any banks that I should avoid?

R

rossie

Guest
Moving back to Ireland and I will need to open a current account. I've read all the blurb on the different banks and compared the charges - it seems like swings and roundabouts to me. Maybe First Active are offering something slightly different with their current account mortgage. Can anybody recommend ot advise against certain banks based on personal experience?
 
Specifically on charges (and not other stuff like general customer service, online/telephone banking facilities etc.) IFSRA's survey of current accounts might be of use (NIB's FreeBank is the only one with no charges once you're in credit):

[broken link removed]
 
AFAIK, Ulster Bank and some other other bank (Freebank account or something similar?) don't make general charges on personal current accounts.
 
For any given bank you'll find half a dozen people willing to post horror stories.

If you are going to spend the effort shopping around then focus on where you can get the most value, i.e. will you have a Mortgage? Then the Ulster Bank Tracker looks good at the moment.

If you want good internet banking I like AIB's, and I'm not a fan of TSBs. I've heard BofI's is not great but I haven't used it.

There's no point paying €80 a year in current account fees, if you can pay nothing elsewhere, but on the other hand there's no point saving €80 a year on current account fees, and paying €800 a year extra on your mortgage.

Incidently if you're returning to Ireland don't take it as a foregone conclusion that you'll be able to open an account. Irish Banks are very selective. ;)

-Rd
 
AFAIK, Ulster Bank and some other other bank (Freebank account or something similar?) don't make general charges on personal current accounts.
Click to expand...

As far as I know most banks will waive charges under certain conditions (e.g. minimum cleared average balance of a certain amount) but NIB are the only one (I'm open to correction on this though) that waive all charges once the account is in credit by ANY amount. If you use the AAM Google search to search for "bank charges" and other relevant terms then you will find previous discussions about this issue.
 
Re: any banks I should avoid?

From a customer service perspective I think they are all pretty similar and which one is best will likely depend on individual members of staff. I am not sure where you will be based, but the larger banks (AIB and BoI) have a larger branch network, which may prove convenient. AIB also has a link with An Post to offer limited services through post offices.
If you will not need much access to branch servies, all the ATM cards will work in all the ATMs and I do not think there are major differences between the phone/ on-line banking offerings. As far as product range goes they are also pretty similar, and additional financial services are probably best sourced independently of whichever bank you pick.
0 has provided a link to the survey dealing with charges, and if you are located in the centre of Dublin for example and have a full choice of banks, this may well be the deciding factor.

On a separate issue, all banks will require you to meet money laundering requirements when opening an account. The requirements are to identify the person (passport etc.) and their address (recent utility bill) and a face-to-face meeting. As you are in the process of moving a utility bill in your own name for their current place of residence could be difficult. Your employer can provide you with a letter as a substitute - it needs to be signed by an authorised signatory, be written by a company that holds its business accounts with the same branch, and must state your name, address, passport number and PPS number.
Some companies also arrange employee banking packages with their bank, offering lower interest rates, free banking for a period etc. and you should check with your HR dept.
 
On the more general issues of money laundering rules and relocating to Ireland OASIS contains some useful info:
 
Re: Oasis Money Laundering Info

Fully agree that Oasis has lots of useful info., but disagree with the list they have of acceptable proof of address for money laundering purposes. A driving licence or Garda ID card are useful for establishing identity but not accepted for proof of address.
 
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NIB, that's the bank I was thinking of.

- "NIB are the only one (I'm open to correction on this though) that waive all charges once the account is in credit by ANY amount."

AFAIK, Ulster Bank also waive all charges once the account is in any credit. Again, I'm also open to correction on this.
 
Re: .

If Internet banking is important I have AIB which is great, but he is with Ulster Bank and you can only access the Internet Banking on your own computer. A pain if youre travelling or somewhere other than home.
 
Banks

If you live in Monaghan, do not go anywher near AIB - unless you want rude incompetant staff.
 
Freebank

I recently setup an NIB freebank account. Quite happy with it (especially for the savings over previous bank account). The interenet and phone banking options compare well to any of the others I've tried (Bank of Ireland and AIB mainly). Worth a look.
 
current account

As others said depends on the level of service you want and what you want to pay. I have tried AIB, UB and NIB.

Best for internet and amount of branches is AIB, but have to pay charges.

UB have a free account but their internet banking is not great.

NIB is also free and their internet banking is nearly as user friendly as AIB's. Only downside here is the fact that their ATM card has a built in Laser card so you will be hit with the govt. 20euro fee even if you never use the laser feature.
 
Re: current account

Only downside here is the fact that their ATM card has a built in Laser card so you will be hit with the govt. 20euro fee even if you never use the laser feature.
Click to expand...
NIB will remove the laser facility (and associated stamp duty) on request.
 
Re: current account

We moved from AIB to Ulster Bank recently because we were fed up with the complete arrogance of AIB towards its customers. We will also save money because of the free banking whilst in credit. my advice is give the smaller firms a chance.
 
ulster bank

Thanks all.

Went with Ulster Bank in the end. It was a toss up between them and NIB. So far, so good - they have been incredibly helpful.
 
NIB vs UB

As ever, rainyday and 0 are right about the relative merits of the above-named... (sigh!)

Just stay away from "the big two". But buy/hold shares in them (sigh, again...!)

Incidentally, someone above said they found BoI & NIB's online banking services less good than AIB's...(?)

I have online banking with all three, and recently wanted to transfer €120 to an (Irish) AIB account that wasn't on my list of "designated" accounts for funds transfers. My NIB a/c was the only one that would let me do it online, without having to ring a "Lo-Call" Eircom number and listen to piped Mozart for 10 minutes...

Dr. M.
 
Ulster Bank U-First

Please do not go for U First package which is 8 euro per month and this allows you a free overdraft of 320 euro per month, 25% reduction on concert tickets and in some restaurants. I had a horrible experience with these guys and cancelled my U First account to go back to my free Current Account, which I am quite happy with.
Conclusion: do not sign up for U First as it's a rip off!
Best,
 
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