EBS MoneyManager current account review

With no maintenance or day-to-day transaction fees, an EBS current account is perfect for no-frills account seekers.

With many banks around Ireland providing current accounts, how do you know which one is right for you? Read on to learn more about what EBS has to offer, compare it to other current accounts available in Ireland and decide whether it’s the one for you.

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€0

Maintenance fee

€0

ATM fee

1%

Foreign transaction fee

Details

Product NameEBS Money Manager
Fee periodMonthly
Maintenance fee€0
Account TypeCurrent accounts
Online account onlyNo
Supported currencies

1

More Info

First established in 1935, EBS aims to provide a positive impact on communities and assists families in Ireland with savings and buying their first home. It has branches nationwide and offers a range of financial products and services including savings accounts, investments, mortgages, insurance and daily banking. Here we focus on the EBS current account.

How does the EBS current account work?

The EBS MoneyManager current account is a no-frills account suitable for people who don’t need extra bells and whistles that other banks offer such as an overdraft facility, rewards scheme or Apple or Google Pay. However, there are no fees for day-to-day transactions.

You can have your salary or wages deposited into this account to use for your daily transactions.

Key features

  • Online banking. View and manage your account online, set up payments and make transfers.
  • Mastercard debit card. With your new MoneyManager account you will receive a Mastercard debit card that you can use at ATMs, stores both in Ireland and abroad, and for shopping online.
  • Joint account. The MoneyManager account can have a maximum of two account holders, so you can use it as a joint account with your partner or housemate.
  • Low fees. You won’t be charged a monthly maintenance fee and there are no fees for everyday transactions.

Fees and limits

EBS does not charge any maintenance or everyday transaction fees on this account. This means that you can make as many purchases or withdrawals as you like in Ireland without needing to worry about any build-up of fees you may be incurring.

However, the MoneyManager current account is not completely free. Some charges and limits apply for certain situations, including:

  • Monthly maintenance fee: €0
  • ATM withdrawal fee: €0.12 government stamp duty per withdrawal. Capped at €2.50 for debit card withdrawals only or capped at €5 for debit card purchases and withdrawals.
  • Non-euro-denominated ATM withdrawals: 1% of withdrawal sum – (minimum €1.91 and maximum €6)
  • Foreign currency purchases that are non-euro-denominated: 1% of withdrawal sum – (minimum €0.30 and maximum €6)
  • Unpaid direct debit charge: €6.35
  • Unauthorised overdraft charge: €5
  • Unauthorised overdraft interest rate: 3% per year above the EBS Mortgage Standard Variable Rate
  • Cheque withdrawal fee: €1.27
  • Maximum account balance limit: €500,000

Verdict

EBS MoneyManager is the only current account on offer through EBS and it’s certainly a simple, no-frills account. This may appeal to you if you don’t want to pay monthly maintenance fees and like to keep things simple. However, if you want your current account to work harder and come with more benefits, it may be wise to look elsewhere. There are plenty of options in Ireland so shop around.

How to open an EBS current account

To open an account with EBS you must be 18 years of age and prove that you are a legally resident in the European Economic Area. At this time, you can only open an EBS current account by visiting a branch rather than applying online.

You’ll need to have the following documents with you when you apply:

  • Identification
  • Proof of address
  • Proof of your PPS (Personal Public Service) number

Check the opening hours of the branch you plan to visit or call ahead to book an appointment.

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