# 30,000 Switch to PTSB 'Free Banking' Current Account



## Lightning (29 Aug 2013)

Good to see that inertia has not stopped 30,000 dropping fee paying current accounts, that have become widespread, and moving to the PTSB product. 

30,000 have switched in one quarter between 1 April 2013 and 30 June 2013 to PTSB. If the run rate is maintain, 100,000+ will switch in a year. 

http://www.independent.ie/business/...ther-massive-loss-in-first-half-29536806.html

PTSB offer free day-to-day banking if you deposit at least 1,500 EUR each month with no minimum balance requirement.


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## JohnJay (29 Aug 2013)

I set mine up last week. I havent done the full "switch" for my DD's etc. yet, but all's gone smoothly so far. Their online banking is not as slick as BOI's, but it does everything that I need anyway.


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## Jim2007 (29 Aug 2013)

CiaranT said:


> Good to see that inertia has not stopped 30,000 dropping fee paying current accounts, that have become widespread, and moving to the PTSB product.
> 
> 30,000 have switched in one quarter between 1 April 2013 and 30 June 2013 to PTSB. If the run rate is maintain, 100,000+ will switch in a year.
> 
> ...



And I wonder what is their target before start charging fees???  Banks can not make a profit, if they give away their products - it is as simple as that!  Some where a long the line you have to pay the piper and it is a good idea that this is transparent rather than being clawed back by hidden means.  It looks like even the Brits are starting to wake up to that - Momentum gathers to end free banking.


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## JohnJay (29 Aug 2013)

Jim2007 said:


> And I wonder what is their target before start charging fees???  Banks can not make a profit, if they give away their products - it is as simple as that!  Some where a long the line you have to pay the piper and it is a good idea that this is transparent rather than being clawed back by hidden means.  It looks like even the Brits are starting to wake up to that - Momentum gathers to end free banking.



Well, I got a bill for €50 for this quarters charges from BOI. So even if PTSP's offer only lasts a year, it will save me €200. I know €200 is not a lot, but I'd rather have it in my pocket than have it going in to a black hole in BOI!


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## ang1170 (30 Aug 2013)

I'm one of the 30,000, switching from Danske, with whom I had free banking for 30-odd years and who had discontinued it, a couple of months back.

Very straightforward to switch, and no problems to report so far.

I disagree with the notion that it is impossible for the banks to make money by offering free current accounts: it's well known that it is a key product, and that people will tend to go to where they have their current a/c for loans, credit cards etc. 

The marginal cost of providing an individual customer's current a/c must be pretty minimal as most transactions are automated these days. That cost is probably more than covered by the credit balance amount held in it. Although there is no mimimum balance, the requirement to lodge €1,500 pm must mean that most of these accounts have more than €1,000 sitting in them on average, and probably quiet a bit more.


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## jan (25 Nov 2013)

hi, i am thinking of making the switch from AIB to PTSB for my current acc. 
So if there are no charges for the current acc, how are they making money from current acc holders? What charges are there?


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## JohnJay (25 Nov 2013)

I changed over a few months ago from BOI. The only charges I've had so far were for a few ATM withdrawals in the UK.

Their Online banking also allowed me to (very easily) open a savings account with them too, and I have moved my regular savings to them from RABO. So I guess they hope that customers will move their other business to them too when they open a current account


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## DMcL1971 (26 Nov 2013)

jan said:


> hi, i am thinking of making the switch from AIB to PTSB for my current acc.
> So if there are no charges for the current acc, how are they making money from current acc holders? What charges are there?


 

Current accounts for many years were free. In fact in over 30 years of banking I have never paid fees. A current account is supposed to get you hooked in with a particular bank. They provided this service to you at a loss, then when you have savings you will put it in their bank, when you need a loan you will get it from them, when you need a mortgage you will get it from them. That's when they will make a profit from you. 

In fact, in the past a bank was very reluctant to give you a loan unless your current account was with them. In the old days if you wanted a mortgage you didn't go to a mortgage broker or shop around for a deal. You went to see your bank manager, in your branch, and he looked through your account history. Going to a bank or even a branch where you did not have a current account was almost unheard of. 

In the last decade people have woken up to the fact that they can shop around for loans, mortgages, savings accounts and current accounts. Also the banks are in such a bad way financially that they can no longer afford to provide free banking, so they now have to charge for it.


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## sulo (26 Nov 2013)

I've been with PTSB quite some time, they introduced a Switch A/c years ago. I got my husband to move to them at the time too, and my mam.  DmcL is right, I've my mortgage with them, and I also have my daughters savings with them, and only recently moved back some savings - as Rabos rates dropped.  And Im sure now since Danskes announcement I will be looking for somewhere for my Credit Card.


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## paulgreen (26 Nov 2013)

My son recently opened a PTSB account both current and deposit (forced to by den danske) opening in branch was a breeze they were very helpful,but setting up eb was a nightmare and only yesterday after almost 2 weeks was he able to sign in.Found the customer service ok but useless in locating the issue plus they didn't phone him back when they said they would.We found we could log in after we thought we'd try again!


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## Slim (26 Nov 2013)

paulgreen said:


> My son recently opened a PTSB account both current and deposit (forced to by den danske) opening in branch was a breeze they were very helpful,but setting up eb was a nightmare and only yesterday after almost 2 weeks was he able to sign in.Found the customer service ok but useless in locating the issue plus they didn't phone him back when they said they would.We found we could log in after we thought we'd try again!


 
Interesting. I opened a deposit acc yesterday and was set up for Open24 online banking. I logged on today without any problem and changed the password they had given me yesterday. I will probably open current acc too as I also have to leave Danske.


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