BREAK THE BANK
Signs it’s time to find a new institution
LET’S face it, sometimes relationships run their course. And that can apply to your bank.
While the idea of switching banks might feel like a chore, there are clear signs that it could be the key to unlocking a happier, healthier financial future.
Recent research by Europe’s second largest neobank bunq paints a surprising picture of the Irish banking landscape.
While over half (51%) of Irish consumers say they trust their banks to have their best interests at heart, a concerning 23% still harbour doubts.
This disconnect highlights a potential lack of transparency — a crucial element in any healthy relationship.
Think about it: would you stay with a partner who kept financial secrets from you?
Here are some red flags to watch out for that might indicate your bank isn’t being entirely transparent, or simply isn’t the right fit for you anymore...
The Fee Fiasco
bunq’s research found that 50% of Irish consumers are either completely (12%) or somewhat (38%) unaware of the banking fees they incur. Hidden fees can silently chip away at your hard-earned savings, leaving you feeling frustrated, unseen, and taken for granted.
Tech Troubles
Does your banking app feel like it belongs in a museum? Modern life demands seamless convenience, and your bank should reflect that.
Customer Service MIA
Getting the runaround from customer service or feeling like just another account number is a major red flag. Your financial partner should value your business and be readily available to answer your questions 24/7.
The Rise of the Digital Duo
The good news is the world of banking is no longer stuck in the past. bunq’s research also found that over 40% of Irish consumers are open to fully migrating to a digital bank in the future.
These institutions often prioritise transparency with clear fee structures, user-friendly technology that makes managing your money a breeze, and competitive rates that can help your finances flourish.
You’re Fee-fighter Fatigued
Are you constantly battling unexpected charges? Look for a bank with a transparent fee structure and minimal costs that align with your banking habits.
You’re A Tech Trailblazer
Today’s banking should be convenient and accessible. If your current bank feels stuck in the dark ages with clunky technology, a digital bank with a user-friendly app might be the perfect match.
You Crave Financial Goals
Do you feel like your bank doesn’t understand your financial goals? Look for a bank that offers tools and resources to help you budget effectively, save for that dream vacation, or invest in your future.