HAVE been with the same bank for 20 years and am wondering if I should switch my current account. Is it a hassle to switch your current account to another bank? Jo, Raheny, Dublin 5 WITH the Central Bank of Ireland’s Code of Conduct on the Switching of Payment Accounts with Payment Service Providers, it should be very straightforward to move your account. You might also save some money on bank charges too.
The Central Bank’s code is designed to make switching your current account quick and easy. All banks or payment service providers offering current accounts in Ireland must comply with the code. Under this code, your new provider must have your new account up and running within 10 working days of the switching date — this is the date agreed between you and your new bank or payment service provider for the process to start. You will be given the option to keep your old account, or to close it.
If you keep your old account open, you may have to pay charges on this account and stamp duty on your cards, even if you no longer use it. If you decide to close your old account, return any unused cheques to your old bank or payment service provider to receive a refund of government stamp duty.
Do a quick check to see if you could make some savings. Some banks or payment service providers still offer free banking but this usually comes with conditions such as having to permanently have a set amount of money in your current account (which will likely earn no interest) or lodging a certain amount per month or quarter.
Make sure you know what bank charges and fees you are paying by having a look at your bank statements and also check the volume of transactions on your account and see if you can reduce them. If you decide to switch, choose carefully and make your decision based on how you use your account. There is a current account comparison on ccpc.ie to compare fees and features.