🏦 BanksHow to choose your first current account
Your current account is where your salary lands and where most of your payments go from. It is rarely where you make money, but the wrong choice can cost you in unnecessary fees and hassle. For a young person or someone switching banks, the choice comes down to a few things: that the account and card are free or cheap, that the app works, that contactless and direct debits are supported, and that it is easy to add a savings account. This guide goes through what to look at.
Fees to watch for
Look at three things: any monthly or quarterly account maintenance fee, the annual fee for the debit card, and fees for services such as paper statements, cash withdrawals abroad and extra cards. Many banks have fee-free everyday accounts if you meet a condition such as a minimum lodgement each month.
Be aware of Government Stamp Duty on cards — a small annual charge per debit or credit card, applied by the State, not the bank. Add up your own likely usage rather than the headline price.
Features you want from the start
A good app with a clear overview, contactless and mobile payments, the ability to set up direct debits and standing orders, and support for the Central Bank's account switching code are effectively standard. Check that the card works for online shopping and abroad, and whether Apple Pay or Google Pay is supported.
Also check that you can open a fee-free savings account in the same app and move money straight between current and savings. Having your rainy day fund one tap away but separate from your everyday money makes it easier to save.
Switching bank is easier than it sounds
There is a Central Bank switching code that requires your old and new bank to move your direct debits and standing orders within a set timeframe. You can keep both accounts open for a while as everything moves across.
Update your employer with the new account details for your salary, and go through which services (streaming, insurance, rent) take money automatically so nothing is missed during the switch.
Frequently Asked Questions
- Does a current account cost anything?
- Often nothing for the account itself if you meet a monthly lodgement condition. Government Stamp Duty on your debit card is a separate small annual charge applied by the State. Students and young people often have fully fee-free accounts.
- Do I need my current account and savings account in the same bank?
- No, but it is convenient. Transfers between your own accounts at the same bank are instant and free. If you want a higher deposit rate you can hold the savings account at a different bank — the transfer then usually takes one working day.
- What happens to my direct debits when I switch bank?
- Under the Central Bank switching code the banks move most of them across for you, but go through the list yourself. Some organisations need the new account details directly from you, such as your landlord and employer.
Informational content, not financial, tax or legal advice. Check amounts, limits and current rules directly with the official sources (the Department of Social Protection, the Central Bank of Ireland, Revenue, the Deposit Guarantee Scheme) before making a decision.
