Free current accounts offered by Irish banks - Bank of Ireland

Bank of Ireland website - When I first visit the website it seems full of information. Maybe a little bit too full. There is so much going on on that website.

I like the top menu: Personal, Business or Corporate. So you know where you are. Then the next step is >current accounts< and the site highlights all the current accounts offered. What I am interested in is the standard current account which is shown as the first one.

everything goes well - I click on >find out more< What I find out is that they have branches - good - not that I will use them much but in case I want to see someone I can. They offer 24 hour banking - Internet and telephone - another good thing. They offer a debit card - now the question is what debit card - visa? laser? No clue.

Also you can top up your phone with your BoI current account - am I really bothered? Do people actually do it? You can set up direct debits and standing orders - they should also add that you can pay in and pay out money as well as check your balance and accept wages directly to your account - things that you would expect anyway. VERY basic account - no awesome features and for that "no frills" banking you have to pay a fee.

Before I tell you what you have to pay, there is a "but". You do not have to pay any fees for:

Withdrawals.
Lodgments.
Direct debits and standing orders.
Debit card transactions and cash-back.
Cheques

if... (It is so annoying that you have all those various conditions that use terms that can be misleading and can mean something that you would not expect or understand. )


if you... lodge at least €3000 in a "fee quarter (what the hell is a fee quarter)" and make 9 debit payments using 365 Phone/Online and/or Mobile banking - and direct debits or standing orders do not qualify - and it makes me go AAAAAaaaaaaahhhhhhhh! So what qualifies!? Sending my money online to my grandma 9 times? And why 9 times? Why not 10 or 20? Or why not complicate it a bit more? One word: Annoying

OR if you... maintain a balance of €3000 in your account for the throughout the full quarter. I know that people generally do not have that amount of money in their current accounts. If they do they keep it in their savings accounts. I'm going to check if putting that amount of money in a savings account would earn you interests to cover the fees.

And what are the fees? the fees are RIDICULOUS!

28 cents for EACH transaction into or out of your account

or

11.40 for first 90 transactions and then again 28 cents for EACH transaction into or out of your account.

So lets find out more about the fees and charges of the Bank of Ireland... in their Schedule of Fees and Charges for Personal Customers AKA boring shit.

First of all I have to say that when I look at their fees and charges booklet it makes me feel sick. It is boring, difficult to understand and designed to confuse and make you just not read it, get on with it and pay for whatever they ask. So I will read it and convey the most important details of their "VERY standard" current account.

Chapter 1: Introduction - blah blah blah... we keep your money... blah blah blah...

Ok so If you lose, damage or have your card stolen you pay €5.90 each time.

If you want overdraft you pay €25 on establishment of an overdraft, €25 every time you re-negotiate (change the limit) and €25 annually on renewal anniversary. I think it is a bit dear just for the ability to borrow - that is not the cost of borrowing. Every time you use your overdraft you have to pay more: 15.9% annually and they say that includes the €25 facility fee.

I dont understand how a percentage can include a fee. That is what they say:
“The current variable standard overdraft interest rate (including the overdraft facility fee) is 15.9% APR”
but if I use my overdraft to borrow €1 and the fee itself is €25 that means I am paying 2500% APR. I studied financial economics and I don’t get that HOW ON EARTH AN AVERAGE PERSON CAN GET THAT!?

So now you have your overdraft, you don’t really know how much you’re paying for it and what happens if you use your debit card once too much and go over your limit? And here is a surprise: first time (per quarter) you do it - nothing happens. That is a big plus to the bank. Going over the limit can happen to anyone and I can see that they really understand that.

I will not bother you with the cheques as people who use them don’t use Internet.

If you really want to read more visit Bank of Ireland website or see their Schedule of Fees and Charges for Personal Customers