Ulster Bank is to join several other major Irish banks by introducing current account charges from the beginning of July.
A fee of 4 per month will be charged to customers who do not maintain a monthly balance of 3,000 or a current account balance of the same amount for each ‘charging cycle’.
Customers with student/graduate accounts or those known to be over 60 years old, will be exempt from the fee. No transaction fees will apply to any Ulster Bank customers.
A spokesperson for Ulster Bank said that they estimate only half of the current accounts will incur the monthly fee.
Bank of Ireland, Allied Irish Bank (AIB), Permanent TSB and EBS Limited all have similar requirements, some less severe than others.
AIB asks customers to maintain a balance of 2,500 to qualify for free banking, otherwise a 4.50 charge will be added per quarter. In comparison, customers must lodge 1,500 a month with Permanent TSB or pay 12 a quarter.