Choosing your current account

What is a current account?

Current accounts are everyday bank accounts used to manage your money, make payments and access banking services. They are offered by banks, credit unions, An Post and digital providers. Each one differs in fees, features and how you access the account.

This page explains how current accounts work, what to consider when choosing one and how to compare providers using the CCPC Current account comparison tool. We also offer guidance on all digital banking, digital wallets, overdrafts and ensuring your money is protected with regulated institutions.

What is a current account and what can you use it for?

The two main types of bank accounts are current accounts and deposit accounts. The differences between accounts include the services available, the amount of interest paid and the access you have to the account. Current accounts are the most common type of bank account in Ireland. 

You can use a current account to manage your money day-to-day, and it gives you access to everyday banking services. With a current account, you can:

• Keep your money in a secure place, view your balance and track all transactions, whether online or on your bank statements
• Receive payments directly into your account such as salary, Department of Social Protection payments, pensions and transfers
• Make payments using debit cards, cheques or bank transfers
• Pay bills by direct debit, standing order, recurring payments or by making a bank transfer in a branch
• Get access to online or phone banking
• Get access to an overdraft facility

How do deposit accounts work?

A deposit account is for saving, not spending. You put money in and the bank pays you interest – usually shown as a yearly percentage. The more you save and the longer you leave it, the more you earn. But remember, any interest you make is taxed through Deposit Interest Retention Tax (DIRT) – currently at 33%.

Key things to know:

• Limited access: Some accounts limit how often you can withdraw. Take money out early or too often, and you might lose interest or pay a penalty.
• No cards or overdrafts: Deposit accounts don’t come with debit cards or overdraft facilities – they’re just for building up savings.
• Interest rates: Banks set their own rates, influenced by the European Central Bank (ECB), but each bank decides what to offer, so use our tool below to shop around.

Deposit accounts help you grow your savings, but always check the terms and conditions, interest rates and any withdrawal restrictions before you open one. 

Compare lump sum deposit account options using the CCPC Deposit comparison tool. 

What’s the best way to choose a current account?

You can use our Current account comparison tool to see who provides current accounts in Ireland and check out their fees and other details. When choosing a current account think about:

• Fees and charges for the services you use most often
• Branch locations and opening hours
• Availability of cash services (not all banks offer these)
• Phone and internet banking options
• Debit card features
• Overdraft interest and fees
• Charges for missed payments (e.g. direct debits)
• Support for digital wallets

What fees and charges should you expect on your current account?

Some banks offer free or discounted banking for students, graduates and older customers. However, many accounts come with fees such as:

• Monthly or quarterly maintenance fees
• Charges for ATM withdrawals, online transactions, in-branch services and debit card payments
• Fees for setting up or changing direct debits and standing orders
• Charges for duplicate statements or replacing lost debit cards

If you don’t have enough money in your account to cover payments, you may be charged for unpaid standing orders, unpaid direct debits or returned cheques.

You may also pay interest if you go into an unauthorised overdraft.

Use the CCPC Current account comparison tool to find out what fees each provider charges. 

What should you ask when opening a current account?

Here are some important questions to ask before you open a current account:

What kind of bank is it?

Is it a traditional bank, credit union, An Post or a digital provider? Is it based in the EU? This may affect whether your money is covered by a deposit guarantee scheme.

Find out if it’s regulated by the Central Bank of Ireland by checking their register or go to the European Central Bank (ECB) list of supervised banks to find out if they regulate the bank you are researching.

Deposit guarantee scheme

You must make sure the provider you choose is covered by the Deposit Guarantee Scheme. Participation in the Deposit Guarantee Scheme is mandatory for banks and credit unions authorised by the Central Bank of Ireland. Only authorised institutions can accept deposits from the public, and being part of the scheme is a legal requirement for authorisation.

The same principle applies across the EU. Banks must participate in their national deposit guarantee scheme to be authorised to operate and accept deposits. If a bank or credit union is not part of the Deposit Guarantee Scheme, it cannot legally operate as a deposit-taking institution in Ireland or the EU.

• Central Bank of Ireland: The Deposit Guarantee Scheme protects your money (up to €100,000 per person, per bank) if your bank or credit union fails. Learn more at the Central Bank of Ireland and www.depositguarantee.ie.
• European Union (EU/ECB): All EU countries must guarantee deposits up to €100,000 per person, per bank, under harmonised EU rules. Learn more from the European Commission.

Where can complaints be escalated?

Check if you can bring complaints to the Financial Services and Pensions Ombudsman (FSPO).

More questions you should ask about the bank:

• What are the fees and charges for the services I’ll use most?
• What customer services are included, and what supports are available (for example, for lost or stolen cards, or suspected fraud)?
• How can I update my personal details, such as my address or phone number?
• When will I receive my debit card and PIN?
• How do I reorder a replacement card if I need one?
• How will I receive my bank statements, and how often will I get them?
• What are the charges for using my debit card abroad?

