BOI revamping their current account charges

shweeney said:
you won't be able to avoid them by keeping your savings in your current account any more:

www.irishtimes.com

Up to 40% of BoI customers face additional costs as bank revamps charges

BoI scraps multiple fees, introduces Google Pay and easy open accounts
www.irishtimes.com www.irishtimes.com
Click to expand...

They are finally adding Google Pay support at least, but it doesn't justify the fee increase. Finally time to switch my current account, the KBC Extra account looks to be the best alternative fee wise (free if you lodge 2k a month), does anyone know how it's app and website compare to alternatives like Ulster Bank's?
 
So:
- 40% increase in fees.
- Still same high FX fees for non-euro transactions.
- Still same high FX fees for non-euro ATM usage.
- Fees that cannot be avoided.
- But simpler pricing, Google Pay and better online account opening.

When you can get much more for free with Revolut, free with EBS and easy to obtain with KBC Extra, I can see many closing their BoI account.
 
Google Pay is now live with them(finally!)

Ive been a customer for years with them but will be closing my accounts. Its absolutely not worth it for me. Their app is still terrible and there are much better options out there.

They always seem miles behind the curve.
 
Coldwarrior said:
They are finally adding Google Pay support at least, but it doesn't justify the fee increase. Finally time to switch my current account, the KBC Extra account looks to be the best alternative fee wise (free if you lodge 2k a month), does anyone know how it's app and website compare to alternatives like Ulster Bank's?
Click to expand...

Their app is very good I find. I have the extra account along with a couple of savings accounts with them. Very easy to move money around etc.
Ive never used their website.
 
I left BOI for PTSB years ago when you could not avoid the €20 per year fee. Hopefully more people jump ship now. EBS and KBC options should be considered.

Combine EBS with Revolut or N26 or Monese or even get a Bunq Travel Card (€9.99 one time fee) and top it up and use that as everyday card which works with Google Pay/Apple Pay and is coded as a credit card (but works like a prepaid debit card).
 
Coldwarrior said:
They are finally adding Google Pay support at least, but it doesn't justify the fee increase. Finally time to switch my current account, the KBC Extra account looks to be the best alternative fee wise (free if you lodge 2k a month), does anyone know how it's app and website compare to alternatives like Ulster Bank's?
Click to expand...
KBC & Ulsterbank apps seem at roughly the same level - functional but not comparable to Revolut or N26 which are much sleeker and have more features. KBC's app used to have quite a few bugs but they seem to have been ironed out for the most part.
 
Going to have to move myself. Been with them since I was a child and my parents opened an account there for me, but this much of an increase is just an insult. I'll be looking into my options in the coming weeks.
 
Have been with BOI for over 40 yrs as have my parents. Am in the process of leaving them. The new app leaves a lot to be desired...
 
CiaranT said:
So:
- 40% increase in fees.
- Still same high FX fees for non-euro transactions.
- Still same high FX fees for non-euro ATM usage.
- Fees that cannot be avoided.
- But simpler pricing, Google Pay and better online account opening.

When you can get much more for free with Revolut, free with EBS and easy to obtain with KBC Extra, I can see many closing their BoI account.
Click to expand...

Yep, been with BOI for my whole banking life. I started using N26 for all my purchases to avoid fees related to using my debit card.

After this, I'm switching to KBC to get paid into and avoid all fees altogether. I still want to have an Irish bank account for when I go for mortgages etc. otherwise I'd just switch to using my N26 for everything.
 
CiaranT said:
When you can get much more for free with Revolut, free with EBS and easy to obtain with KBC Extra, I can see many closing their BoI account.
Click to expand...

I imagine that is the intention - get shot of the free loaders, loss makers and time wasters so you can concentrate on profitable customers that are likely to buy additional services, preferably investing products. It’s not as if it’s a new idea and it does work.
 
There were no 'freeloaders' at BOI. The minimum charge was €20 p.a. Its the customers who were able to keep €3 k resting in their a/c ( as I understand Fr.Ted said) who were good with their money and probably more likely to invest in more profitable BOI products like insurance and investments etc as they obviously had spare cash.
 
If i'm a freeloader for obtaining services for FREE from alternative Financial companies etc. rather than paying for them then that's fine.
 
Jim2007 said:
I imagine that is the intention - get shot of the free loaders, loss makers and time wasters so you can concentrate on profitable customers that are likely to buy additional services, preferably investing products. It’s not as if it’s a new idea and it does work.
Click to expand...
I don't think that getting rid of customers is the intention. The calculation is probably that people are too lethargic to switch banks no matter what the charges. If they see an unexpectedly high number of customers leaving they will reverse the increase or start offering some "new" product with lower fees. It's the usual thing of banks testing how much they can squeeze out of people.
 
Last edited:
With the ability to open accounts online, switching is much easier. Maybe they're expecting other banks to follow.
 
tomdublin said:
I don't think that getting rid of customers is the intention. The calculation is probably that people are too lethargic to switch banks no matter what the charges. If they see an unexpectedly high number of customers leaving they will reverse the increase or start offering some "new" product with lower fees. It's the usual thing of banks testing how much they can squeeze out of people.
Click to expand...
The question is whether they will have done considerable damage to the brand by the time the rollback on their position (which I do think they will).
I imagine a lot of people have multiple current accounts, especially if they have a mortgage with a bank other than their traditional primary bank. I would have considered BOI my primary bank to date and happy to pay the 20 euro pa to support the account. I also have an account with KBC as I need one to avail of a discount on my mortgage. Switching my primary banking to KBC is easy for me - probably take me 15 minutes in total to do it. I will supplement this with one of the fintechs [probably N24 as its my preference right now, although I am waiting for Starling to start up in Ireland].

With younger customers likely to move to the the fintech's, and the older customers getting free banking anyway, I am not convinced by this strategy from BOI. I appreciate the likes of myself may not make BOI a lot of money, and they can get cheaper money from the ECB than my 3k I keep in my account, but they need to be aware that the apathy that stops people switching also means that if they do switch they are very unlikely to return.

I am a firm believer in the market forces, so if you are unhappy with the service you bring your service somewhere else. I have no major gripes with BOI, but I am not willing to pay 72 euro a year for their current account services based on how much I use it. So I will close within the week and that will be that :) I am sure they wont cry over my departure, but I wont cry over their charges either.
 
losttheplot said:
With the ability to open accounts online, switching is much easier. Maybe they're expecting other banks to follow.
Click to expand...

Maybe they expect others to follow, but they will risk a major push towards the fintechs if they pursue the strategy. I tend to use fintechs for all my day to day spending currently (all the tap & go stuff and the apple pay stuff) and only use the traditional banks for payments for utilities and mortgage payment !
 
Others seems to be following:

"People are facing higher charges as the Central Bank is considering a dozen applications from banks to increase the fees they impose on customers. "
 
Olympian said:
Others seems to be following:

"People are facing higher charges as the Central Bank is considering a dozen applications from banks to increase the fees they impose on customers. "
Click to expand...
As the younger demographic is going straight to the fintechs it paradoxically becomes even more attractive for Irish banks to ramp up fees for their remaining customers. It drives their average customer profile towards more middle aged, less IT savy, less price sensitive and less value conscious.
 
You must log in or register to reply here.
Back
Top