As Ulster Bank and KBC prepare to leave the Irish market, customers all over the country are preparing to switch.
The process can seem complicated but there is plenty of help on hand – here’s everything you need to know before deciding where your money should go.
First of all, the banks must give customers six months’ notice to close their accounts.
Once you have chosen which bank you want to move to, you can ask the banks to manage it for you or do it yourself - both KBC Bank and Ulster Bank have a duty to support you while you are making the switch.
Once you make your choice, your new bank will send you a ‘switching pack’ setting out everything you need to do.
Under consumer protection rules, they must have your new account up and running within ten days of the agreed switching date.
Before all that though, what are the options on offer?
Here’s your list of all the standard bank accounts on offer in Ireland – with a breakdown of the maintenance and transaction fees you can expect when you sign up.
Bank of Ireland
Bank of Ireland charges a flat fee €6 per month on its current account, with no extra fees for day-to-day transactions.
The fees work out at €72 per year and are charged on a monthly rather than quarterly basis.
AIB charges a flat fee of €4.50 per quarter (€18 per year) – but also charges for a range of transactions.
- Automated Transactions like Direct Debits and Standing Orders: 20c
- Debit Card Transaction: 20c
- Internet or Phone transactions: 20c
- ATM withdrawals: 35c
- In-branch transactions: 39c
- Machine Lodgements: 35c
- Cheque Processing: 39c
PTSB charges €18 every quarter for its Explore Account, with no extra fees for day-to-day transactions.
The bank also rewards customers with 10c back every time they use their debit card. The reward is capped at €5 per month.
If you wish to use a cheque book, the bank charges 20c per cheque.
The fees work out at €72 per year and are charged on a quarterly basis.
While not all credit unions offer current accounts, those that do charge €4 per month (€48 per year).
They also charge 50c per ATM transaction once you carry out more than five in one month.
There is also a 2% charge for using your card outside the Eurozone – with the fee capped at €12.
Fees are charged on a quarterly basis.
An Post Smart Account
An Post charges €15 per quarter (€60 per year), as well as fees for certain transactions.
- Cash Withdrawal in Branch: 50c (Customers can make one withdrawal per week for free)
- ATM withdrawals: 60c
- Lodgements at branch: 50c
Revolut began operating as a bank in Ireland in late March, with deposits of up to €100,000 protected under the Deposit Guarantee Scheme.
There are no monthly charges on the Standard Revolut Account, but there are some fees for ATM withdrawals.
You can withdraw up to €200 per month in up to five ATM transactions for free. After that there is a fee of either €1 or 2%, whichever is higher, on withdrawals.
Another online offering that is now operating in Ireland is N26, which has a German banking licence.
The only admin fee is a €2 charge for ATM withdrawals if you do it more than three times in a month.
The company also charges a once-off €10 for its debit card.
There are no overdrafts but you can set up direct debits