‘Possible to pay nothing in fees’

THE Irish Financial Services Regulatory Authority (IFSRA) says consumers should shop around to find the cheapest current accounts.

IFSRA found that some consumers could pay nothing in fees or charges if they looked at the different players in the market.

The regulator said in the latest survey of charges in the financial services sector that customers who tend to use bank branches more than telephone or internet banking will end up paying more each year.

It said for a consumer who uses a bank branch frequently and writes cheques for most of their payments could pay up to €126 a year with Permanent TSB but nothing with National Irish Bank.

While NIB is the only bank not to charge, most consumers will face costs of around €80 per year.

For consumers that bank online and by telephone the cost can also reach up to €118 at NIB, while Bank of Ireland is the least expensive at €60.80.

For a consumer, who bank mainly through ATM machines and direct debit, the cost per year of a typical current account varies between €45.06 and €108.

The regulator published several tips for consumers to minimise their annual banking bills. It said they should look at using telephone and electronic banking as this tends to be cheaper than going into a branch.

IFSRA said that it is better to make just a few large ATM withdrawals rather than several small ones or to use a Laser card and get cash back because it counts as two transactions.

It recommends that consumers look for a bank that pays interest on credit balances or free banking if you hold a minimum balance.