Switching might be the right choice for you
Shop around and discover what’s new.
Banking is like any other household bill that comes through your door. If you’re unhappy with your electricity provider, you switch. So why treat your banking differently?
You have the power to take control of your finances simply by shopping around. Consider alternatives such as credit unions, An Post and State Savings as well as the banks. Find a better deal elsewhere and your existing bank might offer to match it. Think of the money you could save by choosing a bank with better interest rates or lower fees.
What’s more, keeping an eye on new current account, mortgage or credit card deals can help you get real benefits that suit your lifestyle. For example, credit cards with shopping or travel insurance rewards might be right up your street.
It’s a common misconception that the process is complicated but nowadays you can switch your current account in just 10 working days.
‘‘I found my bank terrible to deal with. I also was looking at mortgage rates in another bank and it had a branch near my house. It was actually just very easy’’
Emma, Dublin. Switched current account.
Reasons to move your current account
Making the move to a new bank is easy
The Central Bank Switching Code is on your side making the process easier than ever. Any bank offering current accounts must have your new account set up within 10 working days of your switching date.
Shopping around can open your eyes to what’s on offer from other banks. Zero fees, low interest rates and cashback rewards are just a glimpse of what you could be enjoying with a new current account.
It’s time to break up with your old bank
You don’t expect love letters from your bank but a certain level of service or satisfaction isn’t too much to ask. If your current account rates, fees or customer service levels leave a lot to be desired then it may be time to move on.
Ninety-nine percent of current account switches are completed successfully within 10 working days.
Central Bank of Ireland
Reasons to move your mortgage
Mortgage statements that make you smile
Central Bank of Ireland statistics show that one in five mortgage holders could save money by switching. Think of it this way: a mortgage is another monthly household bill like gas or electricity. Compare what’s out there to get a better deal. If you do find a better rate let your current bank know as they may agree to offer you the same deal. If they don’t offer to match the deal, switch and you could be spending your spare cash on the nicer things in life.
Worrying about legal fees isn’t worth your while
Some banks offer cash incentives to cover legal costs up to a certain amount. What’s more the Central Bank of Ireland estimates that almost 70% of potential mortgage switchers would cover the net cost within a year of switching.
One in five mortgage holders could save by switching their mortgage.
Central Bank of Ireland
Reasons to move your credit card
A credit card balance that’s easy to manage
It pays to shop around when it comes to credit cards. Other banks could have more attractive interest rates on offer making it easier for you to clear your credit card balance each month. If you do find a better rate let your current bank know as they may agree to offer you the same deal.
More rewards besides interest rates
If you never break a sweat over clearing what’s owed on your credit card then you’ll want more than a low interest rate. Free travel insurance or cashback for grocery or online shopping are tempting rewards you might want to consider.
We are least likely to switch bank products compared to other household bills.