Banks

Where to manage your finances

All towns in Ireland have at least one bank, which is generally housed in a town’s most imposing building.

Banks are usually open from 9.30 or 10am until 4pm (sometimes closing for an hour at lunchtime) on weekdays, with late opening until 5 or 5.30pm on one day (usually market day). In Dublin, for example, the banks close at 5pm on Thursdays and the larger branches stay open during the lunch hour.

There are eight banks in Ireland, the most widespread being the Bank of Ireland (with 320 branches) and the Allied Irish Bank, known somewhat tautologically as AIB Bank (with 300 branches). These two along with Ulster Bank (114 branches) and the National Irish Bank (62 branches) are known as the Associated Banks, because they provide a clearing system for all other Irish banks. The four remaining banks are the Trustee Savings Bank (83 branches), First Active, formerly the First National Building Society, (65 branches), ACC Bank (49 branches) and ICC Bank (5 branches).

Banking in Ireland is generally fairly non-bureaucratic and branch managers have greater autonomy and authority than in many other countries (e.g. in granting or denying an overdraft facility or a loan). As elsewhere in the world, banking has become highly automated in recent years and in terms of electronic services Irish banks are at least as sophisticated as those in other European countries. All the major banks now offer 24-hour telephone banking plus Internet banking services (there are, as yet, no drive-in banks in Ireland!).

Bank charges in Ireland generally compare favourably with those in other European countries. As elsewhere there’s a trend towards increasing ‘non-interest’ income by levying charges against specific services while reducing net interest margins, i.e. the difference between the interest rate paid for deposits and the rate charged to borrowers. All the major banks make charges on personal as well as business accounts, although they vary significantly from bank to bank.