Ulster Bank Ending 'Free' Banking from 1 July 2013

Thanks for posting the article.

It is yet more speculation, as to what, Ulster Bank might do. There has been ongoing speculation for the last 2 years, including recent Sunday Times articles, but Ulster Bank has yet, to date, to introduce fees.

The key question is, if/when Ulster apply fees, will they do it to both existing and new customers or new customers only. There is reason to think that it will be for new customers only.

Incidentally, RBS do not charge fees in the UK or in NI.
 
I just recently opened a Step account with UB. Hopefully they won't implement charges on existing customers.
 
More incorrect information concerning BOI in that article in the Irish Independent.
 
theresa1 said:
More incorrect information concerning BOI in that article in the Irish Independent.
Click to expand...

"Bank of Ireland was heavily criticised last year when it introduced fees of 28c per transaction for those who do not keep at least €3,000 in their account every quarter.
The bank also asks its customers to make nine payments every quarter through their current account to avoid fees."

Yeah, they should have said "or else" rather than "also".
 
Joe Nonety said:
"Bank of Ireland was heavily criticised last year when it introduced fees of 28c per transaction for those who do not keep at least €3,000 in their account every quarter.
The bank also asks its customers to make nine payments every quarter through their current account to avoid fees."

Yeah, they should have said "or else" rather than "also".
Click to expand...
You also need to have €3k going into the account in the quarter if you're going for the 9 transactions option.
 
The holding off on introducing fees was possibly a tactical move by Ulster Bank.

Under current circumstances its almost impossible for banks not to exploit a revenue stream.

If fees do come in there I wonder how many people are likely to move back to one of the Irish Banks and help pay back the exchequer.
 
Ulster Bank Introduce Current Account Fees From 1 July 2013

Fees: 4 EUR per month (48 EUR per year)

Exceptions:
Aged 60 or over
Service accounts (feed accounts)
Student accounts
Graduate accounts
Adapt accounts
Private accounts (different pre-existing fees)
Packages accounts (different pre-existing fees)
ufirst (different pre-existing fees)
Ufirst Gold (different pre-existing fees)

Waiver 1: (Ways to avoid fees)
Lodge 3,000 EUR into your account between the first and last business day of each calendar month.
OR
Waiver 2: (Ways to avoid fees)
Maintain a cleared balance of at least 3,000 EUR each and every single day.

Waiver 2 has a large opportunity cost attached.

Waiver 1 can be circumvented by wiring money into and out of the account during the month in excess of 3,000 EUR.

For some, you are best switching to PTSB.

I will update the best buys later.
 
I have savings in Rabo so I think I'll move €1.5-2k into and out of mu UB Current Account. It'll be worth doing it until I see what KBC will offer.

Then again the price point of €4 a month isn't too bad. It's good they're not charging per transaction.
 
Almost, PTSB require you to lodge E1500 per month into the account.....KBC which will be entering the market soon may not have fees, I dont think theyve released details yet
 
CiaranT said:
Service accounts (feed accounts)
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What do you mean Ciaran?

I have a current account with them for a mortgage that I switched to (IIRC it was a condition that I take their account to get the rate I got). I only use this account for feeding the mortgage. Would it be exempt or do I need to look at a move to PTSB (and lodging and withdrawing €1500 a month with them to avoid charges)
 
@murphaph: My understanding is that the account in that case would be used ONLY to service the mortgage. I have an NIB that is fee free on that basis. I've never used it for any other purpose other than transferring cash into it to service the mortgage.
 
serotoninsid said:
Is PTSB the only one with fee free banking now (without any conditions)?
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No. PTSB has conditions. Just easy to comply with conditions.

Those who still have condition-free, free day-to-day banking are:
Those under 18 with the relevant product with certain banks.
Students with the relevant product with certain banks.
Recent graduates with the relevant product with certain banks.
Those aged 60 or over with the relevant product with certain banks.
Those with certain specific legacy products. For example, PTSB legacy Switch accounts.
 
murphaph said:
What do you mean Ciaran?

I have a current account with them for a mortgage that I switched to (IIRC it was a condition that I take their account to get the rate I got). I only use this account for feeding the mortgage. Would it be exempt or do I need to look at a move to PTSB (and lodging and withdrawing €1500 a month with them to avoid charges)
Click to expand...

Ulster Bank Service accounts are used to feed other products only. These secondary products include mortgages and savings accounts.

Check the name of the product that you have. Does it say Service account?
 
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