CCPC publishes second phase of current account switching research
November 2, 2022
The Competition and Consumer Protection Commission (CCPC) has today published its second wave of research on KBC and Ulster Bank current account switching. It shows that 52% of consumers who have their main account with Ulster Bank or KBC have opened a new account, with amost two-thirds of Ulster Bank customers who plan on switching expecting to have done so within the next month.
1 in 8 have yet to decide on a new bank
The research found that 1 in 8 consumers have yet to decide on a new provider, compared to 1 in 4 in July. Almost one in four consumers are prepared to consider an online-only banking provider without branch services in Ireland but 73% would not consider it.
Challenges transferring direct debits and payments
60% of consumers reported challenges switching, with transferring direct debits and payments (29%) continuing to be the most significant issue, with a further 10% reporting difficulties in accessing in-person support.
Branch location and relationship a key motivator
Of consumers who had already switched, 28% said a local bank branch was the main reason for choosing their new provider, particularly for those over the age of 65 (49%). Having a previous or existing relationship with their bank (26%) was also an important factor.
Remember to research and compare your switching options carefully. Ensure you find a new current account provider that best suits your needs. For more information on switching current accounts and personal finances, visit our Switching Hub.
For more information read our full research findings.
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