What about choosing a Digital Bank/Fintech?

Some providers don’t have physical branches in Ireland and operate entirely online or through mobile apps. These are often called fintech providers or digital banks because they use technology to deliver financial products and services.

However, not all fintech providers are banks – some may offer payment services, money management tools or other financial products without holding a full banking licence.

Always check if the provider is authorised and regulated by the Central Bank of Ireland or, if based elsewhere in the EU, is supervised by the relevant national or EU authority before opening an account.

For more, go to the CCPC fintech page.

How do fintech providers work?

You can:

• Open an account using your smartphone, without visiting a branch
• Enter your details and upload required documents through the app
• Manage your account and your money using your phone
• Pay for goods and services using a digital/virtual card on your smartphone or device
• Link your account to your digital wallet
• Digital/virtual debit cards are stored securely in your banking app

Most fintech providers are app-based and may offer a physical debit card or only a digital/virtual wallet. There is a small extra fee to get a physical debit card sent out to you.

Services typically include:

• Topping up your money by bank transfer or debit card from your traditional bank account (always check fees on this)
• Instant money transfers to users on the same platform
• Quick international money transfers
• Money transfers to banks and other fintech providers
• Using a digital/virtual card like a debit card to pay for regular subscriptions like your gym or your music streaming service (make sure your digital bank/fintech current account is always topped up with money or you could miss a payment)
• Currency exchange
• Insurance

Crypto services

Some fintech providers also offer access to products such as crypto trading. Many of these products are unregulated and carry significant risks

Go to our dedicated crypto page to learn about the high-risk nature of crypto. And remember – even if a crypto is regulated under EU rules, that doesn’t make it risk-free. Crypto remains a high-risk product, and you could still lose your money.

Before using any crypto service, always check that both the provider and the product are authorised and regulated. Look for authorisation by the Central Bank of Ireland or, for EU-based providers, by the relevant national authority.

The Markets in Crypto-Assets Regulation (MiCAR) is a new EU-wide law that sets out rules for crypto-asset providers and aims to protect consumers across all member states, including Ireland. In Ireland, the Central Bank is responsible for authorising and supervising crypto-asset service providers under MiCAR. Learn more at the Central Bank of Ireland’s MiCAR page.

What are digital bank/fintech fees?

One attractive proposition with fintechs is their fee-free standard current account offering.

Note: When you use a digital or virtual card from a fintech provider to pay for something, the money leaves your account straight away. However, if your digital card is linked to your traditional bank account, it might take two to three days for the transaction to show up on your bank statement.

These fintech providers also offer premium paid products and plans. Visit their websites to learn about the full range of options, but always read the terms and conditions carefully before choosing a plan.

The best way to check fees for standard current accounts (digital or traditional) is using the CCPC  Current account comparison tool.

Fintech regulation

To offer banking services in Ireland or the EU, a provider must be authorised and regulated by the relevant national authority (such as the Central Bank of Ireland) or, for larger banks (called “significant institutions”), may also be supervised by a European Central Bank (ECB) authority.

There are different types of regulation depending on the services offered. For example, a provider offering only payment or crypto services may be regulated differently than a full-service bank.

If a provider is not authorised, it cannot legally accept deposits or offer banking services in Ireland or the EU. Regulation of crypto-only services is more complex and may not offer the same consumer protections as traditional banking. Go to the CCPC crypto page for more information.

Regulation 

EU Digital banks are regulated under European Union banking rules, not by the Central Bank of Ireland.

They hold full banking licences from the ECB and are supervised by national regulators in their home countries. This means your money is protected under a deposit guarantee scheme. 

Important note: This guarantee only applies to eligible deposits (such as current and savings accounts). It does not cover investments, crypto or virtual currencies held with these banks. If you use investment or crypto features within digital bank/fintech apps, those funds are not protected by the deposit guarantee scheme.

If any EU-regulated bank were to fail, you would be reimbursed up to €100,000 for eligible deposits (current accounts, savings, etc.). 

The €100,000 protection limit applies to the total amount you hold with each bank, including joint accounts (the limit applies to each account holder individually).

What should you consider before opening a fintech/digital bank account?

Fintech accounts offer extra choice and convenience, letting you open and manage your account online without visiting a branch. They may have lower or no fees, and often include services not found at traditional banks, such as instant currency exchange or crypto trading.

However, they may not suit everyone – especially if you prefer in-person banking or are unsure about regulation and complaint processes. Always check the provider’s regulation status and make sure the account meets your needs and offers good value.

Always read the terms and conditions and ask the same questions you would before choosing a traditional current account. 

Read more on digital banks (neobanks) and fintech products and services. Check out our videos for more information.