Banking price war on the cards as PTSB scraps fees

[Dubhgeannain]

Customers can save €120 in charges as pressure grows on BoI and AIB

The move will put huge pressure on AIB and Bank of Ireland, both of which have put severe charging structures in place that cost the average account holder up to €120 a year, experts said.

Permanent TSB is hoping to attract some of the more than two million customers of the big banks with the move.

And Ulster Bank will now find it difficult to go ahead with its plans to bring in charges for its current account customers, now that Permanent TSB has thrown down a massive challenge to the banking sector, analysts said.

…

At the moment, customers with Permanent TSB have to pay €12 every three months for their current account unless they lodge at least €3,000, make at least 18 card purchases, make at least one online transaction and keep the account within agreed limits.

From the start of next month, the only condition to avail of fee-free banking will be to have €1,500 or more – typically a salary – paid into the account.

The bank is also bucking the trend of paying interest on money lodged in a current account.

No bank pays interest on funds in a current account at the moment, but Permanent TSB will pay 1pc interest on credit balances of up to €1,500, according to Niall O’Grady of the bank.

independent.ie/irish-news/ba … 33864.html

Excellent
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[mr_anderson]

Blue Horseshoe beat you to it.