Almost 300,000 switched bank accounts ahead of the Ulster and KBC exit


The number of consumers switching bank accounts has increased as the closure of Ulster Bank and KBC draws closer.

The big three banks, the credit unions and An Post have opened nearly 300,000 personal current accounts so far this year, according to the Banking and Payments Federation Ireland.

The bulk of new account openings are said to have taken place with the three largest banks: AIB, Bank of Ireland and Permanent TSB.

Nearly 50,000 of new account openings are with credit unions, the Irish League of Credit Unions said.

Around 500,000 current account holders will have to find new providers for their day-to-day banking with the impending exit of KBC and Ulster Bank from this market.

Banking sources said the pace of bank account openings is picking up after a slow start earlier this year.

They pointed out that some people have yet to be notified by Ulster Bank or KBC that they have six months to close their account and open one with another provider.

An average of 11,000 new accounts are opened each week at the Big Three banks, credit unions and An Post.

Two credit union payment services organizations and An Post are members of the Banking and Payments Federation Ireland.

The banking group said the number of consumer current account openings continued to rise through June and early July.

Around 71,000 personal current accounts were opened in the four weeks ended July 8th.

This is an increase from 56,000 in the previous four weeks. And it’s more than double the total in the four weeks ending April 15.

The banking association said its members had opened 297,000 personal checking accounts this year through July 8. Almost 300,000 switched bank accounts ahead of the Ulster and KBC exit

Fry Electronics Team

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