Saturday 18 November 2017

Charlie Weston: It's time that we cut our dependence on the banks

Charlie Weston

Charlie Weston

COULD we do without banks? Maybe not, but we could certainly lessen our dependence on them and might be wise to do so given the raft of product price rises they are pushing through.

AIB and Bank of Ireland are increasing the interest rates on a number of credit cards, Bank of Ireland is increasing loan and overdraft rates, while most lenders are about to follow Permanent TSB's lead by hitting standard variable rate mortgage holders with higher rates.

And it is getting harder to open a new credit card account or switch accounts, or to get a personal loan, while the impending closures of Halifax and Postbank will reduce the choice and competitive edge in the market.

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