Banks cash in on fees but many customers are making the switch

AIB announced the end to free banking in Ireland two years ago, changing the banking landscape and breaking the idea of Irish people being married to their bank.

Although it is hard to quantify how much money banks earn per current account on fees, Simon Moynihan from Bonkers.ie reckons that AIB makes roughly €100 per year, while Bank of Ireland (BoI) is earning an average of €120 per current account.

“If you put people under enough pressure they will move. The cost of banking fees is now high enough to force people into changing, it is about €10 a month,” he said.