9,833 switched current accounts in second half of 2013 - Central Bank

Tuesday 06 May 2014 23.04
More than 14,000 customers switched to new current account providers during 2013
More than 14,000 customers switched to new current account providers during 2013

More than 9,800 consumers switched their current accounts to a new credit institution in the second half of last year, according to the Central Bank.

The regulator said the figure for the six-month period was low but it was still more than double that recorded in the second half of 2012.

More than 4,500 accounts were switched in the first half of 2013.

Changes in a bank's fees and charges were one of the bigger motivators for people to switch, according to the Central Bank.

The withdrawal of some operators from the consumer market also boosted the figures, as did customers' issues with service.

This is the first time the Central Bank has released figures on the number of current accounts being switched.

All banks offering current accounts are subject to the Central Bank’s Switching Code, which obliges institutions to follow certain procedures when customers wish to move.

This includes agreeing a date at which the switch will be undertaken, along with the provision of clear information on the current account options available.