Comparison of Bank Charges in Ireland

All the main banks in Ireland now have some sort of transaction or admin fees  on current accounts.  But – there are still ways to avoid some of these bank charges.  We have carried out a a comparison of the various current account charges so you can work out which is the cheapest bank for you and how you can still  get Free Banking.  These figures were checked  in November 2016.

PTSB (Explore Account)
The new PTSB Explore current account has a €12 quarterly account maintenance fee  ( €48 a year)  and no day to day transaction fees.  But – they also offer cash rewards such as 1oc for every time you use your debit card to buy something. (You would have to use it 40 times a month to cancel out the account charges.) They also offer cashback on payments of bills to specific companies by direct debit.  More about the PTSB Cashback Current Account here

Ulster Bank – Fee Free is possible
Ulster Bank charge  €4 per month maintenance fee  (€48 a year) – to avoid this fee you need to keep an account  balance of at least €3000 .


EBS Moneymanager – Cheapest Bank Account for low usage
EBS don’t currently charge any admin fees. They charge 30c for an ATM withdrawal or for a cash withdrawal in a branch . If you lodge at least €1,500 – or keep a balance of at least €500 they will not charge for the first 5 ATM withdrawals per month. EBS don’t currently charge for any other transactions.  (Tip – use cashback in shops with your debit card to reduce the need to use ATMs)


AIB  Higher Transaction Fees  but they can still be avoided .
AIB  charge the following amounts for transactions on current accounts.
Automated Transactions (Direct Debit/ Standing Orders)  20c.
ATM withdrawals  35c
Machine Lodgements 35c
Cheque Processing 39c
Debit Card Transaction  20c
Over the Counter Transaction  39c
They will also charge an admin fee of €4.50 per quarter. (€18  a year)

All the above fees can be avoided at AIB by keeping a minimum of €2500 in the account at all times . Going below €2500 at any time in a quarter will result in charges being applied for the whole quarter.


Bank of Ireland – Impossible to Avoid a €5 quarterly charge
Bank of Ireland now charge all current account holders €5 per quarter  (€20 a year) . This charge cannot be avoided. On top of this – unless you keep at least €3000 in the account you will also be charged transaction fees too. (No fees on Golden Years, Graduate, 3rd Level student or 2nd Level student current accounts)
BOI Transaction fees
Automated Transactions (Direct Debit/ Standing Orders)  10c.
ATM withdrawals  25c
Machine Lodgements 25c
Debit Card Transaction  10c
Contactless 1c
Internet/Phone Transaction 10c
Over the Counter Transaction  60c
Cheque Processing Fee (per cheque) 60c


KBC Extra  €6 a quarter charge  (avoidable).
Any customers who don’t lodge at least €2500 a month  will  be charged a €6 admin fee per quarter plus 30c for each ATM  transaction and  30 cent per cheque lodged in the quarter.

 

Comparison of Bank Charges  – based on the following  monthly transactions:

Cheques Lodged 1
Direct Debits/ Standing Orders : 6
Debit Card Purchases :  45
ATM withdrawals  :  12
Counter transactions 2

Assuming the conditions for avoiding bank fees were not met…

AIB would charge the most – at €51.21 a quarter (€204.84 a year)
BOI is close behind at €34.70 per quarter (€138.80 a year)
KBC would charge €17.70 for the quarter (€70.80 a year)
EBS would charge €12.60 for the quarter. (€50.40 a year)
Ulster Bank would charge €12 for the quarter. (€48 a year)
PTSB would charge €7.50 for the quarter (€48 a year) (10c cashback on debit card purchases included)

Comparison of banks current account fees IF  the balance is kept above the  relevant  limit.


PTSB   €7.50
(Balance not applicable) Could be lower if you pay bills for  SSE or Sky by Direct Debit

EBS  (€500 limit)  Fee €6.30 per Quarter for ATM transactions (first 5 free)  (€25.20 a year)

BOI (€3000 limit)  : Fee €5 per quarter or €20 a year

Ulster Bank (€3000 Limit)  :  Zero

KBC (lodge min €2500 a month)  Zero

AIB (€2500 limit) : Fee  – Zero

So – it is still possible to get free banking at PTSB , AIB , KBC and Ulster Bank if you can manage to lodge a certain amount or keep your account balance above their limits or spend with your debit card over 40 times a month at PTSB
Be careful with AIB because a fall in your balance to just  €2499 for just one day could end up costing you over €50 for one  quarter. (based on sample transactions above).

Tips
1) Keeping €3000 in an account just to avoid fees – means you could be losing out on possible interest of about €30 euro a year after DIRT .  So bear that in mind when working out fees.
2)  There is nothing to stop you withdrawing money and relodging it  to comply with a bank’s minimum lodgement rules. (Applies toKBC and  EBS)

3) Use cashback in shops whe paying with debit cards instead of ATMs to reduce transaction fees (Could result in free banking at EBS) (Not relevant for PTSB Explore customers who should use their debit card as much as possible.)

Note:  There is also a government stamp duty of 12c per ATM cash wiithdrawal.  This is capped at €5 per year and was introduced in 2016 to replace a flat rate stamp duty .
More here about ATM Cashpoint Charges in Ireland

6 thoughts on “Comparison of Bank Charges in Ireland

    • PTSB pay 1% interest on all amounts in the currenty account below 1500 euro.
      Not a lot – but if you kept 1500 in it all year it would be €10 interest after DIRT.

      • Mo Milan. They pay 1% interest a year on the balance upto 1500 euro. Any balance over 1500 gets no interest at all.
        For example 1000 euro in the account for a yearwould get 1% of 1000 = €10. Less tax = €6.70.
        500 euro in the account for a year would get half that amount.
        Hope this is clear now?

  1. EBS MoneyManager does not charge quarterly fees rather than admin fees is probably more accurate.

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