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Online Banking – Who is winning in the Irish Market

Over the last few years there have been huge advancements in online banking in Ireland and there will definitely be more to come as banks adapt to the changing needs of Irish consumers.
It is interesting to study the Irish market and see that some banks have clearly adopted online banking more than others with some players’ miles ahead of others.

AIB has introduced several new features to its online banking such as its personal finance platform my money manager, emortgage portal and online personal loan facility.

The AIB my money manager is a very useful personal finance tool that allows users to create budgets and track spending in your AIB accounts against the budgets you have set while also categorising your spending into entertainment, rent, food etc.

AIB also has introduced an emortgage portal that allows users to get sanctioned in principle online for their mortgage before meeting with an adviser.

Another feature AIB has introduced is an online personal loan facility that allows AIB account holders to get online approval and drawdown of personal loans in less than 3 hours for amounts between €1,000 – €30,000. Once approved the money is transferred immediately into your account without any need to visit a branch or talk to an adviser.

Permanent TSB has also introduced an online personal loan facility that allows account holders to get online approval and drawdown within minutes of amounts ranging from €1,500 – €15,000 once you are a Permanent TSB current account holder and you have your salary paid into that account. Once approved for the personal loan you can transfer into your account at any time over the next 90 days.

Permanent TSB have introduced a cashback explore current account where you can get cashback for using this account – however this is capped at a maximum of €5 a month which isn’t much considering monthly bank charges are €4.

Ulster Bank have introduced a quick quote online system that allows consumers to get a quote for a personal loan online for amounts from €2,500 to €40,000 in minutes however to draw down the loan the customer will have to meet with an adviser.

KBC also have a facility to start a loan application for personal loan amounts greater than €5,000 however to draw down you will also have to talk to an adviser.

As you can see from the above some banks are adapting to online banking more than others though the Irish market is definitely lagging the more advanced US, UK and Australian markets.

Home Insurance

House Insurance – is something that most homeowners will be paying for every year so any savings made on house insurance can really add up over the years. Most people leave it too late to find the best quote on the market and simply renew with their current provider for convenience sake.
There are several providers of home insurance on the Irish market and quotes can vary significantly so it is important to compare quotes across as many providers as you can to make sure you save as much money as possible.
You can either do this by contacting each provider directly or by using an online broker. The advantage of an online broker is that they can compare different providers for you or they may be able to provide deals that aren’t available directly to consumers.
In the page here we have listed the main providers with some details and a sample quote for insurance for a 4-bed semi-detached house in Cabinteely with a rebuilding cost of €230,000 & contents worth €70,000 and is not liable to flooding. This information comes from a survey completed by the Competition and Consumer Protection Commission in 2015.

2 New Things about Moneybags.ie

As a graduate in my first professional job in Ireland I found that there was no where I could turn to get adequate information on everyday financial decisions and what steps I should take now to achieve my goals such as buying a house, making investments for the future or joining the company’s pension scheme.

I have built moneybags.ie so that others have enough information to make informed financial decisions and enable them to achieve their financial goals.

So we are pleased to announce 2 cool and useful new features on moneybags.ie which I hope our users will also find useful!

1) Clickthroughs to providers of financial products. There is so much information on banks websites that it can be hard to find exactly the area you are looking for. So –now if you click on the name of the provider you will be brought to relevant area of that banks website.

2) Live currency exchange rates provided by currency fair. There is now a live online currency calculator on our currency page that provides accurate rates and calculates how much you would save by using currency fair for foreign exchange.

Hope you find these useful & would love to hear your thoughts – email us at moneybagsie@gmail.com

Revolut – an easier way to save money on Foreign Exchange

Having recently travelled to the UK I decided to download the Revolut App to get sterling and was suprised with how easy it was to use as well as offering competitive exchange rates.

How it works – you download the revolut app and setup a profile and link with your credit/debit card. You can then request to have a revolut card sent out to you, which is a mastercard debit card that can be used in most shops or to withdraw cash from ATMs.

Then you can top up the app in Euro and change it to any currency you wish and then either spend using the card in shops or withdrawing at an ATM.

There is no charge for withdrawing up to £500 cash a month at an ATM after which there is a 2% charge.

It offers an extremely competitive exchange rate as well as being easy to use. I found it saved me money as I was not left with too much sterling cash after my trip and could easily convert my £ back to €.

Revolut – give it a shot and learn more at revolut.com.

Top 5 Credit Cards

Top 5 Credit Cards

Mortgage Rate Cuts

Mortgage Rate Cuts

Mortgage Rate Cuts

Today there were announcements from AIB and KBC that they would cut mortgage rates on several of their mortgage products . AIB announced that it would lower its variable rate by 0.25% at the beginning of Q3 and KBC also announced several cuts to its products – see the attached picture for a summary of the cuts.

Updated Loan Rates

Check out the updated personal loan rates . Interesting to see that the benefits of having a KBC current account offer -1) a discount of 2% on personal loans and 2) an extra 1% on a regular savings account – This results in 4% which is the highest rate on the market at the moment.
The conditions being that the personal loan must be repaid from a KBC Current Account and you must fund the Regular Saver by standing order from the KBC Current Account.

SME’s getting the Best Loan out there

Having recently gone through the process of finding the best business loan on the Irish market I understand there is  a lot of information out there – which makes it very hard to know which bank to approach.

In Ireland there is definitely a feeling that you are lucky if your business gets approved for a loan and that you should take whatever terms the bank offer – but why should you pay more than you have to?

Below is a comparison of the business loans available to SME’s in Ireland.

Provider Product Name Information Interest Rate
Bank of Ireland Secured Small Business Loan Up to €300,000, available to new and existing customers 5.74%
Bank of Ireland Unsecured Small Business Loan Up to €300,000, available to new and existing customers 6.74%
AIB Standard Business Loan   6.50%
Ulster Bank Secured Small Business Loan All Loans are subject to a 1% arrangement Fee of the Loan Limit payable when loan is drawn down 5.76%
Ulster Bank Unsecured Small Business Loan All Loans are subject to a 1% arrangement Fee of the Loan Limit payable when loan is drawn down 8.76%
MicroFinance Ireland Directly Unsecured Micro Enterprise Loan Business must employ less than 10 staff & have  Turnover of less than €2m 8.80%
MicroFinance Ireland through local enterprise office Unsecured Micro Enterprise Loan Business must employ less than 10 staff & have  Turnover of  less than €2m 7.80%
Permanent TSB Term Loan Up to €250,000, available to new and existing customers 6.50%
SBCI SBCI Loan SBCI Loans are offered through on lending partners AIB,BOI & Ulster Bank at a discounted rate to the Banks standard rates if you meet certain qualifying criteria. 4.50%