Students and pensioners qualify for free banking, so if you fall in to either of these categories advise your bank. Banks will generally request some proof before they switch your account.
Permanent TSB offer no fees banking if you lodge 1,500 to your current account each month. AIB offer free banking if you keep 2,500 in your current account at all times. Ulster Bank and Bank of Ireland offer free banking if you keep at least 3,000 in your current account.
ATM withdrawal fees are as high as 35c per withdrawal and banks have reported that customers are withdrawing larger amounts of money to avoid multiple fees – consider the possibilities of loss or theft before you do this.
Card purchases can work out cheaper than ATM cash withdrawals, or consider getting cash back on debit card purchases.
Credit card purchases have no additional fees. If you can exercise some restraint this could be a cost effective method of payment – though some smaller establishments may not accept credit cards because of the charges retailers incur. Remember to pay off the balance each month before incurring any interest fees.
Swipe and pay is a free and convenient option for paying for small purchases, however, watch out. AIB and Bank of Ireland plan to introduce fees for contactless payments later this year.
For more information, check out this report from the Department of Finance.