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Sunday 24 September 2017

'We saw no reason to pay a fee each quarter'

Charlie Weston

Charlie Weston

THE decision of Bank of Ireland this summer to introduce a fee of €5 every three months was the last straw for Daniel Castro and wife Adriana Solera.

The Galway-based Costa Rican couple decided to take the plunge and switch bank accounts. They had had a current account with Bank of Ireland for five years.

"A maintenance fee of €5 a quarter does not sound like much, but we saw no reason to give it to the bank," said Mr Castro, an engineer with software company Cisco in Galway city.

And the stipulation that you have to keep €3,000 in the current account to avoid transaction fees on top of the maintenance charge was also a bone of contention for the couple.

So they switched their joint account to Permanent TSB, and would recommend that others do the same.

"Now we can put the €3,000 in a savings account and earn interest on it," he said.

The couple have been in Ireland since 2008 and now have a joint current account and two savings accounts at Permanent TSB.

Mr Castro said he was surprised more people did not move their accounts to avail of cheaper banking.

"Switching was easy and the bank did most of the work for us," he said.

Irish Independent

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