Which Irish bank has the best-value current account?

Switching banks usually isn't as much hassle as you might think, writes John Hearne

Few of us take the trouble to switch current account — and the banks know this, which is why current account fees continue to sneak ever higher.

We’re remarkably loyal when it comes to banking. Few of us take the trouble to switch current account — and the banks know this, which is why current account fees continue to sneak ever higher.

Let’s take a look at the current account offering in Ireland, and see where the best value is.

AIB

As Daragh Cassidy of independent switching site Bonkers.ie points out, AIB is the biggest bank in Ireland, has a decent mobile app and a large branch network. It used to charge individually for a host of current account transactions, but it recently replaced all these charges with a flat €6 monthly fee, regardless of usage.

Those with a student or graduate account, or who are over the age of 66, don't have to pay the monthly fee. People who pay their AIB mortgage from an AIB current account are also exempt.

An Post

An Post launched its current account back in June 2017, and recently completely redesigned and updated its app, which now comes with some novel features.

“For example, current account customers can easily save by setting money aside in up to 10 dedicated ‘jars’. You can set savings targets and deadlines and pay bills right out of a jar,” says Mr Cassidy.

But the An Post account leans on the expensive side. The account has an €6 monthly fee and if you want access to An Post Money Mate, it will be an extra €2 a month. There is also a 60c ATM withdrawal fee, which reduces to 50c if money is taken out at an An Post branch. You also get one free post office withdrawal each week. You'll also be charged 50 cent for any cash or cheque lodgements at your post office.

All other day-to-day transactions like direct debits, standing orders, online payments, chip and pin and contactless payments are free though.

Bank of Ireland

Mr Cassidy believes Bank of Ireland has been slow to innovate where technology is concerned.

“It's getting better, although its app can still feel clunky at times.” 

Like AIB, BoI charges a flat €6 monthly account fee, regardless of usage. This fee includes the charge for any 'bounced' or unpaid cheques, direct debits or standing orders.

Credit Union

The Credit Union launched its current account in 2019 when some of the largest Credit Unions in Ireland came together under the currentaccount.ie brand to roll out a new, full-service current account for Credit Union members. Today, about 200 branches of the credit union offer a current account.

The account offers all the features you’d expect from a traditional bank account, such as online banking, direct debits and standing orders, as well as access to an overdraft facility.

Daragh Cassidy of Bonkers.ie.

The charges all differ per branch, but in general it costs €4 a month, after which all your day-to-day banking is free. However, you only get five free ATM withdrawals a month. After that, there's a 50c charge per withdrawal.

There's an initial €25 fee for setting up an overdraft, and €25 charge every time you renew it, which is similar to most of the other banks. Other charges for things such as direct debit or standing order set-ups and amendments differ between branches, however. Some charge nothing, while others charge up to €2.50 per instruction.

EBS

The EBS Money Manager account has no monthly account maintenance fee, and no charge for any day-to-day banking. There is also no minimum monthly lodgement requirement. But there are no overdraft facilities either, and no mobile app to help manage your banking on the go. Nor can you access Google Pay or Apple Pay.

If you're happy with the most basic of services, this is an account to consider, and will cost you almost nothing to run. One thing to bear in mind, however — back in 2022, EBS announced it was reviewing its operations and may stop offering savings products and current accounts to focus on mortgages instead.

“There's been little update since, but it's something to consider carefully before switching,” says Mr Cassidy.

N26

N26 has a very good mobile app and allows you to open a bank account online in just minutes through the app. There's no monthly account maintenance fee, and all day-to-day transactions are free. 

However, you're only allowed three fee-free ATM withdrawals a month — after that there's a hefty €2 charge.

N26 is a digital bank. It's licensed by the German Central Bank and customers are covered by the German Deposit Guarantee Scheme up to €100,000, so your money is as safe with N26 as it is with any of the traditional Irish banks.

There are no branches, of course, so if you want to lodge money in person or cash a cheque, you'll find yourself stuck. And the bank does not offer credit facilities such as loans, credit cards or overdrafts.

What's more, N26 doesn't issue physical cards as standard anymore. If you want one, it'll cost you €10 and you'll need to request it separately. Otherwise, you use your phone to pay.

Revolut

Revolut is another popular digital-only bank. Like N26, you can open an account online in just minutes from your phone. You download the app, fill in some personal details, then take a picture of your passport and a selfie with your phone and submit it through the app. If all’s above board, your account will be set up and you’ll be issued with an IBAN and BIC almost immediately.

A physical debit card costs €6 with Revolut. While day-to-day banking is largely free, withdrawing cash is a bit different. Revolut allows you to withdraw a maximum of €200 a month fee-free, but you’re only allowed five free withdrawals a month. After you’ve reached either limit, you’re charged €1 or 2% per withdrawal, whichever is higher.

PTSB

PTSB’s Explore Account is the only current account on the market that will actually pay you to use your card. While there's a higher €8 monthly account maintenance fee, all your day-to-day banking is then free, and you'll also earn 5c every time you use your debit card to pay for something in-store or online. You can earn up to €5 per month through this feature alone, meaning you can offset some of the maintenance fee each month.

“The downside is that the PTSB app is average at best, though it has received several relatively large updates over the past few years so it's much better than it used to be,” says Mr Cassidy.

Despite what you might think, switching banks usually isn't as much hassle as you might think, thanks to the Central Bank’s switching code, which ensures switches have to be completed by the bank within a 10-day time frame, and this includes the transfer of all direct debits and standing orders. 

These things are never hassle-free, however. You’ll still need to do some of the legwork yourself.