Should the current account fees be a factor in choosing a mortgage?

Brendan Burgess

Founder
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This was raised in another thread.

I have tended to discount current account fees but wonder should they be factored in.

AIB gives free current account fees to its mortgage holders.

I have a fairly busy AIB current account and paid €110.24 in fees last year. I would expect to pay less this year, as I have moved from taking out cash at the ATM to paying with my Revolut card.

KBC requires a borrower to have a current account. What are the average fees on this account?
 
Here are the KBC fees https://www.kbc.ie/our-products/kbc-current-account/current-account

Fees and Charges
If you live the kind of life that doesn’t like being charged for everything, you’ll love how much you can do for free with the bank of you.
No fees for...
  • Interent and Mobile Banking Transactions
  • Electronic payments into or out of your account
  • Direct debit set up or processing
  • Standing order set up or processing
  • When you use your debit card for purchases in Euro
  • Cash withdrawal [ATM] transactions (within the SEPA Zone) denominated in Euro or cheque lodgements if you maintain a minimum daily credit balance of €2,000 in your Current Account each fee paying quarter
  • Account transactions for the over [broken link removed] and [broken link removed]
Other fees and charges apply
Account and transaction fees made clear and simple
  • Quarterly Fee €6.00*
  • Cash Withdrawals [ATM] €0.30 each*
  • Cheque Lodgements €0.30 each*
Everything you need to know is in your Current Account Fees & Charges booklet. If you have any questions or if you would like anyone to explain any part of it - please just ask.
*Customers aged 60 years or over are exempt from Account Transaction Fees (Maintaining the Account Fees, Cash withdrawals [ATM] within the SEPA Zone demoninated in Euro or Cheque Lodgement Fees).
 
Brendan Burgess said:
KBC requires a borrower to have a current account. What are the average fees on this account?
Click to expand...
As far as I can see, it'd be zero for a typical customer paying a mortgage with the KBC Extra current account. Free banking with lodgement of 2k per month.
Limited cash / cheque facilities, but again wouldn't impact majority of people.
 
So what would a busy KBC account which does not keep a balance of €2,000 in the current account or who doesn't have the KBC Extra current account?

4 Quarterly fees: €24
48 ATM withdrawals: €14
7 cheque lodgements: €2
Total: €40

Doesn't seem to be a factor.
 
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One factor I found to my cost for KBC is withdrawing sterling in the UK. 3.5% with min 3.17 and max 11.43. If you travel a bit this can add up. Best for this is UB who don't charge when using Natwest or RBS ATMs but of course they have a non-avoidable annual charge of €24.
 
RedOnion said:
I don't think you have to keep a minimum balance, just total lodgement of 2k in the month.
Click to expand...

That is not what they say on their website

Cash withdrawal [ATM] transactions (within the SEPA Zone) denominated in Euro or cheque lodgements if you maintain a minimum daily credit balance of €2,000 in your Current Account each fee paying quarter

Maybe that is a different type of account?
 
I pay roughly €25 per quarter in current account banking fees with AIB. I dont keep more than 2500 in the account unfortunately...
 
Looks like it is worthwhile if you are over 60? No fees charged and no minimum monthly balance ?
 
I think in the above Brendan is talking about the regular KBC current account.
They have an extra account which gives discount on mortgage rates and there are no banking fees provided €2000 goes on each month.
 
Brendan the above information re KBC is not correct
You have to simply lodge €2000 per month, there is no requirement to maintain a minimum balance
 
Ryan said:
Brendan the above information re KBC is not correct
You have to simply lodge €2000 per month, there is no requirement to maintain a minimum balance
Click to expand...

This is what the website says which is very clear cut

Cash withdrawal [ATM] transactions (within the SEPA Zone) denominated in Euro or cheque lodgements if you maintain a minimum daily credit balance of €2,000 in your Current Account each fee paying quarter

However, it seems that there are different current accounts with different requirements.

Brendan
 
Must be the case. Mine has no requirement for a minimum balance
 
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