Bank of Ireland Fees from November 2020

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
Contactless 1c
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

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12 thoughts on “Bank of Ireland Fees from November 2020

  1. Typical BOI…after raising the age for reduced fees they now hit people with a 360% increase…Shame on them!!!
    Some people can’t go and change easyly to online banking or switch banks. If you have an overdraft you have to jump through countless hoops to change to a new bank trying to get the same conditions you had. It’s all as before, the banks do what they want…

  2. This, of course, will have a negative effect on lower-income customers. I am in this category and am starting to look for an alternative. Perhaps BOI wants to get rid of customers on lower incomes?

  3. Absolutely disgusted that Bank of Ireland are penalizing their loyal customers. A shambles of a bank losing its personal touch in every circumstance… disgraceful will be moving my business elsewhere. Very very annoyed.

  4. I was looking for a reason to close my account and I just got one…
    I had bank accounts in three different countries and this is by far the worst bank that I have ever had the displeasure to have an account with.
    Every single time that I needed something they had overcomplicated processes to confirm or request changes
    But the cherry on the top is their customer service, this one is bad!!! Online or at branches, specially at branches, every single staff talks like if they were doing a huge favour to you. I’m the fu$%ing customer, please just help me out, it’s your job, it’s my right…
    Just everything here is bad. Do a favour to yourself and get a bank account some where else because this institution is doomed.

  5. N26 and Revolut will be delighted to take even more Irish customers and show them what a modern banking experience can be like.
    They’re not perfect either but a damn sight better than our pillar banks

  6. I only have a BOI Current Account. If I close this one and open an N26 or Revolut account, can I actually live with just an N26 or Revolut current account, i.e. without a separate mainstream current account?

    • Hi Eugene
      You won’t be able to pay in cash or cheques with N26 or Revolut – so if that’s important for you then neither of those will do.
      Best option might be EBS AND N26 – both free. Use EBS for paying in cheques and cash if you need to.
      N26 are covered by EU bank guarantee. Revolut isn’t.

  7. I closed my current account with BOI in January 2020 due to their insane fees and switched to N26. I have a credit union account into which i pay in and then have the clerk transfer money to N26 as and when needed. I use N26 for standing orders and if people need to pay me they do it into my N26. Since hearing about the new BOI fees from November, I decided this week to close my saving account with them as well. This is to punish BOI for treating their customers like ****. Yeah, we the people are not stupid. BOI are.

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