these days given negative ECB rates.

Fair enough to charge for a service given same

On the flip side, please also bear in mind that all the mortgage lending (where they make a killing on interest rates to compensate themselves for the previous "wisdom" of tracker rates), is done on the back of our deposits! No deposits...no lending...no interest income!

Yourmama · 23-08-2020 11:46am

GarIT wrote:

I've added in a could to be exact. I can't understand why anyone chooses Revolute over N26, I have both and keep an almost 0 balance in Revolut until I need to use a disposable card.

I'm quite opposite. Have both and was surprised how limited N26 Is and abandoned it immediately. Revolut is far superior.

Jim2007 · 23-08-2020 4:58pm

jack_frost_09 wrote: »

On the flip side, please also bear in mind that all the mortgage lending (where they make a killing on interest rates to compensate themselves for the previous "wisdom" of tracker rates), is done on the back of our deposits! No deposits...no lending...no interest income!

Not true. Most mortgage lending is done on the basis of securitisation, you can't match short term deposits with long term lending, it just does not work. Deposits do not it in the impact a bank's ability to lend, its T1 ratio and its ability to use securitisation to off load balance sheet debt is what counts.

jack_frost_09 · 23-08-2020 6:01pm

Jim2007 wrote: »

Not true. Most mortgage lending is done on the basis of securitisation, you can't match short term deposits with long term lending, it just does not work. Deposits do not it in the impact a bank's ability to lend, its T1 ratio and its ability to use securitisation to off load balance sheet debt is what counts.

Thanks for the observation. Perhaps we're going off the thread topic here a little but I'm not sure that one could state "not true" as you have above. Yes securitisation is a form of funding but first you need to ask where do the loans that back these securitisations come from? Securitised notes are issued off the back of lending in the form of mortgages or other loans that in the first instance require a sticky deposit base i.e. consumers current accounts and long-term savings accounts for banks to lend on the back of.

While you state that "you can't match short term deposits with long term lending" that is only true to the extent where deposits are actually short term. In reality however, the majority of all deposits in the form of current accounts and savings accounts are assumed by banks to be long term with only minor fluctuations in the aggregate. This is the assumption made by banks that allow them to function as they do.

jeffk · 24-08-2020 9:00am

Would it be a good idea for a mod to edit my post into a poll so people can vote whats the best alternative/s

Im kinda thinking its keep credit card and/or savings with BOI, then KBC or EBS seems to be the choice, but not sure

I know we have till almost December, so be handy to guide for people as the time draws newer

Jim2007 · 24-08-2020 2:01pm

jack_frost_09 wrote: »

In reality however, the majority of all deposits in the form of current accounts and savings accounts are assumed by banks to be long term with only minor fluctuations in the aggregate. This is the assumption made by banks that allow them to function as they do.

Certainly not and I've been in the room when those kind of decisions were being made, although not at an Irish bank.

Sconsey · 24-08-2020 8:44pm

adox wrote: »

It’s plain maths for me. Whether they need to make the charges or not is a side issue.
I’m currently paying €20 a year for the account and they are raising that charge to €72 a year. That’s over a 350% increase!

I can get the same service(or better)elsewhere for less or for free. From a financial point of view it makes zero sense for me to stay with the bank.

Well Said. Same as above, going from €20 to €72 is bad but the absolute nonsense of an excuse they gave was the limit. I never found the pricing structure confusing, thanks for making it easier for me by paying multiples of my previous charges.

Have investigated switching and it is not going to be as much hassle as I thought, in fact the biggest pain for me will be dealing with my companies payroll.

Spanish Eyes · 24-08-2020 8:49pm

Feckers the lot of them.

There is no solution to this gouging for us giving them the privilege of banking with them. Disgusted from Tunbridge Wells. LOL.

listermint · 24-08-2020 8:55pm

Why are people leaving 3k sitting in a current account to save a couple of euro.... Surely putting it somewhere else would make you a couple of euro .

Not making excuses for boi but make sure do your maths on this. There isn't free banking anywhere anymore even revolut and n26 have paid models.

Research fully your charges with any bank. Rather than reactionary stuff like outrage.

24-08-2020 8:57pm

Jim2007 wrote: »

Really, dig out a set of their accounts and demonstrate with actual facts, rather than here say.

The reality is that banks have managed to turn themselves into a commodity industry and in a commodity industry you can't afford to give stuff a way for free.

We're just waiting for the consolidation to start... and once that happens fees will starts fees will start climbing big time.

