Basic bank accounts in Ireland

What is a basic bank account?

A basic bank account is a current account you can use free of charge, for one year.

If the amount lodged in that year is below the minimum wage, you will still be eligible for free banking after 12 months.

You can only open a basic bank account 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 be 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

Contactless payments may also be restricted, so it’s worth checking.

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:

• After 12 months, the yearly amount lodged into your account is more than the minimum wage
• You’ve had the 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 fees for day-to-day banking.

Similar to a basic bank account, it doesn’t provide an overdraft, but you can open one if you already have a current account.

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