Changes to Personal Current Account Fees and Charges

Customers have told us that our fees are too complex, and that we’ve so many of them it makes it hard to keep track.
That’s why from 23 November 2020 we’re introducing a simple way of charging for your current account. We’re eliminating 26 individual charges and introducing a single monthly fee of €6.
This means that no matter how much you tap or go to the ATM you’ll always know where you stand. And, if you run into an issue with a direct debit or standing order that is returned unpaid, you’re covered too.
Personal customers will no longer pay an individual bank charge for the following euro-based transactions:

  • Debit card contactless transactions
  • Debit card chip and PIN transactions
  • Debit card online transactions
  • ATM and lodgement transactions
  • Automated / self-service transactions (for example direct debit, standing orders)
  • Over-the-counter branch transactions
  • Unpaid direct debits, unpaid standing orders, unpaid cheques

Young Saver, Second level, Third level and Graduate accounts, along with our Golden Years and Basic bank accounts, will be exempt from the new account maintenance fee. Business current accounts are not affected by these changes.

Our ‘no transaction fees’ offer is ending

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 2020.

How and when we will apply this monthly fee

The new monthly fee will be charged to personal customers for the first time on 31 December 2020. This will cover the month of December. It will appear on your account statement as Fee: maintaining acc.
31 December 2020 is also the date that personal customers will be charged the old-style quarterly transactions fees for the last time. The fees will appear on your account statement as Current Account Fees or Notified Fees and will relate to the previous fee quarter, 24 August – 22 November 2020.
While both of these charges are applied on the 31 December 2020, they cover two different fee charging periods as outlined above. This is the only time you will be charged fees for two different periods at one time.

The brochure below – ‘A Guide to Fees and Service Changes’ – provides more details of these changes.

A Guide to Fees and Service Changes

This brochure is also available to download in an Easy to Read format here

You can also review the new Terms and Conditions, Schedule of Fees and Charges and Fee Information Document that apply to your account and will be effective from 23 November 2020 via links below.

Changes to personal current account fees and charges: What it looks like for different types of customers.

Typical Customer Examples1

  • Customer example 1
    - Has a Golden Years current account (66 years +).
    - Orders a chequebook3 once a year.
    - Current pricing model: quarterly fees for maintaining the account and quarterly transaction fees do not apply.
    - New pricing model (from 23/11/2020): €6 monthly fee will not apply.

    Overall effect of the change: Will pay €0.42 less per month2 (€5.00 less per year).

  • Customer example 2
    - 4 debit card contactless taps and 2 debit card chip and pin / online transactions per week.
    - 2 direct debits / standing orders or online debits / credit transfers per week.
    - 1 ATM transaction per week.
    - 1 unpaid charge per quarter.
    - Current pricing model: quarterly fee of €5 for maintaining the account and quarterly transaction fees apply.
    - New pricing model (from 23/11/2020): €6 monthly fee will apply.

    Overall effect of the change: Will pay €2.89 less per month2 (€34.68 less per year).

  • Customer example 3
    - 10 debit card contactless taps and 4 debit card chip and pin / online transactions per week.
    - 3-4 direct debits / standing orders or online debits / credit transfers per week.
    - 1 ATM transaction every 2 weeks.
    - Current pricing model: quarterly fee of €5 for maintaining the account and quarterly transaction fees apply.
    - New pricing model (from 23/11/2020): €6 monthly fee will apply.

    Overall effect of the change: No impact – Will pay the same.

  • Customer example 4

    - 2 debit card contactless taps and 2 debit card chip and pin / online transactions per week.
    - 2 direct debits / standing orders or online debits / credit transfers per week.
    - 1 ATM transaction every 2 weeks.
    - Current pricing model: €5 quarterly fee for maintaining the account and quarterly transaction fees apply.
    - New pricing model (from 23/11/2020): €6 monthly fee will apply.

    Overall effect of the change: Will pay €1.97 more per month2 (€23.66 more per year).

  • Customer example 5

    - Currently avails of the “No Transaction Fee” offer.
    - Account balance is always positive, and at least €3,000 throughout the full fee quarter.
    - Current pricing model: €5 quarterly fee for maintaining the account applies and the quarterly transaction fees do not apply.
    - New pricing model (from 23/11/2020): €6 monthly fee will apply.

    Overall effect of the change: Will pay €4.33 more per month2 (€52.00 more per year).

1

Important Information & Assumptions. The examples of typical customers set out above are for illustrative purposes only. Actual fees and charges may differ depending on account type and transaction activity. The fees for the transaction types in the customer examples above are shown in this table:

Fee Type Current Pricing Model (up to 22/11/2020) New Pricing Model (from 23/11/2020)
Maintaining the account (Quarterly Fee)
1. Fee for maintaining the account €5.00 per quarter per account €6.00 per month per account
Current Account Transaction Fees (applied per transaction)
2. Direct debits / standing orders or online debits / credit transfers €0.10 €0.00
3. Debit Card – chip and pin / online transactions €0.10 €0.00
4. Debit Card – contactless taps €0.01 €0.00
5. ATM transactions €0.25 €0.00
Service Charges (Applied upon usage)
6. Charge for provision of a cheque book €5 per book of 25 cheques3 €0.00
7. Unpaid Items
– Direct debit, standing order or cheque returned unpaid from your account
€12.70 each €0.00

2

Rounding may apply to monthly calculations.

3

Government cheque duties will still apply.