Worth changing to NIB 'Freebank' account ?

S

Silvera

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This is my situation ......

- I have a current account with Ulster Bank, in my home town.
- I am considering changing to an NIB 'Freebank' account to avoid banking fees at UB.
- The nearest NIB is 15mins drive away in the next big town
- There are no NIB ATM's in my town and my working hours would not allow me to get to the nearest branch of NIB very often.

Should I consider opening an NIB account, or continue to pay UB fees for my current account ?

(N.B. - I moved to UB from AIB (after 28 years with AIB!) to avoid fees!!)
 
The ATM issue isn't really relevant. You can use any ATM to access your NIB account. Their telephone banking and internet bank services are excellent. I've had a freebank for 10 years now, and I think I've only been in the NIB branch once in that time.

Do you have a mortgage? I'd focus on making sure you're paying the best mortgage rate before worrying about current a/c fees.
 
Hi

Agree with Rainyday here (although don't have a NIB account myself these days), mortgage costs are first on the list imho. Unless your mortgage debt is very very small.

With Ulster, if your mortgage is with them & you run a Ufirst account, you get a further 0.1% off your mortgage rate ... this would be first on my own list of considerations.

The lack of a branch in your local town can be a pain, but depends on how often you think you may need to lodge in a hurry, or withdraw large amounts over the counter I reckon.

Maybe write to your branch of Ulster Bank, inform them you are considering leaving due to their charges -vs- NIB for example (PTSB also offer a "free" current account I think) and see if they make you an offer to stay first ;)

Cheers

G>
http://www.rpoints.com/newbie
 
If you can keep your UB current account balance over €500 they won't charge you transaction fees.
 
I agree with Rainyday, NIB's online system is excellent - light years ahead of UB's.
Like you I left AIB for UB when AIB introduced fees. However I quickly became very frustrated with UB's online banking and moved to NIB. Great decision.
 
I'm in the process of moving my business banking to NIB. Most of the reasons I have to go to a Branch is for things that I could do online. I could pay the EUR200 for AIB's online business banking but something in me prevents me from paying EUR200 for a service that I get for free as a private customer. I don't agree with the policy of charging for things just because "Businesses will Pay"

If there was no Free Online banking choice then I might reluctantly give in and pay because the hassle and expense of going to the bank is more than the EUR200, but since there is a choice I'll be exercising it and moving.

-Rd
 
I'm a NIB fan too, for the reasons others have mentioned above. Given what you say about their nearest branch being a 15-minute drive away, why not call into that branch and ask about the possibility of posting them cheque lodgements? (at your own risk, of course). Other than lodging cash - which I wouldn't recommend doing any other way than by hand, it's probably the only thing you can't do online. My branch lets me do it.

They've also been kind enough on occasion to give me a ring at work if my account is in danger of being overdrawn by the end of the day, which would mean getting hit for fees for the quarter...
 
daltonr said:
I could pay the EUR200 for AIB's online business banking but something in me prevents me from paying EUR200 for a service that I get for free as a private customer. I don't agree with the policy of charging for things just because "Businesses will Pay"
Click to expand...
Are the [broken link removed] and [broken link removed] online banking facilities the same with AIB? From the separate portals/sites it looks like they may not be so perhaps the €200 p.a. charge covers additional services geared towards businesses and not available to personal customers? Just curious.
 
Thanks for all the replies !

I'm now also considering PermTSB's 'freebanking' account.
They have a branch in my town and also seem to ask for less info in order to open an account than NIB.

Silvera.
 
Hi Silvera, & Co.,
Like you I am looking for cheaper/free banking and having read the posts here have set up an appointment with Permanent TSB.

Having done some reading of their free current account, I am struggling to find some negative points to this scheme? Is anyone a client of Permanet TSB and if so has it been a positive experience?

Thanks
Sal
 
I have found PTSB very frustrating to deal with.They take their time answering the phon at the branches.I have found them extremely disorganised and incompetent.I really feel that I have really earned my ''free banking''.I'm sure there are others who will agree with me.
 
Hi,
I have a "free" account with NIB but their internal bank to bank communication is very bad.

If you want to lodge money into a NIB branch that is not your own, it will take a few days to get to your account.
This really annoyed me as I was lodging mortgage cash and couldn't always get to my own branch,

with other banks, you can lodge in any branch and it will go into your account immediately,

Depends on your circumstances, but I have been frustrated with them.

I also had an issue where they knowlingly let customers use their atm machine outside their store that had faults and I tried to take 300 out of my account, it took it out of my account but didn't give me the money.
They refused to give it to me at the time, I had to lodge a complaint

I was really mad that they didn't stop people from using the machine even though they knew it was happening and had happened to a few other people the same day

J
 
I changed to NIB Freebank last year, after reading various threads & posts on this site. I imagine I have saved myself at least €100 so far. I did a spring clean of bank accounts and closed 2 ptsb, found their customer service and attitude to be the worst. Before going on holidays this year, I asked in NIB about withdrawing abroad to be sure. They do not charge commision on withdrawels abroad unlike other banks.

I rarely need to go to a branch as I do most stuff on line, e.g pay credit cards. Bills etc are direct debit.
 
:) I moved to NIB FreeBank in 1995 after years of excessive charges at BOI;
All transactions, etc. are now free and I've never looked back.
I kept a (free) savings account at a local BOI branch for lodging cash, cheques, paying credit cards (online), etc.
Way to go!
:cool:
 
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