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Open thread: How do YOU save money on banking fees?

Did you switch banks, or do you take out large sums of money in one go? Tell us your tips.

DO YOU TRY to avoid banking fees, or are you happy paying for some bank services?

According to research by the National Consumer Agency, more people are making larger cash withdrawals and using their debit cards less often because they’ve lost free banking.

More than a third (34 per cent) of current account customers said don’t qualify for free banking, and 28 per cent of them said they take out more cash when making withdrawals.

That’s almost double the figure (15 per cent) from the previous year.

Plus, a quarter of these people said they use their debit cards less often, while 13 per cent are using their credit cards more for routine transactions.

Around a third of the people who don’t qualify for free banking anymore said that they plan on using their debit card less often and/or switching to a bank that offers free banking or lower fees.

Tips on saving

ConsumerHelp.ie has some tips for saving on banking fees, including:

  • Make sure you know what bank charges and fees you are paying by having a look at your bank statements and also check the volume of transactions on your account.
  • If you are charged per transaction, keep an eye on how many times you use your debit card and look at availing of the cashback option on debit cards.
  • Be aware of all the banking options available to you and if you decide to switch choose carefully and make your decision based on how you use your account.
  • Check to see how much you are charged for using phone or internet banking compared to branch transactions, it could work out cheaper.
  • If you have a credit card with a zero balance or that is in credit, consider transferring cash to your credit card account and using your credit card to pay for purchases. As long as you pay your bill in full and on time, you will not be charged interest.
  • Keep an eye out for contactless payments, which are for using your debit card for transactions under €15. At the moment, many banks are waiving the fees. But find out when you’ll have to start paying – having to pay per transaction fee on lots of small transactions will quickly add up

Do you try to avoid bank charges? Tell us your tips in the comments below.

Read: Students advised to compare bank accounts before signing up>

Column: Why don’t we switch banks, just like other services?>

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35 Comments
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    Mute Joanne Andrew
    Favourite Joanne Andrew
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    Feb 22nd 2014, 9:50 AM

    Use my credit card for all purchases, no charge per transaction. They pushed for years to build a cashless society, and once they had a critical mass of debit card users THEN they impose charges. Ever feel conned?

    236
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    Mute Figo murphy
    Favourite Figo murphy
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    Feb 22nd 2014, 10:13 AM

    I like to give most of my money to the government, I only ask that they spend it wisely, or if they can’t do that I’ve asked them to make sure that some poor soul in the charity sector gets it to help them break the 200k per year mark. It helps me sleep.

    140
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    Mute GATHERINGYOURMONEY14
    Favourite GATHERINGYOURMONEY14
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    Feb 22nd 2014, 7:20 PM

    I use the credit union.

    6
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    Mute GATHERINGYOURMONEY14
    Favourite GATHERINGYOURMONEY14
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    Feb 22nd 2014, 7:29 PM

    I know there are some bad apples,
    but the vast majority of Irish credit unions are ran by honest,
    conservative people who play by the rules.
    Compare them to our criminal jokebanks (every single one of them),
    who in a few short years,
    and in turn bust themselves and the entire country
    by lending out money that they didn’t have
    sentencing Ireland to generations of eternal debt slavery/austerity that will run into the hundreds of billions.

    9
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    Mute GATHERINGYOURMONEY14
    Favourite GATHERINGYOURMONEY14
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    Feb 22nd 2014, 9:21 PM

    Sorry Typo
    “bust themselves and in turn bust the entire country”

    1
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    Mute Lloyd Christmas
    Favourite Lloyd Christmas
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    Feb 22nd 2014, 9:51 AM

    Careful people, whatever you do don’t disclose how you save/avoid fees, keep it to yourselves, they will only figure out a way to charge you for it

    118
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    Mute Pete Foley
    Favourite Pete Foley
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    Feb 22nd 2014, 10:09 AM

    Save ? That’s funny

    40
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    Mute ironman
    Favourite ironman
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    Feb 22nd 2014, 10:54 AM

    Yes because banking executives read the journal comments section

    7
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    Mute Ryan Carroll
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    Feb 22nd 2014, 2:14 PM

    They do actually ironman and more importantly their intern underlings do and it’s a great way to curry favour to say ”you know how we could get more cash? I heard about this loophole people are using’..