People will just move to free options, KBC, EBS, Revolut, N26 etc etc. People won’t accept paying for something that should be free, in fact something that should be paying us through proper interest rates on savings.

cullenswood · 24-08-2020 9:01pm

listermint wrote: »

Why are people leaving 3k sitting in a current account to save a couple of euro.... Surely putting it somewhere else would make you a couple of euro .

Not making excuses for boi but make sure do your maths on this. There isn't free banking anywhere anymore even revolut and n26 have paid models.

Research fully your charges with any bank. Rather than reactionary stuff like outrage.

Because if the €3,000 sitting in the account meant you avoided annual charges of €72 that's a 2.4% return

adox · 24-08-2020 9:13pm

listermint wrote: »

Why are people leaving 3k sitting in a current account to save a couple of euro.... Surely putting it somewhere else would make you a couple of euro .

Not making excuses for boi but make sure do your maths on this. There isn't free banking anywhere anymore even revolut and n26 have paid models.

Research fully your charges with any bank. Rather than reactionary stuff like outrage.

And Revolut and N26 also have free banking.

KBC offer free banking if you deposit 2k into the account monthly. A lot of people getting their wage in there would cover it alone.

I’m sure most will or already have researched the charges. Many are looking for alternatives here. The change doesn’t take place until November.

BOI also offer one of the most outdated apps there is on the market at the moment.

listermint · 24-08-2020 9:15pm

cullenswood wrote: »

Because if the €3,000 sitting in the account meant you avoided annual charges of €72 that's a 2.4% return

The 6 per month flat rate is new.

listermint · 24-08-2020 9:17pm

adox wrote: »

And Revolut and N26 also have free banking.

KBC offer free banking if you deposit 2k into the account monthly. A lot of people getting their wage in there would cover it alone.

I’m sure most will or already have researched the charges. Many are looking for alternatives here. The change doesn’t take place until November.

BOI also offer one of the most outdated apps there is on the market at the moment.

Completely unfair tbh. You can't bank fully free in revolut or n26 without incurring fees. Most folks had a mix of traditional bank and fintech ones for freer experience. If your putting lock stock and barrel into them youd pay for the experience or you hit limits.

Again I'm not defending boi.

And boi app is brand new it was launched about 4 weeks ago with Google pay today. It's the newest banking app in the Irish market.....

adox · 24-08-2020 9:23pm

listermint wrote: »

Completely unfair tbh. You can't bank fully free in revolut or n26 without incurring fees. Most folks had a mix of traditional bank and fintech ones for freer experience. If your putting lock stock and barrel into them youd pay for the experience or you hit limits.

Again I'm not defending boi.

And boi app is brand new it was launched about 4 weeks ago with Google pay today. It's the newest banking app in the Irish market.....

My point is there are options out there at the moment to bank “free”. You completely ignored KBC which is free with the stipulation of 2k per month lodged. No limits on ATM withdrawals etc.

Why would I pay BOI €6 a month when I can get the exact same service or better for €0 a month?

Also the app may be the newest in the market but it doesn’t not make it outdated. It’s finally launched Google Pay. Years behind the curve. The interface is as clunky as hell. Still no fingerprint option.

coylemj · 24-08-2020 9:26pm

GarIT wrote: »

Typically banks use your money to make a profit.

That's not true these days. Interest rates are at rock bottom and banks and credit unions are drowning in cash sitting in deposit accounts on which they are paying virtually nothing in interest. So it's unrealistic to expect a bank to provide a 'free' service in return for you leaving money sitting dornant in your account.

listermint · 24-08-2020 9:49pm

adox wrote: »

My point is there are options out there at the moment to bank “free”. You completely ignored KBC which is free with the stipulation of 2k per month lodged. No limits on ATM withdrawals etc.

Why would I pay BOI €6 a month when I can get the exact same service or better for €0 a month?

Also the app may be the newest in the market but it doesn’t not make it outdated. It’s finally launched Google Pay. Years behind the curve. The interface is as clunky as hell. Still no fingerprint option.

I'm with KBC I ignored nothing.

It's the newest app on the market in this country. Yet is outdated.

Ok right. Got it. Tbh finger print is overused now for various apps none secure I'm not actually sure how I feel about it or trust it relation to banking I'd probably. Prefer a print and pin frankly. I also use revolut since they launched but wouldn't keep alot of money on it. Through it yes but not on it.

listermint · 24-08-2020 9:50pm

coylemj wrote: »

That's not true these days. Interest rates are at rock bottom and banks and credit unions are drowning in cash sitting in deposit accounts on which they are paying virtually nothing in interest. So it's unrealistic to expect a bank to provide a 'free' service in return for you leaving money sitting dornant in your account.

