Bank of Ireland Charges from November 2020

Bank of Ireland has changed their rules on current account charges from November 23rd this year.
Some people will be hit with a 360% increase in charges.

BOI Fees Prior to Nov 22nd

Previously, BOI customers who maintained a balance of at least €3000 in their current account for the whole quarter could avoid any transaction fees in that quarter. Those customers would just get charged €5 a quarter admin fee.
BOI says that about 10% of current account customers kept a balance high enough to just be charged this €5 quarterly fee.

Any customer whose balance dipped below €3000 in a quarter was also charged transaction fees plus the €5 quarterly admin fee.

BOI transaction fees Prior to Nov 22nd

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


New Bank of Ireland Charges From November 23rd 2020

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.

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

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.


Charges no Longer Quarterly

Charges will no longer be applied quarterly. Beginning 23 November 2020, the new BOI €6 monthly fee will be charged to accounts on the last business day of each calendar month. The first €6 fee to cover the month of December 2020 will be charged on the 31st December 2020.

But – the 31st December 2020 is also the date that BOI customers will be charged for current account transaction fees for the last time. The fees charged on 31st December will cover the period 24 August to 22 November 2020. So most BOI customers will see two lots of charges on Dec 31st.


How to Avoid Bank of Ireland Fees

BOI customers could reduce their banking fees by switching to a cheaper bank account such as N26 or EBS.

See more details on our comparison of current account fees in Ireland

AIB are also increasing bank charges in November

12 thoughts on “Bank of Ireland Charges 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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