Current Account Fee Increase 2024 FAQs

  1. How does this affect me?
  2. How will I know if things are changing for me?
  3. When will these changes come into effect?
  4. How much will I be charged?
  5. Are there any other changes to my account?
  6. What options do I have?
  7. What am I getting for paying maintenance fees?
  8. What is changing?
  9. Are there any exemptions for senior citizens, students etc.?
  10. Will any customers continue to get maintenance and transaction fee free banking?
  11. Can I change the date on which you charge me fees?
  12. Can I avoid paying fees by switching to a different account?
  13. Are all accounts affected or only specific types?
  14. Will I be charged transaction fees also?
  15. Are there any opportunities to earn additional benefits or rewards to offset the fees?
  16. Can I reduce the fees you’re charging me?
  17. What steps can I take to minimise the impact of these fees on my account?
  18. Can I change my PTSB Account 1, 2, 3 or 4 to your Explore Account?
  19. How do I change to your Explore Account?
  20. How will I know when I am due to be charged fees going forward?
  21. How frequently will the fees be reviewed and potentially adjusted in the future?
  22. I don’t live in Ireland, what do I need to do?
  23. What does an “inactive” account mean?
  24. How do I reactivate my account?
  25. I have one of these accounts, why did I not receive a letter?
How does this affect me? 

If you have an Explore Current Account, the monthly account maintenance fee will increase from €6 to €8 and the Debit Card Spend and Save cashback will reduce from 10c per transaction to 5c per transaction, however you can still earn up to €5 per month Debit Card Spend and Save cashback.

If you have a PTSB Account 1, 2, 3 or 4 the Quarterly Account Maintenance Fee on these accounts will increase from €18 to €24 per quarter.

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How will I know if things are changing for me?

You will receive 2 months’ written notice ahead of the effective date of change on your account. There is no action required as a result of the letter. It will outline the change to your account and what options are available to you if you do not accept the change.

You can also find the name of your account under “Account Overview” in-app, when you log into Open24 on desktop, or on your Bank statement and check if this change affects your account type.

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When will these changes come into effect?

For Explore Account customers, the change will take effect from 01 April 2024. The increased account maintenance fee of €8 per month will be deducted from the account from the 01 May 2024.

The Explore Account Debit Card Spend and Save Rewards (known as “10c Back as you Pay”) will reduce from 10c to 5c per transaction, however the monthly maximum cashback will remain at €5. Debit Card Spend and Save Rewards apply every time you pay with your card in-store, online, with Apple Pay or Google Pay.

Any applicable transactions debited from your account, up to and including 31 March 2024, will be calculated at 10c, with any transactions debited on or after 01 April 2024 calculated at 5c.

If you have a PTSB Account 1, 2, 3 or 4 the following outlines the effective date of change for each account type:

Account Name New Charging Structure Begins Fee Collection From
PTSB Current Account 2 25 May 2024 25 August 2024
PTSB Current Account 3 25 June 2024 25 September 2024
PTSB Current Account 4 01 July 2024 01 October 2024
PTSB Current Account 1 25 July 2024 25 October 2024

For more information on Fees and Charges, please see our Terms and Conditions and Personal & Business banking charges.

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How much will I be charged?

The maintenance fee will be a flat €8 per month for Explore Accounts and €24 per quarter for a PTSB Account 1, 2, 3 or 4. There are no day-to-day transactions or contactless fees for using your Visa Debit Card or for other things like setting up Direct Debits and Standing Orders on your account.

There may be other charges for things like Government Stamp Duty on your debit card, unpaid items, or if you use an ATM outside the Eurozone.

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Are there any other changes to my account?

On the Explore Account, the “10c back as you Pay” benefit will reduce from 1Oc to 5c per transaction but the monthly cap will remain at €5. There is no cashback available on PTSB Account 1, 2, 3 or 4. There will be no changes to the account/card number. Payments in and out of the account will not be affected.

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What options do I have?

If you are agreeable then no further action is required. If you do not accept the change, you can close your account before the new charging structure takes effect.

