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No fee current accounts in Ireland
Enjoy free banking with a no-fee bank account.
Fees on current accounts in Ireland have been on the rise, with some accounts costing you more than €70 a year. But if you shop around it is possible to find a no-fee current account. In this guide we will take you through how these accounts work, what other fees to look out for and how to find one for you.
Compare a range of no-fee accounts in Ireland
What current accounts have no fees in Ireland?
There are a number of no-fee current accounts in Ireland. These include:
- N26. N26 is an app-based account and its standard card offers up to five free ATM withdrawals in euros each month, as well as free payments in any currency. You can set daily spending limits, lock or unlock your card and reset your PIN from anywhere in the world, 24/7.
- AIB. This established bank lets current account customers qualify for free banking and account maintenance – but only if they have a direct debit set up from their Personal Current Account to pay their AIB primary home mortgage. Otherwise, there are a range of fees.
- Revolut. Revolut is a global free banking app that has 0.5 currency conversion fees and charges nothing on ATM withdrawals of up to €200 per month (there’s a 2% charge after that). You get a European IBAN, plus a UK account number and sort code and features including split-bill payments to help you divide group spending.
- EBS. The MoneyManager account has no maintenance fee or charges for day-to-day transactions. However, the account isn’t linked to a mobile app and doesn’t have an overdraft facility.
- bunq. A bank account designed for global citizens, bunq lets you create up to 25 bank accounts each with a unique IBAN. You can also benefit from no foreign exchange fees and you can transfer your money with ease.
- KBC Bank Ireland. KBC’s Extra Current Account offers free banking with no fees, but you’ll need to put at least €2,000 a month into your account. Its range of digital wallet compatibility, which includes Apple, Google and Fitbit, distinguishes the company from some rivals.
What other features should I look for when choosing a current account?
Some of the main features to look for in a current account include:
- Cashback and rewards. A number of current accounts offer cashback which accumulates as you spend. Many banks have their own rewards schemes. There may be a fee with these types of accounts, but it may be worth paying if you the cash benefit is more than the cost
- Bundles. Look out for accounts which include access to additional services once you sign up, which can include car, home, phone or travel insurance
- Customer service. Do your research to find out if the bank you’re comparing has a good rating among its users. This can make you feel more assured to switch over to a new bank
- Overdraft facilities. The cost of going into your overdraft can vary a lot between banks, meaning you can avoid paying extra with certain current accounts. Some providers will charge an overdraft set-up fee, while others won’t
- Student accounts. Banks in Ireland are eager to get students to open a specialist account with them. If you’re starting uni, you may be offered some great benefits to switch but make sure you’re fully aware of any changes to your account once you finish your studies.
What other fees come with current accounts?
When comparing fee-free current accounts, you should be aware of all the ways you could face charges. Look out for fees (with average amounts in brackets) including:
- Foreign exchanges or purchases (1.75% of transaction value)
- Replacement or additional cards (€3)
- Overseas ATM withdrawals (3.5% of transaction value)
- Statement reissuing (€2.50)
- Overdraft, both arranged and unarranged (€20)
- Returned item fees (€3)
- Outgoing wire transfers (€20)
- Telephone banking transactions (20 cents)
Make sure you check the terms of each no-fee current account to be fully aware of any other conditions they might have, so that you understand how to avoid penalties in these areas.
How to switch to a no-fee current account
You can switch to a no-fee current account using the switching service. Your bank will have a switching form on its website which you need to fill out. Once that’s done, it will contact your direct debit providers so they are redirected to your new account. The switch should be made within 10 days.
Keep in mind that digital banks may not offer the switching service, so you need to change your details yourself.
Find out more about how to switch current accounts here.
Bottom line
There are a growing number of free banking current accounts in Ireland to choose from. But after looking at your options, you may feel that a bank offering a great cashback or reward scheme is better for you than a no-fee current account. That’s why it’s a good idea to look into a wide range of different accounts, including all their features and costs, before settling on one that meets your needs.
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