Reduce your current account fees

If you are paying fees and charges for using your current account there may be some steps you can take to reduce the amount you pay.

• Consider getting cashback when paying in a shop with your debit card rather than using an ATM as this fee is often less and you will only be charged for the one transaction rather than two.
  

  Example*

  Bob went to the ATM and withdrew €50, for which he was charged 30 cent. He then went to a shop and used his debit card to buy a book worth €22, for which he was charged 15 cent. If he got cashback when buying his book he would have been charged 15 cent rather than 45 cent.

• If you make multiple withdrawals from an ATM you will be charged for each one, so think about taking out larger amounts less often, but always take care when taking out large sums of cash.
• There can be different fees for carrying out the same type of transaction depending on how you do it. For example, online, at an ATM, at an in-branch kiosk or with a teller, so find out what the cheapest option is for the types of transactions you do most often.
• If you’re making a purchase in-store for €50 or less use the contactless option if available, as this is often free or cheaper than a chip and pin payment.
• If you have a credit card with a zero balance or that is in credit, you can transfer cash to it and use it to make purchases. As long as you pay the bill in full and on time you won’t pay any interest and there are no transaction fees.
• Rather than give someone cash, a cheque or bank draft, transfer funds to them using your online or mobile banking as this is cheaper and removes the need to go to a bank or ATM.
  

  Example

  Melissa withdrew €100 from the ATM and then went into the bank and queued for the teller where she lodged the €100 to her friends account. Mellissa was charged 30 cent for using the ATM. If she had asked her friend for her bank details she could have transferred the money online for free and saved herself a trip to the bank.

• Check with your bank and see if there is a minimum balance you can keep in your account to avoid paying fees and charges. This is typically an amount between €2,000 and €3,000 that needs to be kept in the account at all times.
• Use our current account comparisons to see which provider charges the least for the account features you use most and consider switching to this provider.
• Check if you qualify for a student, graduate or basic bank account or if you can get free banking due to your age.

*Fee amounts given are for example only.

Last updated on 16 November 2022