 

Option 1. Closing your account or Switching to another provider
  • We do not wish to lose you as our customer, but you have the right to close your account or switch providers. You can close your account at your local branch where proof of I.D. (e.g. Driving Licence or Passport) will be required and in some cases you may also have to provide proof of address (e.g. recent utility bill).
  • If you want to switch providers you can either manage the switch yourself or the new provider may be able to help you switch. You can find more information on switching your account here.
  • If you complete a “Switching” form with your new provider and choose an “Option A” switch – where you switch your account to a new provider and close the old account as part of the switch, your PTSB account will need to be closed before the new charging structure takes effect on your account if you do not wish to pay the increased account maintenance fee.
  • If you choose an “Option B” switch – where you switch your account to a new provider but keep the old account open, your PTSB account will not close as part of the switch process and you will need to call to your local branch where proof of I.D. (e.g. Driving Licence or Passport) will be required and in some cases you may also have to provide proof of address (e.g. recent utility bill) to close the account before the new charging structure takes effect. Please be aware that if you choose to close your account all parties on the account must provide authorisation to close and you must repay any outstanding charges due on the account including any interest due, up to the date of repayment in line with your terms and conditions.

If you hold a PTSB Account 1, 2, 3 or 4 you can convert to an Explore Account.

Option 2. Convert to an Explore Account
  • You can convert your existing account to an Explore Account. Benefits include 5c (effective from 01 April 2024) back every time you pay with your card in-store, online or with Apple or Google Pay earning up to €5 cashback each month. We’ve also partnered with some of Ireland’s leading brands such as Sky, SSE, Airtricity and Circle K to avail of great savings on regular bills. There are no additional day-to-day transaction fees and a flat €8 monthly fee (effective from 01 April 2024) for account maintenance applies. 
  • If you choose to convert to an Explore Account, you will sign new T&Cs for an Explore Account and you will be able to avail of Explore features and benefits. There will be no other changes to your account - your account number and debit card details will remain the same. Payments in and out of the account will not be affected.
  • You can convert to an Explore Current Account at any PTSB branch. If you hold a joint account, both parties will need to attend a branch to convert your current account. Should you wish to avail of this option you can contact our dedicated team who can arrange a 15 minute appointment to convert your account on 0818 600 217 or +353 1 655 0559.

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What am I getting for paying maintenance fees?

Here’s a reminder of what the maintenance fees enable us to do for you:

  • We offer free day-to-day transactions and contactless transactions, including using contactless transactions on your Apple or Android device.
  • We continue to develop our mobile banking app, allowing you to manage your money more easily;
  • Access to your account through online and mobile banking 365 days a year;
  • Debit cards for use online, at home and abroad including access to cash;
  • We answer your questions through our dedicated customer support on the phone, in our 98 branches and on social media.

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What is changing? 

If you have an Explore Current Account, the monthly account maintenance fee will increase from €6 to €8 and the Debit Card Spend and Save cashback will reduce from 10c per transaction to 5c per transaction, however you can still earn up to €5 per month Spend and Save cashback.

If you have a PTSB Account 1, 2, 3 or 4 the Quarterly Account Maintenance Fee on these accounts will increase from €18 to €24 per quarter.

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Are there any exemptions for senior citizens, students etc.?

Full time secondary level or third level students in a CAO recognised institution can avail of our student account option. If you are over 66 years (or between 60 & 66 years if your account was opened on or before 13th January 2018) you are eligible for fee and charge exemption and the account maintenance fee will not apply to your account.

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Will any customers continue to get maintenance and transaction fee free banking?

Yes we continue to waive maintenance and transaction fees for:

  • Student Accounts;
  • Teen Accounts;
  • Basic Payment Accounts 
  • Current Accounts held by customers who are over sixty six years of age or who opened their account on or before 13/01/2018 and were sixty years of age or older at the time of opening the account. This will automatically apply based on the Date of Birth details the bank holds on record for you.

Other fees and charges may apply. Details are available in our Personal and Business Banking Charges.

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Can I change the date on which you charge fees? 

No, we are unable to change the date as fees are collected from your account as this is an automated process.

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Can I avoid paying fees by opening a different account?

We continue to waive maintenance and transaction fees for Student Accounts. Other fees and charges may apply. Details are available in our Personal and Business Banking Charges. If you are eligible for a Student Account, you can avail of this account at your local branch.

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Are all accounts affected or only specific types?

These changes are regarding the Explore Current Account, and PTSB Account 1, 2, 3 and 4.

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Will I be charged transaction fees also?

No, there are no additional day-to-day transactions or contactless fees for using your Visa Debit Card or for other things like setting up Direct Debits and Standing Orders. There may be other charges for things like Government Stamp Duty on your debit card, unpaid items, or if you use an ATM outside the Eurozone.

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Are there any opportunities to earn additional benefits or rewards on my account?

