Bank of Ireland changed their rules on current account fees in November 2020.
Since November 23rd 2020 – Bank of Ireland charges current account holders a monthly flat rate charge of €6.
Some people were hit with a 360% increase in charges.
Bank of Ireland Fees Prior to Nov 22nd 2020
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
Bank of Ireland Charges Since November 23rd 2020
Since November 23rd 2020 – the Bank of Ireland Current Account Fees are €6 per month. ( €72 a year). There are no additional fees for day-to-day transactions.
BOI state that they will not charge the fee for the month in which an account is opened or closed.
Anyone who previously kept €3000 or more in their BOI account saw fees rise from €20 a year to €72 a year – an increase of 360% .
Customers with low numbers of transactions also saw an increase in fees. About 30% of customers were affected and BOI said that for these customers the average annual increase was €36.
About 60% of customers should end up paying the same or less fees under the new charging method.
BOI Charges are 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.
How to Avoid Bank of Ireland Current Account Fees
BOI customers could reduce their banking fees by switching to a cheaper bank account such as N26 or EBS or Revolut
See more details on our comparison of current account fees in Ireland
AIB also increased bank charges in November
It will have a definite affect on those who could afford to keep over €3000 in their account. They only paid €20 a year and will now pay €72.
Look for cheaper banks here – https://www.moneyguideireland.com/comparison-of-bank-charges-in-ireland.html
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.
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.
are 3rd level students still free of charges ?
Yes they are