Bank of Ireland Quarterly Charges Moving to Monthly

B\nk of Ireland customers used to be able to avoid transaction charges by keeping more than €3000 in the account at all times.

From November 23rd 2020 – Bank of Ireland will charge current account holders a flat rate charge of €6 per month. ( €72 a year). There will be no additional fees for day to day transactions.

Anyone who keeps €3000 or more in their BOI account will see fees rise from €20 a year to €72 a year – an increase of 360% .

BOI will not charge the €6 fee for the month in which an account is opened or closed.

More here about the new Bank Of Ireland Charges

BOI will no longer apply charges quarterly – instead they will be deducted every month.

Beginning 23 November 2020, the new BOI €6 monthly fee will be charged to accounts on the last business day of each calendar month. This means that the new fee to cover the month of December 2020 will be charged for the first time on 31 December.

But – the 31st December 2020 is also the date that personal customers will be charged current account transaction fees for the last time. Up until now, these have been paid on a quarterly basis. The fees charged on 31 December will relate to the previous fee quarter, 24 August to 22 November 2020.

BOI customers might want to see  our article about  Current Account Fees in Ireland and how to avoid them