Basic Payment Account - What happens after a year?

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pudds

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They say it is fee free for the first year but don't say what happens after that, anyone know.

Sorry guys just dug up the answer to the first question.

There will be no maintenance or day-to-day transaction fees on your account for the first five years as long as the total amount of lodgements made to the account each year are below the National Hourly Minimum Wage of €9.80 per hour multiplied by 2,080 (the figure of 2,080 being based on working a 40 hour week for 52 weeks of the year) totalling currently €20,384 but is subject to change.


Is this type of account available from the credit union?
 
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I noticed this from the citizens info site the other day that the ebs money manager is listed as a basic bank account, so is only of use to people who don't pump more than 20k approx pa. through it, if true. Bit confusing.

To open an account you need to visit your local bank branch. The following basic bank accounts are available:


Bank Account name
AIB Basic Bank Account
Ulster Bank Foundation Account
KBC Basic Current Account
Permanent TSB Basic Payment Account
Bank of Ireland Basic Bank Account
EBS Money Manager


http://www.citizensinformation.ie/e...nce/banking/standard_bank_account.html#lef21f
 
@pudds Not necessarily.
EBS have a product that meets the criteria of a basic bank account. So kept the politics of it happy.
But they also make that account available to everyone.
 
RedOnion said:
@pudds Not necessarily.
EBS have a product that meets the criteria of a basic bank account. So kept the politics of it happy.
But they also make that account available to everyone.
Click to expand...


The rules of these accounts as stated on the cic site are

Rules
The first year is free of charge for everyday banking. After one year, the bank will review your account but you will not be charged maintenance or day-to-day transaction fees for the first five years, providing the total amount of money paid into your account each year is no more than €19,240 (the national minimum wage).

Sorry but the Money Manager account doesn't look like a duck to me going by cic's website.
 
pudds said:
Sorry but the Money Manager account doesn't look like a duck to me going by cic's website.
Click to expand...
It's a duck.

The banks were told to create a bank account for the unbanked. They are allowed to start charging fees after the review if lodgements are greater than amount referenced.

EBS just didn't bother creating something new, but said they already had a free banking account.
They already had a duck.
They didn't need to hatch a new egg.
 
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