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Ulster Bank current account review

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Cash back rewards, emergency cash and other unique perks make an Ulster Bank current account worth considering.

Current accounts can be a dime a dozen. Money goes in, money goes out and there is really not much to get excited about. Ulster Bank is one provider that is making day-to-day banking much more enjoyable, with unique perks and a reward scheme for you to earn money back when you shop. Read on to find out how you can benefit from an Ulster Bank current account and if it is worth making the switch from your existing bank.

€2

Maintenance fee

€0.35

ATM transaction fee

Compare Ulster Bank current accounts in Ireland

Data indicated here is updated regularly
Name Product Maintenance fee Fee period ATM fee
Ulster Bank Current Account
€2
Monthly
€0.35
A current account which offers unique perks and a reward scheme for you to earn money back when you shop. You can set up text alerts so you can be informed of certain activity, get a balance update at a time specified by you, and more.
Ulster Bank Standard Account
€2
Monthly
€0.35
A straightforward current account that gives you a Visa debit card and lets you withdraw up to €500 cash per day.
Ulster Bank Foundation Account
€0
Monthly
€0
A hassle-free current account which lets you withdraw up to £300 cash per day. You could also access an emergency Cash service if your debit card is lost or stolen.
Ulster Bank Private Account
€36
Monthly
€0
An exclusive current account that lets you utilise the services of your own Private Relationship Manager and relationship support team.
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A bit about the Ulster Bank

Ulster Bank was first founded back in 1836 and is now a wholly owned subsidiary of The Royal Bank of Scotland Group. This full-service retail and commercial bank has 1.1 million customers and remains at the forefront of banking in Ireland. Being able to leverage capabilities of RBS and through investments in technology and its people, Ulster Bank is able to offer a superior service to its customers and provides day-to-day banking for all ages, savings, credit card, mortgage, loans and insurance products.

What are the features to Ulster Bank’s main current account?

Ulster Bank’s Current account is available for Republic of Ireland residents aged 18 and over. It comes with smartphone payments, cashback rewards thanks to a partnership with Visa, and a few other handy perks not currently offered by other banks. You can access your account with a Visa debit card, at a branch, through phone and internet banking, or on a mobile app.

  • Ulster Bank rewards. When you register your Visa debit card with the Ulster Bank rewards programme, you can enjoy cashback bonuses when you shop at participating Ireland retailers. Offers are delivered to your inbox and you get cashback into your account within five business days.
  • Get cash. If you need to give someone cash, you can get a secure cash code from the mobile app for that person to withdraw money from your account at an ATM.
  • Smartphone payments. Use your debit card for Google Pay and Apple Pay purchases.
  • Text alerts. Set up text alerts on your Ulster Bank current account so you can be informed of certain activity and get a balance update at a time specified by you.
  • Mobile banking. Make payments without a card reader or use the mobile app to withdraw cash from an ATM.
  • Emergency cash. Withdraw up to €300 from a cash machine if your card is lost or stolen, as long as you have at least €25 in your account.
  • Overdraft. Subject to credit review and approval you can add an overdraft facility to your Ulster Bank current account for times when you have unexpected expenses.
  • Facial recognition. If you have an iPhone X, you can use your face to log in to your mobile app with Face ID technology.

What fees will I be charged?

Ulster Bank charges fees for transactions and has a monthly maintenance fee of €2.

Transaction typeTransaction fee
ATM withdrawals (at Ulster Bank, RBS or NatWest ATMs, or in Euros within SEPA)€0.35
Contactless payments€0.01
Debit card (for purchases in Euros within SEPA, Apple Pay and Google Pay)€0.20
Automated payments (Direct debits, standing orders, payments and transfers through internet and phone banking)€0.20
In branch/counter (cash and cheque withdrawals, cash and cheque lodgements, bank draft lodgements and withdrawals)€0.80

Other charges apply. Please refer to Ulster Bank’s Guide to Personal Account Fees and Interest for more details.

How do I avoid paying fees?

It’s possible to have your transaction fees waived if you keep a minimum of €3,000 in your account at all times, but you’ll still need to pay the monthly maintenance fee.

Accountholders aged 66 and over will not be charged any maintenance or transaction fees.

What other current accounts does Ulster Bank have?

Aside from the main Current account, Ulster Bank has other current accounts that may be better suited to you.

  • Standard account. The Ulster Bank Standard account comes with all the same features as the Current account, however, it’s not possible to add an overdraft facility. The same fees and charges apply.
  • Foundation account. The Ulster Bank Foundation account is suitable for someone that doesn’t already have a current account in Ireland. It still has mobile banking, Get Cash, Ulster Bank Rewards and a Visa debit card, but no overdraft or chequebook. Transaction fees apply, but there is no monthly maintenance fee.
  • Student account. Students aged 18 and over in a full-time third level course can enjoy mobile banking, smartphone payments, Get Cash, commission-free travel money and a Visa debit card for purchases. They can also get an interest-free overdraft of up to €1,500 subject to credit review and approval.
  • Graduate account. Ireland residents who have graduated in the last 12 months can hold a Graduate account for one year. It offers flexible ways to bank and commission-free travel money, plus an interest-free overdraft of up to €1,500 and graduate loan up to €6,500 subject to credit review and approval.

How do I switch to a current account with Ulster Bank?

Switching banks may seem like a hassle, but actually, it’s a fairly straight forward process with minimal paperwork:

    1. Download a switching pack from the Ulster Bank website. This includes an Account Transfer Form and letter templates for you to send to your employer or anyone who pays money into your account.
    2. Take the Account Transfer Form into an Ulster Bank branch with identification and proof of address.
    3. Choose a switch date, which should be a time of the month when you have little activity on your account.
    4. Ulster Bank will set up your new account and contact your existing bank to arrange the transfer of funds, direct debits and standing orders.
    5. Your new account will be open and ready to go with a debit card within 10 working days of your switch date.

You can either choose to close your old account or keep it open. Even though you’ll no longer need it, it may pay to keep it open for a short time in case you weren’t able to inform your employer or other creditors of the new account details in time.

Looking for more options? Compare a range of current bank accounts in Ireland

Data indicated here is updated regularly
Name Product Maintenance fee Fee period ATM fee
VIALET Current Account
€0
Monthly
2%
An IBAN account you can use to manage your money and spend in over 200 countries worldwide, fee-free.
An Post Current Account
€5
Monthly
€0.60
A current account that lets you take control of your spending and savings with two wallets that you can use to set aside money. Plus, you can earn money back each month for transactions with An Post’s selected partners.
AIB Basic Bank Account
€0
Monthly
€0
A standard current account available to anyone 16 years and over with international transfer functionality and no maintenance or transaction fees for the first year.
Bank of Ireland Personal Current Account
€5
Quarterly
€0.25
A current account with a Visa debit card that allows you to make fast, contactless payments for purchases at home and abroad.
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Verdict

Ulster Bank’s Current account has a great range of perks and benefits, some of which aren’t currently offered by other banks and is well worth considering. Before you make a final decision be sure to use our table above to compare other current accounts available in Ireland.

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