# BoI Cut Current Account Interest to Zero



## Lightning (29 Sep 2011)

The final nail in the coffin for credit interest on current accounts has occurred, BoI have cut interest on current accounts to zero today. 

BoI were the last bank to pay credit interest on free current accounts. 

The onerous BoI conditions to get free banking stay the same. 

NIB pay interest on their paid for current accounts and EBS pay a tiny 0.03% on their new current account with transaction fees.


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## theresa1 (30 Sep 2011)

Next move - stop all those People doing 9 €1 debits or similar to avoid transaction fees.


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## pator (1 Oct 2011)

theresa1 said:


> Next move - stop all those People doing 9 €1 debits or similar to avoid transaction fees.


 
Dont want to drag up the debate again that people doing 9 €1 transaction are not doing anything wrong they are just complying with the terns of the offer but - 

Surely the people that do that are those who do not suffer from customer inertia and if BOI remove the offer these people will just move to Ulster. 
No figures obviously but it appears from the papers and sites like this that many more people are now paying the charges so sounds like it has been a sucess for BOI without going any further. 

Same as before I still think people are entitled to try avoid fees if they so desire. Same as its ok to avoid tax but not evade it.


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## marksa (1 Oct 2011)

pator said:


> if BOI remove the offer these people will just move to Ulster.


 
until Ulster put the free banking product off-sale... if I was working in Ulster that's what I would do. hoover up as much current acc market share as the last one with free banking - then put it off sale.


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## pator (1 Oct 2011)

marksa said:


> until Ulster put the free banking product off-sale... if I was working in Ulster that's what I would do. hoover up as much current acc market share as the last one with free banking - then put it off sale.


 

We are just guessing what ulster _might _do based on one persons suggestion of what b of i _might _do.

My point was that the 2nd post read like they was something wrong with "_all those people_" doing €1 transactions to avoid the fees. It is a legit way to save on outgoings when people people are strapped for cash. 
With AIB its one laser transaction and some online transactions

Anyway we already discussed this here - http://www.askaboutmoney.com/showthread.php?t=148721&highlight=pator&page=8


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## athens2004 (2 Oct 2011)

The BOI fees are  28 cents for each of the following transactions:
Debit Card ; ATM  ;Standing order ;Direct debit  ; Cheque  ;Branch transaction ; Internet transaction ;   Phone transaction
So – someone using a debit card once a day would be charged €25.20 in a quarter. Fees at BOI do not apply to Student, Graduate and Golden Years accounts.

If you move money from current A/C to saving A/C will you be charged?  What do you mean by doing 1 euro transactions.


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## RMCF (2 Oct 2011)

To be fair, the amount of interest most people would get from their current account would be miniscule. Current accounts never had good interest, ever.

If you have enough money lying in your current account to miss the interest you would get, perhaps you should move that money to a higher interest savings or deposit account.


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## theresa1 (2 Oct 2011)

theresa1 said:


> Next move - stop all those People doing 9 €1 debits or similar to avoid transaction fees.


 

- Nothing wrong with doing this at all - far from it. I'm just guessing BOI will make thing's harder to avoid fee's and then i will jump ship to Ulster.

BOI is just handy as a branch is at the end of my road. I shift most of my money out each month when I get paid.


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## zen (3 Oct 2011)

AIB's "high interest account" has zero interest.......


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## ClubMan (3 Oct 2011)

zen said:


> AIB's "high interest account" has zero interest.......


Which account is that? Can't see it here...

[broken link removed]


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## zen (3 Oct 2011)

Thats true, its not listed because you cant get the account anymore, they sent out a correspondence telling us that they were no longer giving interest on the "High Interest Current Account Plus" (it was never high anyway) but failed to rename the account.  

It should be called "leave your money here and we'll get the interest but wont give you any of it account"


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## ClubMan (3 Oct 2011)

Or call it the "close this account and get a better deal elsewhere" account?


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## GuitarDave (3 Oct 2011)

The interest on the BOI current account was only on the first E1500.00 anyway. It started off at 10.5% but very quickly dropped. Current accounts are what they are though...for day to day use not for saving.


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## zen (4 Oct 2011)

ClubMan said:


> Or call it the "close this account and get a better deal elsewhere" account?



DONE! It took time

Most of my cash has been transferred our of Ireland to Brazil.  I'm getting a great rate on the Real, Every pay cheque will be sent there too. Nothing will be left in this country.  Other amounts are kept in cash and some in Germany.


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## ClubMan (4 Oct 2011)

theresa1 said:


> Next move - stop all those People doing 9 €1 debits or similar to avoid transaction fees.


