Bank of Ireland has announced that they are changing their rules on current account fees from November this year. Some people will be hit with a 360% increase in charges.
Currently, BOI customers who maintain a balance of at least €3000 in their current account for the whole quarter can avoid any transaction fees in that quarter. Those customers will just get charged €5 a quarter admin fee.
BOI says that about 10% of current account customers only pay this €5 quarterly fee.
Any customer whose balance dips below €3000 in a quarter is currently charged a fee for each transaction plus a €5 quarterly admin fee.
These transaction fees include : –
ATM withdrawals 25c
Machine Lodgements 25c
Debit Card Transaction 10c
Internet/Phone Transaction 10c
Over the Counter Transaction 60c
Cheque Processing Fee (per cheque) 60c
Charges From November 2020
From November 23rd 2020 – Bank of Ireland will charge current account holders a flat rate charge of €6 per month. 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% .
Customers with low numbers of transactions will also see an increase in fees. About 30% of customers will be affected and BOI said that for these customers the average annual increase will be €36. So that’s a 100% increase.
About 60% of customers will end up paying the same or less fees under the new charging method.
How to Avoid Bank of Ireland Fees
BOI customers could reduce their banking fees by switching to a cheaper bank account such as N26.
See more on our comparison of current account fees in Ireland