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Survey shows small numbers switch their bank accounts

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Only 2-5pc of people have switched banks in the last five years, according to a survey by the Department of Finance, while just under 13pc have ever considered it.

However, more people are “being forced” to switch as Ulster Bank and KBC exit the Irish market.

One in 10 people in Ireland have their main current account with Ulster Bank or KBC, according to the survey of 1,500 people conducted by Behaviour and Attitudes on behalf of the Department of Finance.

Switching considerations are highest for mortgage customers, with 17pc having considered switching and 5pc doing so in the last five years.

Switching providers is lowest for personal loans, with 6pc ever considering a switch and 2pc doing so in the last five years.

However, 48pc of Ulster Bank and KBC customers have considered switching mortgage provider, 46pc of them have considered moving their current account and 43pc have thought about changing credit card provider.

Just 1pc of people hold their main current account with digital bank Revolut, although 18pc use it occasionally for banking and making payments, the survey found.

Most Irish people (97pc) have their main current accounts with a traditional retail bank.

While 81pc of people with a current account use online banking and 70pc of people say online is their main mode of contact with their bank, 23pc still use branches as their main way of banking. Most people (57pc) prefer to use debit cards for making payments, although 20pc prefer to use cash and 19pc prefer to pay contactless by smartphone.

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