Just curious - do transfers from current a/c to _BoI _savings a/c via online banking work here? I.e. if 9 x €1 of such transfers are done and €3K+ lodged per quarter will charges be avoided? _BoI _say:

[broken link removed]


> Over the course of a fee quarter1, lodge2 at least €3,000 to your Personal Current Account AND make 9 debit payments3 from that account using Banking 365 Phone and/or Online
> 
> ...
> 
> ...


so I'm not sure if the debits in question must be payments rather than transfers?


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## GuitarDave (4 Oct 2011)

ClubMan said:


> Just curious - do transfers from current a/c to _BoI _savings a/c via online banking work here? I.e. if 9 x €1 of such transfers are done and €3K+ lodged per quarter will charges be avoided? _BoI _say:
> 
> [broken link removed]
> so I'm not sure if the debits in question must be payments rather than transfers?


 
Yes that does work...If you've a c/a and s/a set up online you could transfer €0.01 between the two nine times and that will qualify.


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## ClubMan (4 Oct 2011)

That's great - thanks a lot.


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## Yakuza (8 Oct 2011)

We have BoI two current accounts, mine and a joint one between the missus and I.  What I do is split my credit card bill in 3 (to the nearest tenner) and make 3 payments of that amount from my account when paying it off.  That way I will have the 9 payments each quarter.  We pay our bills from the joint account so that usually counts towards 6-7 payments each quarter from that, and then I make up the balance by xferring into a savings account a couple of times a quarter (roughly speaking the quarters begin 21/2, 21/5, 21/8 and 21/11).


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## ClubMan (8 Oct 2011)

Yakuza said:


> (roughly speaking the quarters begin 21/2, 21/5, 21/8 and 21/11).


Thanks - I was wondering what the dates were. Wonder why they're so odd and not just something more logical like Jan/Apr/Jul/Oct 1st??!


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## Armada (9 Oct 2011)

GuitarDave said:


> Yes that does work...If you've a c/a and s/a set up online you could transfer €0.01 between the two nine times and that will qualify.


 
I actually tried that when this was introduced and it did not work. I was still charged fees at the end of the quarter.

Now I am transferring to other accounts (non BOI) and credit cards.


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## theresa1 (9 Oct 2011)

Armada said:


> I actually tried that when this was introduced and it did not work. I was still charged fees at the end of the quarter.
> 
> Now I am transferring to other accounts (non BOI) and credit cards.


 

If you also lodged at least €3,000 over the course of the fee quarter you should make a formal complaint.


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## ClubMan (9 Oct 2011)

Armada said:


> I actually tried that when this was introduced and it did not work. I was still charged fees at the end of the quarter.


Are you sure that something else didn't happen like going overdrawn, incurring charges not waived by these rules etc.? Did you complain?


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## GuitarDave (10 Oct 2011)

Armada said:


> I actually tried that when this was introduced and it did not work. I was still charged fees at the end of the quarter.
> 
> Now I am transferring to other accounts (non BOI) and credit cards.



Did you do the transactions all on the same day and did you meet the other condition of having €3000 per quarter coming in to the a/c?

Also as mentioned earlier the fee quarters don't run from the first of a month and the 9 transfers would've had to come out of the c/a as that's the one that attracts the fees?

This method does actually work.


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## Armada (10 Oct 2011)

Current account has never been overdrawn and €3000 + was lodged. Transfers were definitely in the given quarter. I normally transfer weekly from my current account to the savings account(online), with varying amounts. So perhaps they were'nt done all in the one day. I would have processed about 20 transfer transactions though (few different BOI savings accounts).

I'll check into it further and report back here.


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## GuitarDave (10 Oct 2011)

Armada said:


> Current account has never been overdrawn and €3000 + was lodged. Transfers were definitely in the given quarter. I normally transfer weekly from my current account to the savings account(online), with varying amounts. So perhaps they were'nt done all in the one day. I would have processed about 20 transfer transactions though (few different BOI savings accounts).
> 
> I'll check into it further and report back here.


 
Doing them all on the same day doesn't actually make any difference to it what I meant was perhaps you had missed the start/cut off dates of the fee period if sending them all at different times.

I would definitely make a complaint though.


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## theresa1 (20 Feb 2012)

I just got 1 cent in Interest. Should I ring them and offer it back?


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## theresa1 (7 Oct 2012)

theresa1 said:


> Next move - stop all those People doing 9 €1 debits or similar to avoid transaction fees.


 

- As I predicted and other's, going to happen from November 2012.


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## Boyd (8 Oct 2012)

Already flagged by CiaranT: http://www.askaboutmoney.com/showthread.php?t=172667


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