    18
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    Mute ironman
    Favourite ironman
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    Feb 23rd 2014, 6:21 AM

    Keep your sense of importance and relevance Ryan, the reality is probably too hard for you to bear

    1
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    Mute Harry byrne
    Favourite Harry byrne
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    Feb 22nd 2014, 10:47 AM

    I’m switching to PTSB from BOI on monday…Was was With BOI for 16 years but i’ve had enough of the extortionate quarterly charges

    97
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    Mute galway2007
    Favourite galway2007
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    Feb 22nd 2014, 11:04 AM

    I was with boi and I moved to PTSB
    Best thing I ever done and I did all the switching myself and was very easy
    Only problem I has was getting BOI to close my account and had to report them to the ombusman
    No fees now

    92
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    Mute Kevin J
    Favourite Kevin J
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    Feb 22nd 2014, 11:33 AM

    I done the same. It was easy enough to change them all myself but BOI managed to mess up mortgage direct debit transfer and it bounced. 2 letters and 3 phone calls I got from BOI mortgages wondering was I defaulting.

    43
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    Mute Derek Kearns
    Favourite Derek Kearns
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    Feb 22nd 2014, 9:06 PM

    Its amazing im going through the very same situation this week my boi acc was due to be closed on 18feb still not done I have contacted nca about it they unreal

    2
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    Mute Dermot O Dwyer
    Favourite Dermot O Dwyer
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    Feb 22nd 2014, 10:40 AM

    The bank should be paying me a Finders Fee if they can locate money in my bank account…

    63
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    Mute Shane Cassidy
    Favourite Shane Cassidy
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    Feb 22nd 2014, 9:55 AM

    Put it all under the mattress and in old biscuit tins !!

    62
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    Mute Kim Boyle
    Favourite Kim Boyle
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    Feb 22nd 2014, 10:05 AM

    Use your credit union for direct debits etc, no charges whatsoever. Most do their transactions electronically too

    52
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    Mute Ryan Carroll
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    Feb 22nd 2014, 12:20 PM

    Our credit unions should do what those in the US do: offer ATMs and current accounts, to avoid this.

    The banks should not be allowed to have it both ways, if they are allowed gamble with our deposits and savings and put them and the whole economy at risk as a result, making a fortune off our cash, they should not be allowed charge us fees ON TOP of that risk, they make more than enough in their investment arms don’t let them fool you into thinking theres no other way for them to make money than the fees.

    They gambled with ur money in elaborate fraud scams, and got bailed out instead of failing as they should have, and they are still lookin for any way to repair their deeply f-d up balance books, but many of them are back to full profit and don’t need these, it’s just pure greed.

    44
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    Mute whitesloe
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    Feb 22nd 2014, 10:46 AM

    Moved to PTSB. Reduced the number of accounts we had – legacy issues from the Celtic Tiger when we could save. Was due to close our Danske Bank account but they’re pulling out anyway. On a side note we were forced to take an account with DB when we took out mortgage – no fees at the time so that was grand. Then they decided to charge fees. I went to close the account and they dragged it out for months so now I’m just waiting until they leave. Shower of proverbials – at least we got a great mortgage out of them.

    37
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    Mute Ben Gunn
    Favourite Ben Gunn
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    Feb 22nd 2014, 10:49 AM

    If you have the discipline (and the resource) use the credit card for everything except cash withdrawal and settle in full every month. All credit card transactions, other than cash, are free of transaction charges and you will only have to pay a single transaction charge for the settlement.

    35
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    Mute Zilpha Rynhart
    Favourite Zilpha Rynhart
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    Feb 22nd 2014, 1:44 PM

    I do this, but use Tesco credit card so with every transaction I’m earning tesco points, all these points add up over the year and give u a nice little treat at Xmas(if u sign up for Xmas saver club) €200+ in tesco vouchers last Xmas!!

    22
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    Mute Rodger 5
    Favourite Rodger 5
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    Feb 22nd 2014, 9:55 AM

    Could be wrong but are credit unions fee free, well for now any way. I told aib credit card dept that I wished to pay 100% and keep it in the black, so no interest, students get free banking @aib.

