Opening a Basic bank account

[Yorky]

Has anyone successfully opened a basic bank account due to the impending closure of Ulster Bank?

According to AIB, you're ineligible to open a basic bank account if you already have a current account.

Does anyone know if there are exceptions to this rule?

The proposed bank account holder is on a low income and has few transactions and wants to avoid account charges.

If not, is there a low cost alternative bank to AIB? They seem to have the lowest charges out of the local banks (PTSB, BoI, Credit Union)

 

[JD2021]

The proposed account holder will be required to prove they are on a low income or vunerable.

If they currently have a current account they are not deemed eligible regardless if they are affected by the closure of UB and KBC. The only exception I'm aware of if a domestic abuse situation whereby a customer is vunerable and has no control / access over their existing account

In essence the eligibility criteria is very strict for Basic Current accounts and fees are only waived for 12 months and then reviewed.

They could put their case to any of the 3 banks offering a Basic Current account but its not straightforward opening such an account .

 

[Yorky]

It won't happen , you can not have an existing Current account in Ireland and these accounts have strict eligibility criteria attached, namely aimed at low income and vunerable customer's.

These accounts also have usage limitations and fee's are waived for 12 months only and then reviewed.

There are no exemptions and eligibility criteria is fully laid out in the T&C 's applicable to Basic Current Accounts.

It will happen.

As stated in the OP, the reason for opening a new account is forced closure of the existing account.

I'm well aware of the eligibility criteria and T&Cs

 

[Yorky]

Update:
From Citizens Information: If you have a current account but your bank has told you that it will be closed, you can open a basic account

Basic bank accounts

Basic bank accounts are simple bank accounts with no fees or charges for normal services. This document gives information on the introduction of basic bank accounts.

www.citizensinformation.ie

 

[Brendan Burgess]

If you have a current account but your bank has told you that it will be closed, you can open a basic account

I take this to mean ...

If you have a current account [with AIB] but your bank [AIB] has told you it will be closed you can open a basic account [with AIB]

not

If you have a current account [with Ulster] ....you can open a basic account [with another bank]

 

[Pinoy adventure]

The money manager account with EBS building society has no fees and is a basic account snd has a debit card attached.

 

[JD2021]

It will happen.

As stated in the OP, the reason for opening a new account is forced closure of the existing account.

I'm well aware of the eligibility criteria and T&Cs

I misread your OP and was editing before you replied, so go back and look at my first post, I didnt realise the proposed account holder was on low income.

I believe the citizen info is a little misleading and the closing of KBC and UB does not change the eligibility criteria which still applies.

The proposed account holder can put their case but as I've said, it is not straight forward opening a Basic Current account.

 

[JD2021]

Update:
From Citizens Information: If you have a current account but your bank has told you that it will be closed, you can open a basic account

Basic bank accounts

Basic bank accounts are simple bank accounts with no fees or charges for normal services. This document gives information on the introduction of basic bank accounts.

www.citizensinformation.ie

 

[JD2021]

The Citizens information is dealing with a specific challenge a customer might be facing if a Bank informs a customer they are closing a customers current account, not if a Bank is leaving the Market as is the scenario laid out in OP.

The page also continues to list UB and KBC as offering basic accounts, they are no longer doing so.

The proposed account holder can still make their case to the remaining participant banks offering a BASIC current bank account but as explained, it is not straight forward.

 

[Nutso]

Would the likes of Revolut bank be suitable? I believe they have no fees at the moment.

 

[RichInSpirit]

I hear ad's the whole time on local radio about credit union current accounts.
They seem to have most of the features that current accounts in banks offer.

 

[JD2021]

I hear ad's the whole time on local radio about credit union current accounts.
They seem to have most of the features that current accounts in banks offer.

They do but don't offer a Basic Current Acoount , which is subject of the Thread. The credit Union current account has fees applicable, €4 per month maintainence fee , which in fairness is low.