Fee-free banking still exists, but it’s a shadow of its former self. The qualification rules have been tightened up to the point where you could argue it no longer exists in any meaningful sense. Indeed, the final nail in the coffin of fee-free banking from traditional banks has been hammered in over the last few weeks. Permanent TSB now requires customers to keep a balance of €2,500 a month if they want to avoid paying quarterly maintenance fee of €18. The other pillar banks take a similar approach, with AIB also asking you to keep a balance of €2,500 to avoid various transaction fees and a €4.50 quarterly maintenance fee. Ulster Bank now has a threshold of €3,000 to avoid similar transaction charges, but you can’t avoid the €2 monthly maintenance fee. Ditto for Bank of Ireland: its threshold is €3,000 to avoid transaction charges, but you will still have to pay a quarterly maintenance fee of €5 no matter what. But the good news is that the market is now being shaken up by the arrival of online-only bank accounts from fintech firms, namely N26 and Revolut. Furthermore, non-traditional bank institutions like An Post are also making a determined… Read full this story
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Your Money: Can you beat fees and bank on a digital-only current account? have 237 words, post on www.independent.ie at March 2, 2019. This is cached page on CuBird. If you want remove this page, please contact us.