Is AIB an alternative to EBS for better support?

T

TestLink

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Hi,
I have a current account with EBS. Recently I saw a transation 247 euro taken from my account in my bank statement which was done at an An Post branch on 26/07/2024. I dont have a clue whether I did this or what was it for. I contacted the EBS customer support, but all they could tell was I put the card in to a card machine and then entered the PIN to make the transaction. They are unable to tell which An Post branch was it or any more details on this transaction.

Also I would need to setup a Standing Order. With EBS I need to go to a branch and fill the paper form and then submit it in the branch.

EBS service is free, but too much hassle to get things done.

So I am thinking about moving my bank to AIB for ease of day to day banking and better support.

Can you please let me know whether it is worth moving to AIB for this? Any way to avoid charges with AIB current account? I am not an AIB mortgage holder.

Alternatively is it possible to join a Savings Account with AIB and receive my salary in it to avoid charges? Would it have all the functionality of a Current Account ?

Thanks...
 
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TestLink said:
They are unable to tell which An Post branch was it or any more details on this transaction.
Click to expand...

Can you check with An Post?

I often see things on my account which I don't recognise usually because the name on my bank statement has no connection to the name on the website or shop front.

But if I went into a Post Office, and spent €247 just two weeks ago I would remember it. But maybe that is because I rarely go into Post Offices. But if you frequent Post Offices and spend large amounts of money, then you might not remember it.

But if you don't, you should challenge the transaction.
 
Not answering what you asked, but some of this info may help.

I use N26 for salary, and direct debits, and it works really well. used to be Ulster bank, then KBC, then PTSB.

I use it for all the tap payments as well. Very clear on what I spent where. It evens shows logos like ALDI, TESCO etc. I recently downloaded an excel or all payments and receipts. All very easy and much better than PTSB. I recently bought the metal card and so get 4% interest on savings in a locked vault. I never have more that €150 in account linked to debit card, and you even get a notification 2 days on advance of payments due "Three €36 in 2 days"..
One issue is you can only use ATM free for 2 transactions with free account. You can take at least €1000 out (rent etc), and of course cash back at till of needed.


On Friday, I also set up an AIB deposit account on branch. I should have been able to apply online, but my phone was not been cooperative.
So I went into branch and have an AIB free deposit account now. From this I can set up an online super saver, where I transfer maxi €1,000 a month. You can have 4 accounts like this. This is a variable saver presently at 3%.

I will have access to app, but not have fees or another card.

I have last night set up a BOI account. This was online only and very easy to do using the browser or app. Again, I just want access to savings account, depending on interest rates in other Fintech banks (Advanzia etc). It is fixed 3% for 12 months with a maximum of €2500 a month. You can have 2 of these accounts.

You will not have APP or Web Browser access. BOI branch I went into were really unhelpful, however I'm guessing there was just a bad vibe on that day.

However, with BOI you have Phone access and email access. I used this today and it was very smooth.

So if you are Ok with phone use, normal N26 is fees free and now works well for salary, VHI claims, revenue, direct debits etc.
Then you can have BOI or AIB accounts for regular saving, if you still want access, or to prove you can save (Mortgage application etc).
 
I have an AIB account and I find it very easy to operate.

But a friend of mine who switched from Ulster Bank thinks AIB is terrible. Though I suspect that is because he was used to Ulster Bank
 
I have both N26 and Revolut account (FREE), which I mainly use while on holidays and less secure places.

But for day to day banking I prefer a traditional bank like AIB. The only downside is their charges. Even if I credit my entire salary to the current account I wont earn a penny.

I find Revolut support terrible. It is only chat support and I have to wait ages to get an agent to chat. So traditional banks win in this.

I was told by AIB that I cannot credit my salary in to their Savings Account. Also no debit card or standing order facility available on that.

So what would be the best strategy in this scenario?
1. Open an AIB current account or keep the EBS current account
2. Open a Savings account with AIB or N26
3. Set a standing order or Direct debit from the current account to the Savings Account every month, so that I can earn interest on my savings

From bonkers comparison, N26 seems to have AAA rating while AIB has BB+ rating.
N26 offers 4% interest while AIB offers 3%

Please see the attached PDF containing the result of savings account comparison.

Any other suggestions?
 

Attachments

  • Savings Accounts - bonkers comparison.pdf
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N26 only offers 4% on metal card which costs €165 per year. Search up N26 here as that was worth it, depending on savings up to now. Unfortunately, N26 are reducing Metal 4% to 3% from October 1st for those already signed up. Check the DEPOSIT part of AAM that @Lightning regularly updates.
 

