Bank fees do two things – they either annoy people or they don’t. Some people just glance over them on the statement or they don’t even notice them. However, if you start to add them all up, they can amount to a significant sum.
When banks were more interested in giving out money than getting it, free banking became the norm. However, over the last few years we have seen banks reintroduce charges across the board. There are still some elements of free banking on offer – but you have to have money to get them.
Current account fees for the main banks are listed in Table 1. To qualify for free maintenance and transaction banking on your personal current account with AIB, you must maintain a minimum daily credit statement balance of €2,500 for each fee quarter. However, there is also no credit interest on this AIB personal current account, so, in some ways, you are paying.
With Bank of Ireland, a quarterly fee of €5 always applies. Customers can avoid account transaction fees by maintaining a minimum credit balance of €3,000 in their personal current account throughout the full fee quarter.
EBS Limited customers can get five free withdrawals each month by ATM or in branch (cash or cheque) if at least €1,500 is lodged to the account each month in one lump sum or in instalments, or if a minimum balance of €500 is maintained in the account each month. With Permanent TSB, the quarterly fee is waived if the customer makes lodgements amounting to at least €1,500 each month. In Ulster Bank, a quarterly fee of €4.00 per month applies. To avoid this, customers can either lodge a cleared total of at least €3,000 into their account or maintain a cleared balance of at least €3,000.
Choosing your current account
When choosing a current account, compare the following:
• The costs involved for the services you use most.• Convenience of the branch to you and opening hours.• Internet and phone banking.• Cards that are provided with your account.• Interest rate on overdrafts and any related fees.• Penalty charges on unpaid direct debits and standing orders.Current account fees, charges and penalties
Before you open a current account, start with comparing the account costs. Costs may include:
• Fees and charges.• Penalties.• Interest rates.Fees and charges
Current account fees can include:• Monthly or quarterly charges.• Charges for each transaction, e.g. a withdrawal, lodgement, direct debit or payment by debit card or cheque.• Service charges for carrying out instructions such as setting up standing orders, direct debits or issuing duplicate statements.• Overdraft fees, including a yearly facility fee.• Replacement of lost or stolen ATM or debit cards.• Issuing a new pin.Certain banks offer special packages for students or people over 60 (e.g. lower foreign exchange charges or free overdraft set-up). Check with the bank to see what’s available to you.
Penalties
Banks may charge penalties if you do not keep enough money in your account to meet your payments. You may have to pay for:
• Unpaid standing orders.• Unpaid direct debits.• Cheques that you haven’t enough money to clear when they are presented.Interest rates
When you are shopping around, look at:
• Interest you earn on credit balances in your account• Interest you are charged on things such as overdrafts.The interest earned on current accounts can vary. If you keep money in your current account, look at the different rates available. Some banks pay little or no interest on the money in your current account.
If you spend more than your agreed overdraft limit, you will be charged surcharge interest or extra interest on top of the interest you are already paying. These rates can vary and tend to be high, so it pays to keep it within the agreed overdraft limit.
Questions to ask when opening a current account:
• What are the fees and charges? Particularly look at the cost of the services you expect to use the most.• How can I reduce my charges? For instance, by keeping a minimum balance in the account or using phone or online banking or your debit card a number of times per quarter.• What services can you get? You should be provided with a full list. Telephone banking, online banking, branch facilities, ATM machines, frequency of statements etc.• What cards can I get? For example, cheque-guarantee card, debit card, ATM card. Are they combined or separate?• How often will I receive a statement? Monthly, quarterly or half-yearly?• What is the interest rate on overdrafts and what are the related fees? Again, you must be provided with a list.
Bank fees do two things – they either annoy people or they don’t. Some people just glance over them on the statement or they don’t even notice them. However, if you start to add them all up, they can amount to a significant sum.
When banks were more interested in giving out money than getting it, free banking became the norm. However, over the last few years we have seen banks reintroduce charges across the board. There are still some elements of free banking on offer – but you have to have money to get them.
Current account fees for the main banks are listed in Table 1. To qualify for free maintenance and transaction banking on your personal current account with AIB, you must maintain a minimum daily credit statement balance of €2,500 for each fee quarter. However, there is also no credit interest on this AIB personal current account, so, in some ways, you are paying.
With Bank of Ireland, a quarterly fee of €5 always applies. Customers can avoid account transaction fees by maintaining a minimum credit balance of €3,000 in their personal current account throughout the full fee quarter.
EBS Limited customers can get five free withdrawals each month by ATM or in branch (cash or cheque) if at least €1,500 is lodged to the account each month in one lump sum or in instalments, or if a minimum balance of €500 is maintained in the account each month. With Permanent TSB, the quarterly fee is waived if the customer makes lodgements amounting to at least €1,500 each month. In Ulster Bank, a quarterly fee of €4.00 per month applies. To avoid this, customers can either lodge a cleared total of at least €3,000 into their account or maintain a cleared balance of at least €3,000.
Choosing your current account
When choosing a current account, compare the following:
• The costs involved for the services you use most.• Convenience of the branch to you and opening hours.• Internet and phone banking.• Cards that are provided with your account.• Interest rate on overdrafts and any related fees.• Penalty charges on unpaid direct debits and standing orders.Current account fees, charges and penalties
Before you open a current account, start with comparing the account costs. Costs may include:
• Fees and charges.• Penalties.• Interest rates.Fees and charges
Current account fees can include:• Monthly or quarterly charges.• Charges for each transaction, e.g. a withdrawal, lodgement, direct debit or payment by debit card or cheque.• Service charges for carrying out instructions such as setting up standing orders, direct debits or issuing duplicate statements.• Overdraft fees, including a yearly facility fee.• Replacement of lost or stolen ATM or debit cards.• Issuing a new pin.Certain banks offer special packages for students or people over 60 (e.g. lower foreign exchange charges or free overdraft set-up). Check with the bank to see what’s available to you.
Penalties
Banks may charge penalties if you do not keep enough money in your account to meet your payments. You may have to pay for:
• Unpaid standing orders.• Unpaid direct debits.• Cheques that you haven’t enough money to clear when they are presented.Interest rates
When you are shopping around, look at:
• Interest you earn on credit balances in your account• Interest you are charged on things such as overdrafts.The interest earned on current accounts can vary. If you keep money in your current account, look at the different rates available. Some banks pay little or no interest on the money in your current account.
If you spend more than your agreed overdraft limit, you will be charged surcharge interest or extra interest on top of the interest you are already paying. These rates can vary and tend to be high, so it pays to keep it within the agreed overdraft limit.
Questions to ask when opening a current account:
• What are the fees and charges? Particularly look at the cost of the services you expect to use the most.• How can I reduce my charges? For instance, by keeping a minimum balance in the account or using phone or online banking or your debit card a number of times per quarter.• What services can you get? You should be provided with a full list. Telephone banking, online banking, branch facilities, ATM machines, frequency of statements etc.• What cards can I get? For example, cheque-guarantee card, debit card, ATM card. Are they combined or separate?• How often will I receive a statement? Monthly, quarterly or half-yearly?• What is the interest rate on overdrafts and what are the related fees? Again, you must be provided with a list. 
SHARING OPTIONS