An Post Launch Current Account Product

Discussion in 'Banking, credit cards, etc' started by Gervan, Jun 15, 2017.

  1. Gervan

    Gervan Frequent Poster

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  2. MrEarl

    MrEarl Frequent Poster

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    That looks quite expensive tbh.
     
  3. CiaranT

    CiaranT .

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  4. CiaranT

    CiaranT .

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    Last edited: Jun 15, 2017
    Yeah, 70 EUR a year for something that you can get for free from EBS and KBC (if you deposit 2.5k per month) and AIB (if you keep a minimum balance) and Ulster (if you keep a minimum balance).

    Plus 60 cent per ATM transaction and a fee of €0.90 plus 3.0% of Transaction Value for non Euro transactions.

    The most expensive current account product out there. Can't see many switching.

    The fee list is here.
     
    Last edited: Jun 15, 2017
  5. CiaranT

    CiaranT .

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    The cash back is a bit of a gimmick.

    AIB offer similar cashback via their new rewards scheme as do PTSB.

    The cashback only works with 9 retailers some of which do not offer market leading prices as it is and the retail partners will change over time.
     
  6. mathepac

    mathepac Frequent Poster

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    What does this development mean for people who use An Post branches for banking where no AIB / BOI branch exists in the town or village. I'm an AIB customer with no local branch and my fees, free-banking and cash-back offers are AIB's. Will this change with AN Post automatically layering extra charges on branchless customers?
     
  7. CiaranT

    CiaranT .

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    No change for people who use An Post for third party banking.
     
    mathepac likes this.
  8. theresa1

    theresa1 Frequent Poster

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    €5 per month is ridiculous - taking advantage of older people because of the good brand recognition if you ask me. This was supposed to be competiton for the banks.
     
  9. MrEarl

    MrEarl Frequent Poster

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    A "bit" ... you mean a complete gimmick don't you ? :)

    If it was cashback on every transaction then it would be a genuine benefit, but this is conditional on using certain retailers (with these retailers probably subject to change from time to time etc.). It's no more than retailers and banks forming partnerships to try and cross sell products and services imho.


    ....


    An Post have this service priced wrong, badly wrong in fact for a "challenger" trying to enter the market.

    We have seen time and time again that people are slow to move their banking services, even when there is a definite cost saving to be made if they switch. If An Post were smart, they would waive the charges for new customers for the first 24 months to try and draw people in, then hope that in a couple of years time the market will have shifted so the customers wouldn't feel they were getting a bad deal when the charges kicked in.

    No doubt there's a project team in An Post who have all been earning a handsome daily rate and will have all given themselves a pat on the back for a job well done... but An Post have just throw good money away on this launch, if they don't take steps to change it quickly imho.


    .
     
  10. CiaranT

    CiaranT .

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    It is being incorrectly marketed as competition for the banks when it is the worst deal on the market at 70 euro per year and 60 cent per ATM transaction and a fee of €0.90 plus 3.0% of Transaction Value for non Euro transactions.

    I guess the target market is older generations who still want to transact in cash as bank branches go digital.

    It's an expensive old fashioned product.
     
  11. CiaranT

    CiaranT .

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    And they will change. The 5 Euro offer with Lidl was offered by PTSB for a while and then the offer went. It smells like a short term intro offer with An Post too.

    Also, the other partners include Post Insurance with 5% cashback but the reality is that you can get your insurance far cheaper elsewhere so the cashback is meaningless in the greater scheme of things.
     
  12. MrEarl

    MrEarl Frequent Poster

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    Agree 100%.

    It will be interesting to see if any of the "financial journalists" do a write up on this new offering from An Post and call it out for what it really is.
     
    DeeKie likes this.
  13. CiaranT

    CiaranT .

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  14. MrEarl

    MrEarl Frequent Poster

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    Hi,

    As I see it....

    An Post took a hell of a long time to roll out this product, they don't appear to have got their pricing right - particularly for a new product launch from an unproven service provider (and despite the fact that current accounts could be an important tool for An Post in helping to get people in the front door of the post offices, or retaining the likes of the social welfare transactions etc.) and now, it seems that a large number of their postmasters won't work with the new service until they get some form of guarantees, or increased pay - you just couldn't make this stuff up !

    I find myself wondering how long it will be, before An Post next start to play the old violin about running the risk of becoming insolvent and needing massive financial aid to continue to exist etc.

    A lot will need to change and quickly, if An Post don't want this current account launch to turn into a large and expensive embarrassment.
     
    1dave123 likes this.
  15. mathepac

    mathepac Frequent Poster

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    An Post and its masters, commercial and political, have to be the most perfect collection of incompetents our poor nation has ever produced. They are already a failed bank and they have failed as a courier company. Imagine, they failed commercially at their core business, delivering stuff to homes and businesses!!

    It seems they've learned nothing from their previous failures. In the 80's (1980's) I was an employee of a company chosen to partner with An Post in their first attempt at banking. We ran away.
     
  16. Kelticknight

    Kelticknight New Member

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    i looked at it but not for 5 euros a month and 60c per ATM is the dearest in the market. if paying 5 euros a month fee then atm etc should be free.
    they got this badly wrong.
     
  17. CiaranT

    CiaranT .

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    It is the most expensive current account product on the market. The target market seems to be the segment of the older generations who want cash banking. A small and shrinking target market.
     
  18. MrEarl

    MrEarl Frequent Poster

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    Yes, but also one of the more vulnerable groups in the population.... hopefully the ICA will be protesting outside the Post Offices over their pricing :D
     
  19. pudds

    pudds Frequent Poster

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    that seems to be their aim all right, two weeks ago they wrote to me (68) inviting me to trial this account.
     
  20. RedOnion

    RedOnion Frequent Poster

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    This is interesting. On what basis did they have your contact details?