Modern banking provides us with the means to deposit our funds and make withdrawals or payments when needed. The transactional part of banking is often done with the help of a current account. These accounts provide customers with the means to do their daily banking and each bank has set fees on these accounts for the various transactions. It’s important for customers to choose an account that offers quality at a good price. This review takes a closer look at the Bank of Ireland Current Accounts offering to determine a rating. This rating will measure how these accounts compare on a global scale.
To see how the accounts compare to those of Deutsche Bank, read here.
About Bank of Ireland
Bank of Ireland forms a solid foundation in the financial transaction history of Ireland. It was founded in 1783 and operated from St Mary’s Abbey in Dublin. The College Green premises opened to the public in 1808.
By the 1900s, the bank had over 58 branches, which grew to 75 in 1920. It wasn’t long before it needed to assist the Irish economy to get back on its feet after both World Wars. By the 1960’s, the bank had already established an investment wing.
Bank of Ireland provided customers with access to PASS ATMs and access cards in the eighties, which was followed by many other products and services. 365 Online Banking launched just before the new millennium.
The bank felt the pinch in the 2008 economic downturn and needed a EUR 3.5 billion bailout. The restructuring plan it underwent in 2010 was decided on to help the bank rebuild its financial foundation.
Read here for a full review on Bank of Ireland.
What to Look For in a Good Current Account
Off the bat, the current account is one of the most important aspects of modern day banking. It provides the account holder with the means to perform their daily transactions with ease.
A Good Current Account Provides Value for Money
Signing up for a current account just because it seems to be the cheapest option on the market, is not necessarily the best option. Customers may have access to extra features and benefits that are crucial in their line of work and might not be available on low-cost or no-cost accounts. It’s also not worth the account fee if the account doesn’t provide more than the bare minimum, therefore, a little bit of extra homework is necessary.
The Availability of Options
Banks that only offer a single current account option will have a tough time keeping their customers on their books. It is important for customers to have a bit of variety, as the account needs to evolve with the individual through the various life stages.
Although there is merit in charging a reasonable fee for services rendered, banks still need to be mindful of the fact that there are competitors out there. They need to provide a reasonable service offering to their clients, as the current account is often the core product customers have with a bank.
Access to Basic Services
A good current account provides customers with the means to do all their basic transactions. This means the ability to receive funds and make payments. They should also have access to a debit or ATM card for purchases and withdrawals.
Bank of Ireland Current Account Product Offerings
Personal Current Account
This is a simple banking account that makes everyday banking just a little easier. Furthermore, the account can be opened online.
- Customers have access to a Visa debit card with contactless payments. Also, this card can be used locally and abroad.
- With this account, customers can apply for an overdraft facility.
- Furthermore, there is a simple pricing structure which allows customers to control how much they spend on transaction fees.
- Customers have access to online, mobile, and telephone banking. They also have access to Ireland’s largest ATM and Branch network.
- The account offers quick and easy ways to pay bills and other payments.
- Finally, customers can register for the 365 Online service offering, which provides them with a host of other services.
Young Savers Current Account
This account is the ideal means of teaching children how to save early in life. Furthermore, this also provides them with the opportunity to learn the value of money.
- Customers have the opportunity to earn interest on the account four times a year. They will also receive a statement once a year.
- Furthermore, customers can deposit or withdraw funds at any Bank of Ireland branch.
- This account can be opened online by a parent. Customers who open the accounts online will also receive a free backpack.
- Finally, the account is suitable for children up to the age of 12.
2nd Level Current Account
Customers who are over the age of 14, will want to have access to an account that provides them with the means to start their banking journey. Furthermore, the account allows customers to save or purchase items as they see fit.
- Customers receive an ATM card that allows them access to cash at over 2,000 cash machines. There are many other transactions that can also be performed at the ATM.
- Those over the age of 14 are eligible to apply for a Bank of Ireland Visa Debit card. However, those under the age of 18 will need permission from a parent or guardian.
- Furthermore, the Visa Debit card can be used at home or abroad, to withdraw cash or make payments.
- Finally, customers enjoy free banking on certain items for the duration of their studies.
3rd Level Current Account
3rd Level students studying for an undergraduate or postgraduate qualification will find this account suitable. Also, customers have the choice to apply for the account in the branch or online.
- The bank has representation on or near every campus in the country.
- Customers enjoy free banking on certain items for the duration of their studies.
- Furthermore, the account grants access to a Visa debit card with free contactless payments.
- The account also provides customers with an entry point to student loans, insurances, and more.
- Finally, the account provides customers with access to online, mobile, and telephone banking.
Graduate Current Account
Customers who have graduated in the last 3 years from a full-time third level education, will have access to this account.
- This account provides customers with a range of benefits and expert financial advice.
- Customers enjoy free banking on certain items for the first 2 years from opening their account.
- The account is linked to a Visa debit card that provides contactless payments.
- Customers can apply for a graduate overdraft facility.
- Finally, customers have access to online, mobile, and telephone banking. There is also access to Ireland’s largest ATM and Branch network.
Basic Bank Account
This is a simple account to assist customers with everyday banking.
- Online, mobile, and telephone banking access is standard with this account.
- Customers have access to a Visa debit card (without contactless).
- 365 Online provides customers with access to bank statements
- Finally, this is the simplest account to receive money and pay bills.
Golden Years Account
Those over the age of 66 have the opportunity to have their existing account upgraded to a Golden Years Account. This account allows customers to save on fees and charges. Furthermore, this account is available as a joint account as well.
- The account carries no quarterly current account transaction fees. Also, there are many concessions on the account as well.
- Customers enjoy the use of a Visa debit card with free contactless payments.
- The account provides access to an overdraft facility.
- Furthermore, customers have access to online, mobile, and telephone banking.
- Finally, customers have access to exclusive online savings accounts.
Customers who want something that earns them interest on their surplus funds, should consider the Bank of Ireland Savings Account. Read more on that here.
What We Like About Bank of Ireland Current Accounts
Customers who start out with Bank of Ireland can rest assured that their entire banking relationship can continue with the same bank. The bank offers packages for the various life stages, which in turn results in a banking evolution as the customer’s needs evolve.
The accounts are well priced, and offer discounted fees in the life stage categories that need it most. Also, the fees are transparent and customers benefit from a few discounted transactions across the board.
Customers who prefer simple accounts can sign up for a very basic current account and those who require a few more bells and whistles can upgrade to another product.
Finally, all the accounts can be opened online and customers will only need to go into the bank on occasion.
What We Don’t Like About the Bank of Ireland Current Accounts
There is absolutely nothing to dislike about this range of products, as everything is tailored to the various needs of clients.
Critical Reviews Rating Bank of Ireland Current Accounts – 10 of 10
A perfect score in the world of current accounts is a tough feat to pull off, however, Bank of Ireland nails it. This is because the bank remains close to the needs of its customers, and offers accounts that evolve along with the client.
The pricing on the accounts is reasonable, and customers get what they pay for, plus a little extra. Fee concessions take place at the right moment, allowing customers to save a little on their banking budgets.
This is a truly remarkable host of products and puts Bank of Ireland head and shoulders above its competitors in this product category.