More than 365,000 current accounts opened in 2022 to date

More than than 365,000 personal current accounts have been opened this year, as the exit of Ulster Bank and KBC Bank Ireland from the Irish banking market has prompted “continued strong activity” in the market, according to industry body, Banking and Payments Federation Ireland (BPFI).

Some 68,000 account openings took place in the four weeks to August 5th, which represented a slowdown on the 71,000 accounts opened in the previous four weeks but was almost double the rate seen in the four weeks ending April 15th, the BPFI said. The average weekly rate of openings is now about 11,800 for the year to date.

The data series is tracking the average rate of account openings across the market as the departing banks prompt their current account customers to find a replacement provider.

“Our latest monthly figures show continued strong activity in terms of the numbers of personal current accounts being opened across the three remaining banks as well as by An Post and the credit unions,” said BPFI chief executive Brian Hayes.

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The “slight slowdown” in July was “not expected given this is a period during which many customers will have been taking their summer holidays”, he said.

“As September approaches and the holiday period comes to an end, BPFI and its members will continue to drive additional information and awareness campaigns for consumers and businesses.

“We are encouraging anyone who is going through this process to visit our website movingaccount.ie where they can find a wealth of in-depth information and advice including a step-by-step guide on how to move or switch an account and how to manage other services such as direct debits, standing orders, overdrafts and card payments.”