It is important to have a bank account if you have a job or are getting social welfare, so that money can be paid into your account. Having a bank account also means that you can pay bills from your account and save money and makes it easier to manage your money. So how do you get a bank account if you have never had one and how do you choose an account?  At the moment there are 5 Irish banks operating on the market: AIB, Bank of Ireland, National Irish Bank, permanent TSB and Ulster Bank. Choosing your bank is a very important step, because it should best suit your needs. Your choice of bank can be based on cost, convenience, or service.

There are two main types of accounts, current accounts and deposit accounts. Deposit accounts are used mostly for saving money, and current accounts give you lots of different ways of using your account, including ATMs and phone and internet banking. If you are thinking about opening a current account, the Financial Regulator has a survey on current accounts, which can help you find the best value accounts. Some accounts are free and some have charges. If your account has charges, you can expect to pay a monthly or quarterly maintenance charge for running your account; and/or a per transaction charge for each transaction such as a withdrawal, lodgement, direct debit or payment by laser or cheque, sometimes maintenance fees include a specified number of transactions. Withdrawals, lodgements, etc. usually cost from 20 cent to 30 cent per transaction. Again, bear in mind that some accounts don’t charge transaction fees if your account is in credit, and others include a certain number of transactions in the quarterly fee. You have always to remember as a rule that the charges you pay depend on how you use your account. The more transactions you have the higher your charges will be. All this information is given in the Financial Regulator's survey on their web site www.itsyourmoney.ie. 

Once you have chosen the bank account you want, contact your local branch to open an account.  To open an account, you need to prove your identity and address. You will usually be asked for a copy of your passport or your driving licence to prove your identity and for a copy of a household bill in your name to prove your address. However, if you do not have these documents there are other documents that a bank may accept from both Irish and non-nationals. Documents that may be accepted as proof of your identity: National Age Card (issued by Garda Síochána), Identification form with photograph signed by a Garda Síochána, Certificate of registration (“green card”), Documents issued by a government department showing your name. This must be confirmed by a statement from a person in a position of responsibility (that person must come to the bank themselves with proof of their own identity). Ask the bank/building society who they will accept as a person in a position of responsibility. For example, they may accept a solicitor, accountant, doctor, minister of religion, teacher, social worker or community employment supervisor. Documents that may be accepted as evidence of your address: Document issued by a Government department showing your address, Notice of determination for tax credit, Current balancing statement or a C2, certificate from the Revenue Commissioners, Social insurance document showing your address, Current motor or household insurance document showing your address, Letter from your employer stating that you have started work but cannot yet provide evidence of your address (you will have to give the bank evidence at a later date),  Letter from a licensed employment agency stating that you have recently arrived in Ireland and are starting work but are not yet able to provide evidence of your address (you will have to give the bank evidence at a later date), Letter from a person in a position of responsibility confirming your address (that person must come to the bank themselves with proof of their own identity).

If you have a problem opening a bank account, you can complain to the bank in writing, and if you are not satisfied with the response you receive, you can complain to the Financial Services Ombudsman.
Consumer Information Centre
Irish Financial Services Regulatory Authority
P.O. Box 9138
College Green
Dublin 2
Tel: 1890 77 77 77
Web site www.itsyourmoney.ie.