365,000 new current accounts opened so far this year as banks exit
The main retail banks, An Post Money and Credit Unions have opened 365,000 personal current accounts so far this year, as customers of Ulster Bank and KBC Bank Ireland continue switching providers ahead of the exit of the two banks from the Irish market.
The figures from Banking and Payments Federation Ireland (BPFI) show that 68,000 personal current accounts were opened by these financial institutions in the four weeks ending 5 August.
“Our latest monthly figures show continued strong activity in terms of the numbers of personal current accounts being opened across the three remaining banks as well as by An Post and the Credit Unions,” said Brian Hayes, Chief Executive of BPFI.
However, Mr Hayes said there was a slight slowdown in account openings in July.
“This is not unexpected given this is a period during which many customers will have been taking their summer holidays,” he said.
The figures show that BPFI members have now opened an average of 11,800 personal current accounts each week so far this year.
As September approaches and the holiday period comes to an end, Mr Hayes said BPFI and its members will continue to drive additional information and awareness campaigns for consumers and businesses.
“We are encouraging anyone who is going through this process to visit our website movingaccount.ie where they can find a wealth of in-depth information and advice including a step-by-step guide on how to move or switch an account and how to manage other services such as direct debits, standing orders, overdrafts and card payments,” he added.