Reduce your current account fees
Many banks have changed their free banking criteria for current accounts, and you may now need to keep a balance of up to three thousand euro in your current account at all times to qualify for free banking.
But if you don’t qualify for free banking there are still some simple steps you can take to reduce the amount you do pay for bank charges.
Check the charges that you pay and think about how you use your account:
- If you are charged per transaction, keep an eye on how many times you use ATMs or use your debit card. Visiting the ATM once, or availing of a cashback option with a debit card will be cheaper than multiple transactions. Take care when withdrawing large sums of money and make sure that you are not putting yourself at unnecessary risk.
- Many banks now charge a different fee for the same transaction, depending on whether you do it online or over the phone, at an ATM, at an in-branch kiosk or in-branch with a teller. Automated transactions, such as using phone or internet banking, can be cheaper than in-branch transactions, so check the charges for each type of transaction.
- 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 pay no interest and unlike debit cards, there are no transaction fees.
Our current account comparison has up-to-date comparisons of current account fees, including details of how you can qualify for free banking, where it is still available.