Thinking about upgrading your bank account? With the recent departures of Ulster Bank and KBC Bank, the choice of options for everyday banking in Ireland has certainly diminished.
For many people, the main concern is finding the cheapest banking option available.
However, some may be interested in additional benefits, even if they come with a price tag. In this article, we explore some of the offerings available on the market.
These include accounts available to higher earners as well as those that require a fee to access.
Bank of Ireland Premium Banking Service: Who qualifies and what are the benefits?
Bank of Ireland launched its Premier Banking service in 2016, aimed at customers whose income/assets are sufficient to justify a special service but who are not eligible for the bank’s retail offering. The bank has recently expanded its service to include additional benefits.
To be eligible for this premium service, Bank of Ireland requires a gross annual income of at least €100,000, a joint income of €140,000 or savings/investments of at least €100,000 within the Bank of Ireland group. Customers eligible for this service will receive a newly designed Black Visa debit card which offers twice-yearly access to the Executive Lounge at Dublin, Shannon and Cork airports and emergency cash services abroad.
Other benefits of the Premium Banking Service include priority banking with telephone support, discounts on personal loans, home and car insurance, foreign exchange and access to seasonal events, offers and competitions. Bank of Ireland also offers a property service for customers looking for a home in Dublin with a mortgage commitment of €500,000 or more.
Bank of Ireland’s Premium Banking service costs €6 per month (€72 annually) with no additional fees.
Revolut Premium METAL account:
Revolut’s premium account, Metal, offers a variety of coloured cards and numerous perks. Customers benefit from cheaper fees for several services and receive insurance as a free extra. With Metal, customers receive a higher ATM balance of €800 per month for free withdrawals, after which a 2% fee applies. Parents can also set up five accounts for under-18s.
For frequent travelers to countries outside the Eurozone, the card can help keep costs under control as it allows unlimited spending, exchanging and transferring money in over 29 currencies with no fees. In addition, customers can trade unlimited free US stocks and invest in precious metals and cryptocurrencies at a premium of 0.25% and 1.5% respectively.
The biggest benefit of the Metal account is the insurance it offers. This includes purchase protection for goods worth up to £10,000 per year (€11,411) in the event of theft or damage, ticketed event reimbursement up to £1,000 (€1,141), and insurance for medical emergencies, dental treatment, flight delays and baggage. Customers also receive cashback of 0.1% in Europe and 1% outside Europe, with a maximum of €13.99 per month. The account also offers cashback of up to 10% on certain accommodation bookings abroad.
The standard account offered by Revolut has also recently been improved, with Irish account holders now having an Irish IBAN that is accepted by utility companies and others for payments.
Metal costs €13.99 per month (€167.88 per year) or €135 per year if paid in advance.
N26 Premium METAL account
Metal is also the name of the premium account of the German bank N26. In addition to standard banking services such as a physical card and free ATM withdrawals abroad, Metal customers receive several perks.
For example, they can choose between three different metal debit card colors: black, silver or rose gold. Customers can withdraw up to eight times a month free of charge, with each additional withdrawal costing €2.
Metal account holders have access to various free insurance products, such as Allianz travel insurance, which covers up to 1 million euros for medical emergencies, up to 10,000 euros for trip cancellation or interruption, and up to 500 euros for flight delays. Lifestyle insurance is also available, which covers damage from car sharing, e-scooter and e-bike rentals up to 20,000 euros, winter sports accidents up to 2,300 euros, and mobile phone damage/theft up to 1,000 euros.
Another benefit of a Metal account is lower crypto trading fees. For example, buying and selling nearly 200 cryptocurrencies in the N26 app only incurs 1% and 2% transaction fees respectively. In addition, Metal customers have access to unique experiences, although it is unclear what these include.
One of the biggest benefits of a Metal account is priority telephone access to customer service, which is available seven days a week. A Metal business account is also available, offering self-employed individuals and entrepreneurs 0.5% cashback on all card purchases.
The cost of a Metal account is €16.90 per month or €202.80 per year.
AIB Platinum Visa Card
Bank of Ireland offers a mid-range banking option between everyday and retail banking, whereas AIB does not. However, AIB does offer a Platinum Visa card aimed at middle-income earners.
The prerequisite for receiving the card is a minimum annual salary of 40,000 euros.
What are the benefits? The main benefit of this card is access to a cashback program, although this is somewhat limited. To get cashback, you need to spend at least €5,000 with your card in a year and you will get 0.5% of that amount back. So if you spend the minimum amount of €5,000, you will get €25 back. This may not be enough to make you switch credit card providers.
If you spend a lot of money and reach the maximum amount of 50,000 euros per year, you can receive the maximum amount of 225 euros allowed under the scheme.
You also have the option to join the Visa Luxury Hotel Collection, which offers incentives such as automatic room upgrades, a $25 daily food or beverage credit and, upon request, 3pm check-out at 900 hotels worldwide, including the Cliff House Hotel in County Waterford and the Westbury and Shelbourne hotels in Dublin.
In terms of price, the card has an APR of 17%, which isn’t the lowest rate available (AIB’s Click credit card, for example, has an APR of 13.8%), but it does offer a special introductory rate of 3.83% on purchases and balance transfers for the first 12 months. Still, you can find zero percent offers from other providers.
The conclusion
Upgrading to a premium bank account can offer a range of benefits, from exclusive access to airport lounges to cashback rewards.
When choosing a premium account, it’s important to consider the benefits that are most important to you and compare the different options available.
