Bank of Ireland introduces range of changes to make personal accounts easier for customers to open, understand and use

  • Apply for a current account in minutes with new digital account opening process
  • 26 fees and charges replaced with a simple, flat monthly fee of €6
  • Google Pay will be available to Bank of Ireland customers next week

21 August 2020 – Bank of Ireland is today announcing a range of changes to its everyday banking services including a fast digital account opening process and a new flat-fee subscription model, abolishing 26 individual charges and allowing for unlimited contactless payments and ATM use. Bank of Ireland personal customers will also be able to add their credit and debit cards to Google Pay next week.

Quick and easy digital account opening

It’s now easier and quicker than ever to apply for a Bank of Ireland current account. With our new, streamlined digital current account opening process, customers can complete their application digitally and upload any supporting documentation in less than 10 minutes using their mobile phone.

Flat monthly fee – making banking charges easier to understand

From 23 November, Bank of Ireland is eliminating individual transaction charges for personal account customers and replacing them with a single flat fee of €6 per month for maintaining their account. As a result, there will be no individual bank charges for the following:

  • Debit card contactless transactions
  • Debit card chip and PIN transactions
  • Debit card online transactions
  • ATM and lodgement transactions
  • Automated / self-service transactions (e.g. direct debit, standing orders)
  • Over-the-counter in branch transactions
  • Unpaid direct debits, unpaid standing orders, unpaid cheques or referral items

The new pricing structure is simple and transparent, and responds to customer feedback that the current range of charges is complex and hard to keep track of.

It also means that all customers will pay the same flat fee regardless of how much they have in their account. Our ‘no transaction fees’ offer – where personal current account holders with a minimum balance of €3,000 for an entire fee quarter are not charged account transaction fees – will end on 23 November.

The Bank will continue to provide free banking for seniors, students and graduates.

Mobile payments – Google Pay

Google Pay allows Android smartphone users to make contactless payments for point-of-sale transactions using their phone. Next week Bank of Ireland personal customers will be able to add their credit and debit cards to Google Pay and start using it for payments in stores, online, and with Google products.

Gavin Kelly, Chief Executive of Bank of Ireland’s Retail Ireland division, said: “At Bank of Ireland the financial wellbeing of our customers is at the forefront of everything we do and the changes we’re announcing today are about making personal accounts easier to get, easier to understand and easier to use. Taking the complexity out of everyday banking will help our customers to be more aware and in control of what they spend, save and plan for.”

“We’ve completely overhauled our digital account opening process to make it easier and quicker than ever to open an account with us. We’re also making banking charges easier to understand by doing away with 26 different fees and charges and replacing them with a simple flat fee, a similar pricing model to Netflix or Spotify subscriptions where you pay the same every month and consume as much as you want. With unlimited day-to-day transactions it offers value for money that allows you to do more with your account. I’m also pleased to announce that Google Pay will be available next week to Bank of Ireland customers, making it easier for those who prefer the convenience of paying at the counter with their phone.”