AIB IS CHANGING its fee structure and introducing a €6 monthly fixed fee for the majority of current account holders. 

The new structure will come into place from 1 July, a spokesperson for the bank said, with the first charge taking place on 31 July.

It will replace existing quarterly variable maintenance and transaction fees for most customers with current accounts. Currently, customers are charged every three months at the end of March, June, September, and December.

These fees include a €4.50 account maintenance fee, automated transactions at 20c, and service charges, among others.

AIB said its new monthly charge will mean customers will pay on average around 12% less in fees and charges, and that it was undertaking the change following customer feedback.

It will cover most current account services including card transactions, transfers, card taps and euro payment transactions.

Customer accounts currently exempt from account maintenance and transaction fees will be exempt from the monthly fee.

These include AIB Advantage customers (those 66 or over), Student and Student Plus customers, Graduate, Standard Care Account and Basic Account customers, as well as customers who have an AIB mortgage on their home in the Republic of Ireland paid through their personal AIB current account.

AIB will not charge a monthly fee on accounts that have been inactive throughout the month.

Several services charges in place will also be removed, the bank said.

Non day to day fees and charges that remain unchanged include fees for non-Euro transactions, urgent transfers and overdraft facilities.

AIB’s main competitor, Bank of Ireland, currently charges €6 per month in maintenance fees for the majority of current accounts. The third of the pillar banks, Permanent TSB (PTSB), charges €8.