Yes you can avail of additional benefits on the Explore Account. From April you can earn 5c back every time you pay with your card in-store, online or with Apple or Google Pay earning up to €5 cashback each month. We’ve also partnered with some of Ireland’s leading brands such as Sky, SSE Airtricity and Circle K to avail of great savings on regular bills. There are no day-to-day transaction fees and a flat €8 monthly fee (effective from April 2024), for account maintenance applies.

If you have a PTSB Account 1, 2, 3 or 4 and wish to avail of the above, you would need to convert your account to an Explore Account. You can convert to an Explore Account at any PTSB branch. If you hold a joint account, both parties will need to attend a branch to convert your current account.

You can contact our dedicated team who can arrange a 15 minute appointment to convert your account on 0818 600 217 or +353 1 655 0559

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Can I reduce the fees you’re charging me?

There is no way to reduce the maintenance fee on your account. However there are no additional day-to-day transactions or contactless fees for using your Visa Debit Card or for other things like setting up Direct Debits and Standing Current Account Fee Increase 2024 6 Orders.

There may be other charges for things like Government Stamp Duty on your debit card, unpaid items, or if you use an ATM outside the Eurozone.

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What steps can I take to minimise the impact of these fees on my account? 

Customers with an Explore Current Account who wish to minimise the impact of the maintenance fee can still receive up to €5 each month by earning cashback every time they complete a debit card transaction in-store or online (including transactions using Apple Pay or Google Pay linked to the relevant debit card). This cashback which is currently 10c per transaction is changing to 5c per transaction from the beginning of April.

Explore Customers can also receive additional savings or cashback rewards when paying bills through the account with a number of partners including SKY, SSE Airtricity and Circle K, or by earning 2% cashback on their monthly PTSB 2&2 mortgage repayment, if they pay using their Explore Current Account.

For Explore and PTSB Account 1, 2, 3 and 4, there are no day-to-day transactions or contactless fees for using your Visa Debit Card or for other things like setting up Direct Debits and Standing Orders on your account. There may be other charges for things like Government Stamp Duty on your debit card, unpaid items, or if you use an ATM outside the Eurozone.

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Can I change my PTSB Account 1, 2, 3 or 4 to your Explore Account?

Yes, you can convert your account to an Explore Account. You can contact our dedicated team who can arrange a 15 minute appointment to convert your account on 0818 600 217 or +353 1 655 0559 at your nearest branch.

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How do I change to your Explore Account?

You will need to attend a PTSB branch to convert your account to an Explore Account. If you hold a joint account, both parties will need to attend a branch to convert your current account.

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How will I know when I am due to be charged fees going forward?

You will be notified by statement before the maintenance fee is deducted from your account. 

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How frequently will the fees be reviewed and potentially adjusted in the future? 

We review our accounts on an ongoing basis. We may alter applicable fees and charges and / or introduce new fees and charges, on giving you two months' written notice in accordance with our Terms and Conditions. 

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I don’t live in Ireland, what do I need to do? 

No action is required upon receipt of the letter. If you do not agree with the change to your account and wish to avail of one of the options in your letter, you can write a written request to your home branch.

You will need to provide certified ID and proof of address (or if uncertified you will need to provide two forms of photo ID and two forms of Proof of Address) with your request in order for the branch to facilitate your request.

You can see examples of the document types we can accept here. Please contact our dedicated team on +353 1 655 0559 who will be happy to check the document requirements with you. You can use our Branch locator to locate address details of your local branch. 

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What does an “inactive” account status mean? 

An “inactive” account status is used by the Bank to safeguard your funds. Your account may enter an inactive status where you have not carried out any transactions on your account for a period of three years or more (but less than fifteen years), and if your account had a balance greater than €100. 

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How do I reactivate my account?

You will have to provide up to date photo and proof of address identification documents. Details of acceptable documentation can be found here. You can contact our dedicated team on 0818 600 217 or +353 1 655 0559 who will arrange a 15 minute appointment for your local branch to reactivate your account at a time that suits you. All parties on the account must attend to reactivate.

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I have one of these accounts, why did I not receive a letter? 

You will receive a letter two months' in advance to the changes on your account in line with the effective dates in Question 2 above. If we previously received returned post from your address, we may not have up to date address details for you which means we could not send a letter to inform you of this change.

Please contact our dedicated team on 0818 600 217 or +353 1 655 0559 who will be happy to check this for you.

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