Sunday Independent (Ireland) - Business & Appointments - - FRONT PAGE -

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.

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