PTSB ending fee waivers on legacy current accounts - 47,000 affected

tomdublin said:
You will be charged 18 Euro, they just don't call it an account closure fee.
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No, no charge, it was clearly stated on the back page of the letter as I have typed out.

I closed it yesterday. The lady just said to transfer out my money to my other bank account (AIB in my case) which I did there in the branch in front of her (Full amount). Then she gave me a closure form to sign off and that's it.
 
In that case they have changed the policy. I was clearly told that I could not close it without paying 18 Euro.
 
What's this about Current Account 4 accounts? Can they not be converted into those explore accounts I've heard mentioned?

I've 2 Current Account 4 accounts. Mine, and our joint account. Do I have to close them to open a new account or something, rather than just change the account type?
 
I don't see any point with the "explore account", it has 6e/month fees, 18e per quarter.
Alternatives I am looking at:
  • N26 (basic product might fit)
  • Revolut (I have it but I dont use it that much, still need to do further research about it: interest rates, fees... they recently changed some fees)
  • AION Bank (looks simple, clear, free or small fee less that 3e/month depending on the product, but looks serious) . It is on the top for me so far. HQ at Brussels
  • Cooppank is. Very interesting option on the basic account., almost free of everything and is located in Estonia, which is good for taxes. On the top too
  • I found another one in slovakia... didnt go far with it.
  • Spain also has some banks with options for non-residents and online banking there is really powerful, nothing like PTSB. PTSB looks like from the stone age if you compare it.
  • Finally, blackcatcard... located on Malta. It was attractive at first, with monthly paid interest (2.2%) if memory is ok), and no fees, buuuut the card is prepaid, and that might limit the operations you can do with it online. However, mixed with Revolut or other banks it can be competitive. The dormancy fee is 15e and they don't clearly state how they consider it, they activate it after 7 months but what is the criteria? no idea.
I cant see any reason to keep an account in a bank in ireland,, they are expensive, online service is meh, they still require you to go to the branch for some operations (hard to be lieve it nowadays), no interest or not competitive one unless you lock your money on a deposit, limits on SEPA transfers, limits on the cards you can't change on demand... pfff

There are much much better options across the EU.

My profile is:
- no credit card, only debit
- no mortgage
- no user of the cashback at the shops
- I prefer to do everything online, no time to follow the branch with the timetables they have, I have no patience for that.

Any experience to share with any other EU bank?
 

Good luck to you. 6 euro a month with cash back up every time you use your debit card up to €5 so is basically free. Or I set up my current account with some bank in Estonia and deal with various issues that this involves.... the app is no better or no worse than any of the others. Not sure what you think people in France or Germany are getting in their online banking that we are not....what does really 'powerful' online banking look like? There is a reason why revolut and n26 is popular in most countries.
 
Like seriously?? Who in their right mind is going to use some random Spanish or Maltese bank to carry out their day-to-day banking in Ireland?? Unless you happen to be Spanish or Maltese and are living in Ireland and weren't bothered in opening an account here. All to save a couple of euro a month!! You have waaayyyy over analysed the problem here.

As Sunny said, I pay the princely sum of €1 per month to PermanentTSB for my banking. ONE EURO!!
 
Just out of interest, are the apps from the Maltese/ Estonian/Slovakian/ Spanish banks you are considering in English
 
FlyingIcaro said:
There are much much better options across the EU.
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How can you say that when you're just considering them and haven't actually used them yet? A key thing for day to day banking is how easy or not it is to contact support and get a problem rectified when this happens. Anecdotal reports suggest that at least some of the Fintech companies fall down on this front.
 

That's simple. I am still reviewing the fine print, so i didn't take a decision yet but I already discarded several banks. You are right, the value of the bank is the day to day operative. The support from PTSB is oriented to domestic and really local users, if you go on holidays and you have an issue, you are done, if are international you are mostly exposed. Also, sending me to the branch to do this or that... Well... I don't call it supportive nowadays.

