Bank of Ireland free banking

D

DonKing

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BOI have informed me that they will be launching free current account banking this month(November).
 
...hmm looking forward to hearing more about that..is it for existing biz or for attracting new customers? (as PTSB are also offering this for 'switchers')
 
is it for existing biz or for attracting new customers? (as PTSB are also offering this for 'switchers')
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It's got to be for both. If it were only for existing business nobody would switch to BOI when there are free options out there, and if it were only for new business existing customers would leave to rejoin which would be an admin headache, and some of them would simpy go elsewhere.

Looks like the Free Current A/C Banking idea is about to become standard.
It's something that's long overdue. I really worried that the Big Two would hold out and in a year or two PTSB would pull their offer and Fees would be back.

Once one of the Big Two conceeds the other will have to follow and it'll be much harder to reintroduce them. Now, let's see what other fees go up to compensate.

Still, good news.

-Rd
 
Just rang BOI

Will be for both. You have to have a balance of € 500 and make 3 transactions online a month.

Is been launched on 10th November

You have to ring 1890 365500 to get your account changed over.
 
Account has to stay over € 500 for the whole quarter or all fees will apply.
 
When you say online transaction, is that exclusively www.365online.com or does it include the service operators?, Have they anything online giving more details?

S.
 
>Account has to stay over € 500 for the whole quarter or all fees will apply.

This sort of nonsense pisses me off. They want a permanent loan of €500 in return for waiving Fees on Current A/C's I should have known it was too good to be true.

€500 in a current account earning no interest or virtually no interest could be sitting in an account somewhere else earning 3% or 4%. So your free banking is costing you €15 to €20 a year.

What do consumers have to do to convince these muppets that we're not idiots.
Will IFSRA ancnowledge the €15 to €20 cost and force them to stop claiming that this is Free Banking?

I don't care if BOI never introduce free banking. I do care when they claim they are but don't.

-Rd
 
daltonr,
I agree with you but for the average customer who incurrs a minimum fee of at least €9 per quarter it probably still represents a good deal- but why would we expect something for nothing from BOI?
 
Its not always practical to keep €500 in an account. Suppose a person gets paid €2500 a month net. As the month goes by mortgage, loans, laser etc. leave the account so by the end of the account they are left with around zero.
 
Then if they want free banking they should move to one of the banks that offer truly free banking with no balance conditions (other than there being a positive one).
 
daltonr said:
.. €500 in a current account earning no interest or virtually no interest could be sitting in an account somewhere else earning 3% or 4%. So your free banking is costing you €15 to €20 a year.
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€500 in a BoI demand deposit would earn 0.02% interest per annum so using that same amount to avoid fees is better than a slap in the face with a wet fish ?

And are those 3% or 4%deposit rates from Northern Rock or Radobank available for balances of €500 ?
 
Carpenter said:
.....but why would we expect something for nothing from BOI?
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Because people can get something for nothing (or closer to nothing) from NIB and ptsb.

€500 would earn you €12 after DIRT on deposit with RABO and €12.20 with Northern Rock over 1 year.
 
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TarfHead said:
And are those 3% or 4%deposit rates from Northern Rock or Radobank available for balances of €500 ?
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NR 3.05% gross CAR on €1,000+.
Rabo 3.00% gross CAR on €1+.

See the best buys list.

CCOVICH said:
€500 would earn you €12 after DIRT on deposit with RABO and €14 with Northern Rock over 1 year.
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How so? €500 @ 3.05% = €15.25 less 20% DIRT = €12.20 not €14.00. Did you use 3.50% instead of 3.05%?
 
My Credit Union Paid 3% Gross last year and is hoping to pay 3.5% gross this year, with no minimum deposit. It has been as high as 4% as far as I know in recent years, I could be wrong about that.

This BOI scheme could actually work out MORE expensive. You have to keep 500 on deposit, so you've paid the fee described above for not having that money paying interest somewhere, and then on top of that if you even once in a quarter slip below 500 you end up paying fees anyway.

If free banking is important to you then switch to a bank that actually offers it, rather than staying with a bank that thinks you're an idiot.

-Rd
 
Go for NIB Freebank; The account has only to be in credit to qualify. However, a bit like BOI, if you go overdrawn, all fees for the quarter apply.
 
ClubMan said:
How so? €500 @ 3.05% = €15.25 less 20% DIRT = €12.20 not €14.00. Did you use 3.50% instead of 3.05%?
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Looks like I did. I will edit the post, thanks.
 
daltonr said:
My Credit Union Paid 3% Gross last year and is hoping to pay 3.5% gross this year, with no minimum deposit.
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Just curious - in what context did they speculate about future rates on offer and how concrete would their figures be? It's just that I've never come across a CU that did this in advance rather than just announcing the rates on offer at the year end for the past year.
 
I asked a member of staff that I know. I didn't say which Credit Union it is because I don't think they would want internal discussions published on a public forum.

In terms of concreteness I can't say. When the rates are announced I'll know if they were right.

Correction: It appears Credit Unions have a minimum balance of €10 to be enditled to dividends.

-Rd
 
pgf5312 said:
Go for NIB Freebank; The account has only to be in credit to qualify. However, a bit like BOI, if you go overdrawn, all fees for the quarter apply.
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This bit gets me, charging for overdrafts and losing out on the free banking when overdrawn etc.

Surely it is your banks interest for you to go overdrawn so that they can charge you interest?

The same way as its in the interest of credit card companies for you not to pay off your bill every month and pay interest on the balance?
 
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