Have to agree with this tbh. I don't even see KBC staying free. People racing around to save 50 quid over the year may find out it was physical time wasted fairly soon.

Yyhhuuu · 24-08-2020 10:07pm

listermint wrote: »

Completely unfair tbh. You can't bank fully free in revolut or n26 without incurring fees. Most folks had a mix of traditional bank and fintech ones for freer experience. If your putting lock stock and barrel into them youd pay for the experience or you hit limits.

Again I'm not defending boi.

And boi app is brand new it was launched about 4 weeks ago with Google pay today. It's the newest banking app in the Irish market.....

Completely free current a/c with EBS

adox · 24-08-2020 10:09pm

listermint wrote: »

It's the newest app on the market in this country. Yet is outdated.

Ok right. Got it.

Does it really have to be explained to you?

listermint · 24-08-2020 10:09pm

Yyhhuuu wrote: »

Completely free current a/c with EBS

Ah I'd never use EBS . No offense.

Yyhhuuu · 24-08-2020 10:10pm

listermint wrote: »

Have to agree with this tbh. I don't even see KBC staying free. People racing around to save 50 quid over the year may find out it was physical time wasted fairly soon.

KBC have offered free banking for YEARS.

Why pay BOI €72 when free elsewhere. Madness...

Yyhhuuu · 24-08-2020 10:11pm

listermint wrote: »

Ah I'd never use EBS . No offense.

Why? I find them fantastic. EBS is part of AIB Group, bailed out by the Irish taxpayer so they OWE us free banking.

In the UK bank charges are the exception not the norm.

adox · 24-08-2020 10:12pm

Yyhhuuu wrote: »

KBC have offered free banking for YEARS.

Why pay BOI €72 when free elsewhere. Madness...

You’d swear moving banks was some incredible hardship. It’s the same with everything. You shop around for the best deal once it suits your needs.

listermint · 24-08-2020 10:14pm

adox wrote: »

You’d swear moving banks was some incredible hardship. It’s the same with everything. You shop around for the best deal once it suits your needs.

Ahh now I know youre pulling legs.

Contacting hr to change salary , stopping all standing orders. Stopping all DDs and redirecting . Mortgage payments. Etc etc etc. It's not a walk in the park. It's not like swapping insurance be honest.

Yyhhuuu · 24-08-2020 10:14pm

adox wrote: »

You’d swear moving banks was some incredible hardship. It’s the same with everything. You shop around for the best deal once it suits your needs.

The banks rely on inertia. Well FU BOI after 40 years bye bye

Yyhhuuu · 24-08-2020 10:16pm

listermint wrote: »

Ahh now I know youre pulling legs.

Contacting hr to change salary , stopping all standing orders. Stopping all DDs and redirecting . Mortgage payments. Etc etc etc. It's not a walk in the park. It's not like swapping insurance be honest.

That's all very simply done in one transaction

adox · 24-08-2020 10:16pm

listermint wrote: »

Ahh now I know youre pulling legs.

Contacting hr to change salary , stopping all standing orders. Stopping all DDs and redirecting . Mortgage payments. Etc etc etc. It's not a walk in the park. It's not like swapping insurance be honest.

No point in continuing to engage with you.

listermint · 24-08-2020 10:20pm

adox wrote: »

No point in continuing to engage with you.

Ok grand... ..

listermint · 24-08-2020 10:21pm

Yyhhuuu wrote: »

That's all very simply done in one transaction

No chance.

Delta2113 · 24-08-2020 11:08pm

listermint wrote: »

Ah I'd never use EBS . No offense.

"There isn't free banking anywhere anymore even revolut and n26 have paid models."

Yes you can have free banking so you are wrong.

24-08-2020 11:10pm

listermint wrote: »

Ah I'd never use EBS . No offense.

Just because you would refuse to use EBS for some unknown reason doesn’t mean they don’t offer free banking.

With EBS and Revolut I’ve never paid a cent in charges between them. I use Revolut for everything bar taking out money as it’s the only thing in my usage that would attract any charge with them. Someone who doesn’t take out much cash would have totally free banking with Revolut.

Delta2113 · 24-08-2020 11:14pm

"If you like the look of our MoneyManger account but already have a bank account in place, we can help you switch your account to EBS. The process is smooth and hassle free in line with the Central Bank of Ireland's Switching Code and we'll make sure that any direct debits or standing orders you may have coming out of your current bank account are seamlessly switched to your new EBS MoneyManager account."

And contact your HR regards your wages.

Shock horror - two transactions.

BOI Alternatives-New Charges

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