I have few accounts in retail banks, no neo banks or fintechs, outside Ireland and i can give you few insights:
- really small fees, if any.
- app and web use interface is incredibly much more complete and advance than ptsb.
- zero interaction needed with a branch, not even signatures or KYC.
- in some cases financial analytics about expenses are included at not cost.
- able to download any statement, any time range with filters to select my criteria, on pdf or XLS, at not cost
- credit card delivered worldwide by express courier 24h, 48h, at best, any address.
- ability to their our disable contactless payment on cards whenever i want, no interaction with any human is required, via Web or app.
- same for atm limits, payments on POS within the EU or outside EU.
- real-time fraud notifications. PTSB is miles away on this.

Why i am still looking you might ask considering such benefits.
I an still looking at few factors: interests rates on current accounts, legal taxation obligations (if any) at the country where the bank is based (in particular capital gains taxation due interest rates), and, as you wisely mentioned support conditions; 24x7? Support lines over twitter? Facebook? Others? Responses time reported by other users on reviews?

Don't get me wrong, my approach might not be valid for everyone here. It depends how you use the bank and which procedures/operations you do the most with it.
 
The online banking i use to use abroad includes:
- operations with bonds
- operations with trading (and no, it is not like Revolut, trading212 or similar, read the fine print of those, you will be surprised)
- ability to buy other financial products or services as deposits, loans, mortgages fully online (of course was long as you for in the form limits, that is, you can't ask for a mortgage the and bring it here but you can ask for a credit line or pre-approved loan, that's immediate, and i personally find it useful in case of an remote and extreme emergency.

That's the main thing i use. There are much more and you probably want to check a demo account, or screenshots in the online documentation, to see the interface and its features.
It is not only saving the fee.
It is how much the bank can do for me and my money.
Some of the options noted give 2.2% interest rate on the current account paid monthly, fully available at any time.

Everyone is different and i am not denying that having a local bank might be useful. But in my case, if I want to get some interest with my money my best option is a deposit here which locks the access to it for a while, and playing with some other banks out there and my savings i could pay few months of my rent only with the interest generated and the money is not blocked. Just choices. Even more, you never put all the eggs in the same basket no? Same with a bank, and i have nothing to loose, i can open and account put 1000e, post with its card for a while and see if it is stable, secure, easy to use, responsive etc etc. And if everything goes well, at long as they have better interest rates... I can not only do money but also cover any cost from ptsb or any other local bank (i already did my numbers and it works for me distributing some amounts here and there).
So i am trying to find the best formula for me at this time. It might not work for you and that's ok.
 
huskerdu said:
Just out of interest, are the apps from the Maltese/ Estonian/Slovakian/ Spanish banks you are considering in English
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Yes as far as i saw.
There were some French banks available but everything was on French. Same for some German and Dutch banks.
 
Quick question
I received a letter from PTSB saying my account would be charged €18 per quarter. I was thinking of changing to the €6 per month account. Would all my standing orders and direct debits be affected. From experience with changing banks before it is an absolute nightmare doing this. Thanks
 
May I ask what is the motivation to change to another account?
 
When did you do this last?
It shouldn't be a nightmare these days.

Switching your bank account - CCPC

If you are unhappy with the service you are getting from your bank, or think you are paying too much for your current account, you can easily switch banks.
www.ccpc.ie

Switching your bank account

Find out how to switch your bank account to a different bank.
www.citizensinformation.ie

Switching your Personal Bank Account to another provider - Banking & Payments Federation Ireland

Banking & Payments Federation Ireland (BPFI) is the voice of banking and payments in Ireland. Representing over 100 domestic and international member institutions, we mobilise the sector’s collective resources and insights to deliver value and benefit to members, enabling them to build...
bpfi.ie
 

FlyingIcaro said:
May I ask what is the motivation to change to another account?
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I’m not sure of the names of the accounts, but the €6 per month account is offering a few freebies, whereas the 18 month account is not. I stand to be corrected on this?
And sure €6 per month is the same as €18 per quarter.
My plan is to make an appointment go into the branch and have a chat with the staff. I am also using multiple legacy savings accounts which are probably very poor value.
 
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