Ireland's last free current account introduces charges.

ShakeyStacey

I know this isn't relevant for most of you, but I've been a frequent mse user for years and my move to Ireland didn't change that.
I've just been shocked to discover that from July my bank will charge me €48 a year for the privilege of having a current account with them. It's only now I've found out that I had the fortune of choosing the only bank in Ireland that offered a fee free current account.
The only way to avoid this charge is to pay in at least €3000 a month, or maintain a balance of over €3000. Why would I keep €3000 in my current account! It would be in my savings account surely!
This really doesn't make any sense! If you have money you don't have to pay the charge? Penalise poorer customers!
What are my options? Store my money under the mattress!?

Sorry about the rant. Count your blessings UK :P

Edit to add: this is on top of the €5 a year I pay for using facilities such as ATM machines and a debit card.

System

At current low interest rates, it isn't a massive bind if you have the cash available.

I thought the Irish government charged stamp duty on various things like cards so it would be impossible to have a 'free account' as in GB and the north?

ShakeyStacey wrote: »

I know this isn't relevant for most of you, but I've been a frequent mse user for years and my move to Ireland didn't change that.
I've just been shocked to discover that from July my bank will charge me €48 a year for the privilege of having a current account with them. It's only now I've found out that I had the fortune of choosing the only bank in Ireland that offered a fee free current account.
The only way to avoid this charge is to pay in at least €3000 a month, or maintain a balance of over €3000. Why would I keep €3000 in my current account! It would be in my savings account surely!
This really doesn't make any sense! If you have money you don't have to pay the charge? Penalise poorer customers!
What are my options? Store my money under the mattress!?

Sorry about the rant. Count your blessings UK :P

Edit to add: this is on top of the €5 a year I pay for using facilities such as ATM machines and a debit card.

marathonic

This is Ulster Bank Ireland and they would have introduced fees a lot sooner if it weren't for the IT issues they hit last year (after the meltdown, they promised fee-free until at least July 2013).

PTSB offer a similar account with only a €1,500 monthly lodgement requirement.

The best Irish forum for financial issues would be http://www.askaboutmoney.com and there's a post here about the various best buy current accounts. There's also a new current account being offered by KBC later this year but no-one knows the details yet.

innovate

Presumably the 3K don't have to be paid in in one go. Could you set up another account with similar funding requirements and bounce, say, 1K between the two accounts by Standing Orders a couple of times? That sort of approach is used all over the place for UK accounts that have minimum funding requirements.

anon_ymous

innovate wrote: »

Presumably the 3K don't have to be paid in in one go. Could you set up another account with similar funding requirements and bounce, say, 1K between the two accounts by Standing Orders a couple of times? That sort of approach is used all over the place for UK accounts that have minimum funding requirements.

This is what I was thinking. Currently, I have to fund Nationwide with £750/month and N&P with £500/month. For easy figures, I transfer £200 out each week (and back) and £125/week (and back)

You don't need *that* much capital. Just keep moving money about with lots of banks, and you don't have the issue

guesswho2000

I got this email. I'm a non resident and therefore not liable for any of the government taxes on cards etc, but this fee makes it not worthwhile for me any more.

I used to use the account frequently as I could get cash free in the eurozone and in sterling from RBS/NatWest ATMs, but since I got a Clarity card I don't really use it anyway any more.

However, if I lived in ROI, I'd go with Innovate's suggestion - I haven't read the T&Cs, but I expect it's a viable option, loads do it here with Halifax, Santander and Nationwide for various different offers!

anon_ymous

guesswho2000 wrote: »

I got this email. I'm a non resident and therefore not liable for any of the government taxes on cards etc, but this fee makes it not worthwhile for me any more.

I used to use the account frequently as I could get cash free in the eurozone and in sterling from RBS/NatWest ATMs, but since I got a Clarity card I don't really use it anyway any more.

However, if I lived in ROI, I'd go with Innovate's suggestion - I haven't read the T&Cs, but I expect it's a viable option, loads do it here with Halifax, Santander and Nationwide for various different offers!

Santander? Why Santander? I understand why people do it for Halifax/Nationwide. Besides, the way I see it is

Let's say Nationwide started charging unless you pay in £2000, and then so did Halifax. Just transfer £2000 between Halifax and Nationwide every month and you satisfy the criteria for both banks!

I mean you might use Lloyds as your main bank say, and normally you transfer £1000 in to Halifax, and £800 in to Nationwide.

Keep £200 in Nationwide, and transfer it between Nationwide and Halifax 6 times/month. You don't even have to touch it. It's all automated, and it's all good

guesswho2000

waqasahmed wrote: »

Santander? Why Santander? I understand why people do it for Halifax/Nationwide

Funding requirement of £500 p/m for Cashback and interest on the 123 current account

catokelly

Oh no.. I better check if my Ulster bank account is also charging fees!! All my statements are still sent to my family address in Ireland...

Because Ulster bank is part of the RBS group, I hope these charges dont creep accross over to RBS & Natwest here!!

marathonic

Is it Ulster Bank in Northern Ireland or the Republic of Ireland? The charges are only for the Republic of Ireland and, therefore, shouldn't impact RBS.

anon_ymous

catokelly wrote: »

Oh no.. I better check if my Ulster bank account is also charging fees!! All my statements are still sent to my family address in Ireland...

Because Ulster bank is part of the RBS group, I hope these charges dont creep accross over to RBS & Natwest here!!

Id certainly hope not either. I don't bank with either of those two, but other banks could take note, and start charging unless you pay in x amount/month, which tbf isn't that hard to meet the conditions for.

It's just learning how to play the system!