Basic bank accounts in Ireland

What is a basic bank account?

A basic bank account is an account you can use for one year free of charge.

However, you could still be eligible for free banking after one year if you lodge an amount less than the minimum wage in 12 months.

Basic bank accounts are only available if you don’t already have a current account.

What does it offer?

Most things with a basic bank account are free, including:

• Maintenance fees for the first year
• Day-to-day transaction charges
• ATM withdrawal fees
• Money transfers

You may still get charged for replacing your card, bank drafts, government stamp duty on ATM withdrawals, international services, and missed payments.

What are the disadvantages?

Basic bank accounts don’t have the same features as personal current accounts. Restrictions include:

• No overdraft
• No cheque book
• You can’t have another current account

There are also limits on how long you can use a basic account. Your account will be converted to a standard current account (with fees) if:

1. After 12 months, the yearly amount lodged into your account is more than the minimum wage
2. You’ve had a basic account for more than five years

Who can get a basic bank account?

You must meet specific criteria to get a basic bank account, including:

• Be at least 16 years of age
• Be legally resident in the EU
• Having no other current account with a bank in Ireland

Which bank has the lowest fees?

Basic bank accounts include free fees, but you could opt for a low-cost personal account that suits your needs.

Each lender sets different rates and charges, and what’s suitable for you depends on your financial situation and how you manage your money.

Compare the best current accounts in Ireland using our personal current account comparison tool.

Students can compare student and graduate current accounts.

The EBS Money Manager

The EBS Money Manager is a low-cost current account with no day-to-day banking fees and no overdraft facility.

It’s similar to a basic bank account, but there’s no mobile app or Apple or Google Pay.

How do you open a basic bank account?

Opening a basic bank account is simple; online, in-app or at a local branch.

Make sure you have the right documents on hand:

• Proof of ID: Passport or driver’s licence
• Proof of address: Utility bill or government letter