Many people across Ireland are feeling the pinch of the cost of living on their pockets and are looking for ways to make some much-needed savings.
While banking fees may only appear to be a small amount per month, they can add up to cost you a hefty sum over time.
Depending on what bank you are currently with, changing your bank to another one could see you save up to €80 a year so it is worth looking into how much your banking is actually costing you.
There are currently nine main banking providers offering current account services in Ireland; AIB, Bank of Ireland, Permanent TSB, EBS, An Post, Credit Union, Bunq, N26 and Revolut.
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Some banks charge a flat account fee of around €6 a month, while other banks charge per transaction and some don’t charge any fees at all, which could save you big time if you switch.
Daragh Cassidy, Head of Communications at Bonkers.ie said: “Bank of Ireland and Permanent TSB charge a flat monthly fee for their accounts, after which all your day-to-day banking is free.
“AIB on the other hand charges for almost every type of transaction. So you need to carefully consider what it is you value in a current account.”
According to Bonkers.ie, if you are an AIB standard account holder who makes five chip and pin transactions and three cash withdrawals a month, two contactless payments a day, and has a total of 15 direct debits, standing orders and/or lodgements presented on the account a month, you could save around €80 a year by switching to a fee-free bank such as N26, Revolut, or the EBS MoneyManager account.
And if you are a Bank of Ireland customer, which costs €6 a month for a current account fee, you could save €72 a year by switching to a fee-free bank.
Here are all the main banking providers in Ireland and how much each costs to bank with:
AIB
AIB's current account charges a €4.50 quarterly maintenance fee, a €0.35 fee for every ATM withdrawal and a €0.20 charge for every chip and pin transaction, self-service lodgement, online transaction, direct debit and standing order. However, contactless transactions are free.
These fees are applied regardless of how much you lodge or keep in your account each month.
Bank of Ireland
BOI charges a flat €6 monthly account fee, regardless of usage, and ATM withdrawals are free of charge.
Permanent TSB
Permanent TSB charges customers a €6 monthly fee on their current account but day-to-day banking is then free.
However, Permanent TSB’s Explore Account actually pays you to use your card. Customers earn €0.01 every time they use their debit card to pay for something in store or online.
If you make 60 transactions a month, you can make up to €6 through this feature, which covers the cost of the maintenance fee each month.
EBS
The EBS MoneyManager account is completely free as there is no monthly account fee and no charge for day-to-day banking.
However, there are quite a few downsides to the account as it has no mobile app to manage your banking, no overdraft available with the account, no access to Google Pay or Apple Pay.
Another thing to note is EBS only operates in euros and any payments sent to your EBS account in a non-euro currency cannot be processed and will be returned.
An Post
An account with An Post costs €5 per month but after that day-to-day banking like direct debits, standing orders, online payments, chip and pin and contactless payments are free.
However, there is also a €0.60 ATM withdrawal fee and customers are charged €0.50 for any cash or cheque lodgements at your post office.
The ATM cash withdrawal fee reduces to €0.50 if money is taken out an An Post branch and you also get one free cash withdrawal each week at a branch.
Credit Union
The charges for a Credit Union current account differ from branch to branch but it generally costs €4 a month and most day-to-day banking is free of charge.
You only get five free ATM withdrawals a month and they cost €0.50 per withdrawal afterwards.
However, you should check other banking costs with your local Credit Union as extra charges apply for things such as direct debit and standing orders but the cost varies greatly from branch to branch. Some charge no fee at all while other branches charge up to €2.50.
Bunq
You may not have heard of it yet but Bunq is a new online-only bank that launched in Ireland this year offering an Irish IBAN to customers.
The Dutch fintech bank charges a monthly fee of €2.99 for a current account. The first five ATM withdrawals a month cost €0.99 and then every withdrawal after that costs a hefty €2.99.
N26
Another digital-only bank, N26 doesn’t charge any monthly fees and most day-to-day banking is also free.
However, if you need to withdraw cash you get three free ATM withdrawals a month and there is a €2 charge per withdrawal after that.
Revolut
Revolut is a hugely popular choice for digital banking with almost 2 million customers in Ireland.
It is free to use, there is no monthly account fee and there’s no charge for most day-to-day banking.
When it comes to ATM withdrawal, Revolut allows you five free cash withdrawals a month up to a maximum amount of €200. After you’ve reached either limit, you’re charged €1 or 2% per withdrawal, whichever is higher.
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