Ohh. Ok. Thanks for this info.

I think AIB is my best bet.
 
AIB charge for a lot of stuff including tap on debit card AFAIK. Maybe use another card for tapping (I use Rev). Beware AIB charges for non-euro abroad also but I'm guessing the rest have caught up now.

Edited. Brendan has put a comprehensive bill up in this thread. It seems I may be wrong on the tap charge above but I'd check with them.
 
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Guess it’s a personal thing whether for pillar banks you prefer BOI’s all-you-can-eat for €6 per month, or AIB’s a la carte.
AIB certainly have the potential to be cheaper - if you use an online bank for day to day spending.

If you are paid monthly, you could in theory only be charged:
1.50 service fee (Quarterly service fee of 4.50 pro-rata)
0.20 for monthly salary lodgement
0.20 for the transfer you do to get the money out to your daily use account
 

When I contacted An Post support, I was told to contact "Money Transmission" section of An Post Financial Services division. They gave me proper information on what was the transaction for and at which branch. It was a payment I made myself. The reason for me not recognising
the transaction was, it was done 3 weeks before the date it was mentioned on my bank statement! I dont know why it took so long to appear in the bank records. Any way problem solved. Thanks Brendan and others for your help.
 
Had an appointment with AIB manager today.

AIB only offers 3% interest on it savings account for the first 12000 euro. Any thing after that is just .25%. So around 360 euro per year, when I have 12000+ euro in my savings account.

Also I decided to keep my EBS account as my main current account. For savings purpose what is my next best choice? I would like to deposit around 500 euro each month from my EBS current account to a savings account.

Any suggestions?
 
Just check that again.
-AIB have an online regular savings account, that you can put €1000 in per month, on a VARIABLE rate of 3%.
-However, you can have up to 4 of these accounts.
-No fees.
-Demand deposit account set up, and the saver is fed from that on a particular day per month.
-So just set calender 2 days before to move money to demand deposit, and it will move to online slaver.
-You have access to an app.


This option below is fixed.
- BOI have a regular saver (no current account), that allows up to €2500 per month with 3% fixed.
- Set up over the phone or online is very easy. You set up a standing order on a particular day per month into account.
- No fees.
- No app.
- No browser. So must do everything over phone which is easy enough.
-To withdraw must go into a branch.
 
Just called BOI. AIB / BOI etc offers 3% for 1st year only or upto a max threshold amount.

N26 Metal gives you 3% interest buyt its monthly cost is 16.90, so it is not worth putting savings in it.

I may have to reconsider one of Revolut for a regular savings account. Revolut standard account offers 2% interest, but has a ccc credit rating.

Is Revolut the best option I have? Any other option I have to get 2+ percentage interest for unlimited number of years?
 
Go to the link by @Lightning on deposit best buys.
I have N26 metal and will get 4% until Oct 1st. New members have a different rate. I love N26.

Revolut is not the same for savings. It is not a deposit account. Looks like it.. but not.

BOI is fixed 3% and possibly of €5000 a month for next 12 months at 3% which is good considering rates may drop.

AIB is variable so be careful.


Advanzia is 3.97% until Dec 31st but maybe just for older customers.


Then Lightyear 3 % trade republic 3.75%..
Raisin.. have a look at Deposit best buy thread. It has lots of clear answers.
 
ACER10 said:
BOI is fixed 3% and possibly of €5000 a month for next 12 months at 3% which is good considering rates may drop.
Click to expand...

I am looking for a regular savings account rather than a single fixed deposit account. I plan to put 500 - 1000 euro per month in to a savings account that will yield me the best interest.

Eventhough my monthly deposit to a savings account will be low, I still would like to deposit it in a bank with good credit rating, so if the bank go bust I wont lose my money.

1. With Revolut, I will get 2% for what I have in my account as long as I am a Revolut customer.

2. With BOI I will get 3.00% AER for first year and then second year onwards I will get Standard Regular Saver rate (currently 2%).
 
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TestLink said:
Eventhough my monthly deposit to a savings account will be low, I still would like to deposit it in a bank with good credit rating, so if the bank go bust I wont lose my money.
Click to expand...

A good credit rating means nothing if the bank goes bust. You can bet a defaulting bank will see it's credit rating drop like a stone.

If you deposit with an EU bank you'll be covered up to €100k under their national DGS.
 
I'm sure you have seen this but just in case: https://www.askaboutmoney.com/threads/savings-best-buys.90481/

It is regularly updated thanks to @Lightning

Best of luck.
 
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