    28
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    Mute Wendie O'Toole
    Favourite Wendie O'Toole
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    Feb 22nd 2014, 10:59 AM

    If you don’t have it get internet banking. Some banks offer fee free banking if you lodge over a certain amount every month. This does not have to be in one transaction. So you can take out and re-lodge the same amount again to reach the threshold this can be cash or transfers. If you have a partner you can transfer money between your 2 accounts using standing orders. Be creative :)

    27
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    Mute Sian O Sullivan
    Favourite Sian O Sullivan
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    Feb 22nd 2014, 3:11 PM

    It really annoys me that you get charged for Internet banking. We do all the work they should pay us !!!

    25
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    Mute Eliouse Johnston
    Favourite Eliouse Johnston
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    Feb 22nd 2014, 10:44 AM

    Ptsb don’t charge if you lodge over 2000 per month.

    19
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    Mute Jonny Martin
    Favourite Jonny Martin
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    Feb 22nd 2014, 12:40 PM

    It’s only €1500 a month you need to lodge to get fee free banking

    30
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    Mute Ryan Carroll
    Favourite Ryan Carroll
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    Feb 22nd 2014, 2:15 PM

    Oh to have 1500 a month to lodge…what a far away dream..

    19
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    Mute Maya Lane
    Favourite Maya Lane
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    Feb 22nd 2014, 4:17 PM

    Isnt that discrimination against poor people? You’re poor so you have to pay fees, but you can lodge this sum of money so you dont have to! seems crazy to me!

    21
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    Mute John O Brien
    Favourite John O Brien
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    Feb 22nd 2014, 10:26 AM

    I use my debit card 2 or 3 times per week. Never more than 3. I lodge approx €600 per month to my O2 money card. My direct debits are paid by the money card. My quarterly fees for maintaining both cards never exceed €20.

    10
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    Mute Marc Marcel
    Favourite Marc Marcel
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    Feb 22nd 2014, 6:16 PM

    yea i find myself withdrawing cash do last 2-3 weeks now, if i can. thats just 20-30cent then. its rather greedy to charge for online transactions where no bank clerk is handling it, i mean you’re just feckin clickin a button. also, to receive money, a charge for that? and they’re earning interest on it as soon as it hits your account???? A lot of people now are copping on and finding other ways, there will always be another way = you lose customers from, well over greedy.

    on another note, if you are using paypal to pay for transactions other than €, it would mean an exchange rate. STOP and think. Do not pay from you paypal balance, try funding it from your credit card attached to it if you have one. You’ll be charged less by your credit card for what would be 1.5 to 2 times more than paypals conversion rate.

    Don’t leave money in paypals balance, withdraw and leave just enough, they ain’t giving you jack all for it but they’re earning.

    9
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    Mute Tammy O'Leary
    Favourite Tammy O'Leary
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    Feb 22nd 2014, 4:46 PM

    Just this week I contacted KBC bank about switching my current account. I’ve been with Bank of Ireland for 23yrs, but after comparing charges on bonkers.ie , KBC came out on top on every like for like charge. I am nervous about making the switch though, as I’ve all kinds of direct debits coming out of my account every week. On another note, I also looked into switching electricity supplier this week. Again, thanks to bonkers.ie, I decided to switch to Electric Ireland from Airtricity. Electric Ireland offered cheaper rates AND they offered me 15% discount for the year. Airtricity phoned me back and asked me to stay for 14%!! Haha! Loyalty? What loyalty! ;)

    8
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    Mute ironman
    Favourite ironman
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    Feb 22nd 2014, 10:53 AM

    I don’t give it a thought

    6
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    Mute Roland 303
    Favourite Roland 303
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    Feb 22nd 2014, 11:01 AM

    You should. Think of how much extra buckfast and glue you could buy with that extra money Nornironman.

    40
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    Mute Leprechaunxwwwx
    Favourite Leprechaunxwwwx
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    Feb 22nd 2014, 7:28 PM

    Balaclava.

    3
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    Mute Amanda Scott
    Favourite Amanda Scott
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    Feb 22nd 2014, 8:47 PM

    Take the money I think I’d need for the week. Every time u go to the ATM u are being charged.

    2
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