Basic bank accounts
What is a basic bank account?
This page explains how basic bank accounts work in Ireland and who qualifies. These accounts offer free everyday banking for the first 12 months and are available to people over 18 (or 16 with AIB) who are legally resident in the EU and don’t already have a current account.
After a year, your bank will review your account and, if you meet the income criteria – generally earning less than the national minimum wage – you may continue to get free banking. After five years, the account converts to a standard current account. A basic bank account has no maintenance fees or charges for standard transactions, comes with a debit card and lets you set up direct debits, standing orders and online banking.
What features come with a basic bank account?
- A debit card (may not support contactless payments)
- Access to ATMs, in-store and online payments
- Ability to set up direct debits and standing orders
- Registration for online banking
- Lodgement by direct transfer or cash deposit
What’s not included in a basic bank account?
A cheque book is not included, nor is an overdraft facility.
Are there any other charges to watch out for?
Yes, while day-to-day banking is free, you may still be charged for:
- Replacing your card
- Bank drafts
- International services
- Missed payments
Always check with your bank before opening the account to understand all potential fees.
Who oversees banking and financial regulation in Ireland?
The Central Bank of Ireland (CBI) makes sure the financial system is safe and stable. It regulates and supervises banks and financial service providers and protects consumers and investors.
