With interest rates rising in the last two years at a pace that we haven't seen in decades, the spotlight has rightly fallen on deposit accounts and the offering that savers are getting from financial institutions.
However, we tend to overlook the bread and butter current account at our peril.
For the vast majority of us, the bulk of our cash resides in these accounts - for as long as we have it.
In recent years, the charges levied by banks and other institutions on current accounts have increased with some charging flat fees and other charging for individual transactions.
With the time of resolutions rapidly approaching, taking a look at current account offerings should come close to the top of the list.
Inertia
Historically, there has been tremendous inertia among consumers in switching current accounts here.
Once a bank signs us up, they tend to have us for life.
Switching rates have risen in recent years which presumably has been driven by the departure of two lenders - Ulster Bank and KBC - from the market with their customers essentially being forced into action on switching.
And, in truth, it's not the most straightforward of processes. It's certainly not as easy as switching utility providers.
Direct debits and standing orders must be changed to the new institution, payroll mandates have to be altered to direct salaries to the new account and there are the usual regulatory hoops that a new customer has to jump through when signing up with a new institution.
The Central Bank has a code of practice in place to make the switching process as seamless as possible and the new institution will do a lot of the work once they have the details.
However, there are certain tasks that will have to be done by the customers themselves.
"If you have direct debits outside Ireland, you will have to notify these providers yourself," the Competition and Consumer Protection Commission advises.
"Likewise, if you have any recurring payments on your debit card such as music streaming or gym membership you will have to notify these companies of your new card details."
Another thing to watch out for is ensuring that lines of credit with the old bank, such as overdrafts and credit card limits, are negotiated with the new provider as they do not automatically transfer.
The banks
The two main banks have quite different current account offerings.
Bank of Ireland, having charged for individual transactions for certain customers until recent years, introduced a flat fee structure in late 2020.
The new regime meant that those customers who had essentially availed of 'free banking' by maintaining a certain threshold of funds in their current accounts would no longer.
The bank now charges a flat monthly account maintenance fee of €6 with no additional transaction fees.
While the bank has come in for criticism for the slow pace of technological innovation, the range of features offered on its app has improved in recent times.
AIB's online services and mobile app are generally seen as better and more innovative than its direct competitor's with all of the most popular mobile payment options - Apple, Google and FitBit Pay - available.
However, its current account offering is that bit more expensive than other providers, depending on frequency of use.
The bank has an eye-catching €4.50 quarterly maintenance fee, but it charges a 35 cent fee for every ATM withdrawal and 20 cent for every chip and pin transaction, self-service lodgement, online transaction, direct debit and standing order.
Contactless transactions are free and people who pay their AIB mortgage from an AIB current account are able to avoid day-to-day fees.
Some of its student and senior bank accounts as well as its Basic Bank Account are free of charges.
Like Bank of Ireland, PTSB charges a €6 monthly account maintenance fee but the bank's Explore Account offers users the chance to claw back some of that charge.
Customers can earn 10 cent every time they use their debit card to pay for a transaction in store or online up to the value of €5 per month.
Users can also earn more money if they are customers of SSE Airtricity or Sky with up to 5% cashback available if they use the account to pay for those services via direct debit.
Mortgage holders can 2% cashback on a PTSB mortgage if it is paid from the bank's Explore Account.
Also regarded as being on the backfoot as far as technological innovation is concerned, PTSB's digital offering has improved with Apple Pay and Google Pay now available.
The others
Introduced initially in 2017, An Post's current account offering is considered to be innovative.
However, it is quite expensive with a €5 monthly maintenance fee as well as a 60 cent ATM withdrawal fee, which reduces to 50 cent if the money is withdrawn at an An Post branch with one free withdrawal a week.
There is also a 50 cent charge for cash or cheque lodgements at the post office.
Other transactions like direct debits, standing orders, online payments, chip and pin and contactless payments are free.
Also launched in recent years, the Credit Union current account has varying levels of charges depending on the branch but it generally has a monthly maintenance charge of €4 per month after which all day-to-day banking transactions are free.
Five free ATM withdrawals a month are available with a 50 cent charge per withdrawal after that.
Direct debit and standing order charges vary form no cost to €2.50, depending on the policy of the individual branch.
For a very straightforward account offering without the 'bells and whistles', mortgage provider EBS - part of the AIB Group - has an attractive current account product.
Its MoneyManager account has no maintenance fee and day-to-day banking is free and without any minimum threshold of funds or monthly lodgement requirement.
But it has no overdraft facility, no mobile app and customers do not have access to Google or Apple Pay.
"If you're happy with the most basic of services, this is an account to consider and will cost you almost nothing to run," Daragh Cassidy, Head of Communications with bonkers.ie recommends.
However, he cautions that the account offering could fall victim to a review of EBS operations.
"That could see it stop offering savings products and current accounts and focus on mortgages instead. So something to consider carefully before switching," he warned.
The challengers
While more than 90% of people in Ireland conduct their day to day banking operations via one or more of the banks or other providers already mentioned, a growing number of consumers - particularly younger people - are opting to do their current account banking solely online via digital apps.
There is an ever-increasing array of providers in the digital realm which - owing to their nimble and cheaper infrastructure and cost base - can offer lower fees and more innovative product offerings to their customers.
But they are not free and the absence of a physical presence on the street can make certain banking transactions trickier and expensive.
The two main providers of digital current account services in the Irish market are N26 and Revolut, although they are not the only ones.
Both have banking licenses and customer deposits are protected under deposit protection schemes up to €100,000.
Revolut now offers Irish Ibans (International bank account numbers) which should make it easier for customers who may have experienced 'Iban discrimination' with Lithuanian Ibans, which the bank had previously provided.
Both Revolut and N26 offer mainly free day to day banking with no maintenance fees, chip and pin or contactless fees and no charges for standing orders or direct debits.
Where the services can be a bit more on the expensive side is in withdrawing cash.
Firstly, both charge for the provision of a physical card.
N26 allows three fee-free ATM withdrawals a month, but after that a €2 fee per withdrawal applies.
Revolut allows the withdrawal of up to €200 a month free of fees with a threshold of five free withdrawals a month.
After that, a charge of €1 or 2% per withdrawal applies, whichever is higher.
Limited foreign exchange fees make both providers attractive for those who travel a lot.
Both N26 and Revolut support Apple Pay and Google Pay.
Dutch bank Bunq offers three current account options ranging from €2.99 per month to €17.99 for its full service option.
It also uses Irish Ibans and in recent days announced a headline-grabbing 2.46% interest rate on savings accounts that can be accessed instantly by the user.
What's the best option?
It very much depends on the needs of the customer.
For those who find that the majority - or all - of their banking operations are conducted digitally, the fintechs are worth considering.
For anyone who needs to lodge cash or cheques, they will continue to rely on a bank with traditional branch operations.
Daragh Cassidy says PTSB's offering is worth considering with the option to wind down the monthly costs with its cashback offers.
However, the digital offering is its weak point, he says, describing it as 'average at best.'
The key is to do the homework and shop around.
"There's choice out there at the moment," Mr Cassidy said.
"You can switch to a better option for you today."
The question is how many of us will. Habits of a lifetime are hard to change.
