Bank a/c for daughter

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bitethebullet

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my 18yr old daughter needs her own bank a/c as her employer will be paying her via a/c every week. She has just left school and is undecided about going to college. I'm just wondering if any of you good folks could help me out in figuring which would be the best bank to setup her a/c with. Revolut was an attractive option but the limit on withdrawals is a disadvantage.
 
EBS and Revolut combo.

Revolut offers a good app, free FX (most of the time), Apple Pay and Google Pay, transaction for free and low use ATM withdrawals for free. But no traditional banking stuff.

EBS offers free euro banking but has no app, no mobile payments, costly FX charges but offers cash facilities, cheque facilities, branch facilities, unlimited free euro ATM withdrawals and an Irish IBAN. Niche needs these days but if even if only used on rare occasions it is worth having these facilities for those rare occasions.

Salary paid into the EBS account. Top up Revolut from there and use Revolut for day to day expenses and non-euro expenses.

EBS and Revolut complement each other well if combo'ed correctly.
 
I don't disagree with Kieron's advice, but I can't see an 18 year old having any interest in anything other than a single bank account with a contact less debit card.
What's wrong with the local AIB or similar for a first account ? she can move banks at any time.
 
A Revolut or N26 account alone is probably sufficient and will keep it nice and simple. Employers will pay into any account with a Eurozone IBAN. While free cash withdrawals are limited (e.g. 200 Euro per month for Revolut) it's possible (and safer) to pay for almost everything with a debit or credit card these days both here and abroad. Both also do direct debits.
 
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Connard said:
I'm sure one of her parents won't mind doing that so not really a factor.
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This approach should not be taken. One of the reasons the transaction is made is to complete AML steps. Using someone else's account is not a recommended - if the account is ever frozen, as N26 are currently doing, it'll be difficult to get it unfrozen if you can't show them the Bank statement with the same name on it.
 
RedOnion said:
This approach should not be taken. One of the reasons the transaction is made is to complete AML steps. Using someone else's account is not a recommended - if the account is ever frozen, as N26 are currently doing, it'll be difficult to get it unfrozen if you can't show them the Bank statement with the same name on it.
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I didn't realise that. Fair enough.
 
Revolut is very appealing as it is so cheap. Unfortunately the whole online-only bank thing is very new. I see plenty of risks both to the whole business model as well as how supervisors treat it (supervised in Lithuania btw). See here.

Put simply, there is an appreciably higher risk of not being able to access your funds than with a bank with bricks-and-mortar presence in Ireland. Ask yourself, how sympathetic is a Lithuanian banking supervisor going to be to a load of customers left without access to funds in faraway Ireland?

A bit like any new financial product, I would not get involved with it until its suffered its first crash.
 
She could open an AIB Basic Account which has no fees for 12 months. If she ends up going to college she can convert this to a Student Account.
 
RedOnion said:
This approach should not be taken. One of the reasons the transaction is made is to complete AML steps. Using someone else's account is not a recommended - if the account is ever frozen, as N26 are currently doing, it'll be difficult to get it unfrozen if you can't show them the Bank statement with the same name on it.
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But if her parents' name is on the sending account it should be OK I would have thought (provided they have the same last name). It comes down to whether she will have lot of non-Euro transactions because of travel or online shopping. If everything is in Euro, a basic EBS account would be sufficient. If not, she will be ripped off left right and center if she goes with an Irish bricks-and-mortar bank, even if their basic current account is free.
 
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Personally speaking I wouldn't touch Revolut with a barge poll. CFO left a few months ago over major compliance issues and some horrific reports about their work culture and how staff are treated. Better off to pick an Irish bank and start to build a relationship with them for the inevitable car loan etc in the future. Also she should go an open a Credit Union account and start a DD monthly saving a few bob
 
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