Do I need a Current Account?

S

Starbuck

Registered User
Messages
171
I have a BOI Mortgage and service it through my BOI Current Account.
BOI are taking 11.50 PER MONTH off me in 'Current Account Fees'. I have no idea why - but I'm trying to find out!

In the meantime - since I have slowly reduced my dealings through that account so that now the Mortgage is the only transaction that ever occurs on it - do I actually need to have it?
Can I service the BOI mortgage from a current account in a different bank?
Can I CLOSE the BOI current account if I do this?
 
Of course you can service it from any account. Its just a direct debit to a lender like any other.
 
You could also switch (for next bank quarter) to pay as you go fees - where you are only charged per transaction - hence if only the Mortgage payments - the charge would be negligible
 
Check out PTSB,EBS and as a last resort Ulster Bank. You can avoid all fees with a little effort - keep away from AIB.
 
Why ulster bank as a last resort? UB is currently the only free current account provider with no strings attached. That might change in the summer but nothing has been confirmed.
 
UB have very interesting computers which were proved to be rather unreliable.
 
Just another point to be aware of - is your mortgage rate dependent on having a particular type of current account? I know Ulster Bank had that as a condition at some stage - no idea if BoI did.
 
Thanks for all the replies. It turns out I can go to Pay As You Go charges, as suggested by Sol28. The lack of activity on my account means its a huge saving. Thanks for that Sol28, I can keep the BOI current account too thanks to that suggestion.
 
murphaph said:
Why ulster bank as a last resort? UB is currently the only free current account provider with no strings attached. That might change in the summer but nothing has been confirmed.
Click to expand...


- As Time indicated ulster bank computers are not the best.
 
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