How switching current accounts can save you money 1 year ago

How switching current accounts can save you money

Brought to you by CCPC

You might be spending more than you need on your current account


When was the last time that you compared the market when it comes to current accounts?

If you haven’t kept an eye out, you could be missing out on an account that better suits your needs. Switching to the right one could save you a lot of money in the long run. 

Take a look at these things to look out for when comparing accounts. If you decide to change, use the Competition and Consumer Protection Commission’s (CCPC) guide to switching on their site.

Regular fees 

Check out what you’re being charged in maintenance fees, as it can vary a lot between banks. Most will have quarterly fees, which can add up to €70 a year in some cases. 

There are other charges, such as transaction fees that aren’t as steep, but can still really add up over time. It can sometimes cost you an extra few cents every time you make a contactless transaction, or every time you withdraw cash from an ATM.

An account with an overdraft can result in even more additional fees. And some banks charge almost €13 for a returned direct debit! Compare current account fees from the main banks on CCPC’s website here.


Travelling fees

There are lots of bank related matters you should consider when travelling abroad. Firstly, find out if you’ll be charged for taking money out at a foreign ATM. These fees could be as high as €11 each time you use your card to withdraw cash or buy something. Your bank may also have additional charges on card payments, and apply an exchange rate to these transactions. 

Category of account

Make sure you have the right bank account for your age and circumstances. Young people, students and elderly people can avail of specific accounts with their own conditions. This will usually result in significant benefits for account holders, including reduced fees, discounts and rewards.


Switching code

The Central Bank of Ireland has a Switching Code that is designed to make the process as quick and easy as possible. All banks must comply with this code.

Savings accounts

Setting up a current account with certain banks will give you access to lots of cool saving technologies, particularly ones that embrace new technologies. If you struggle to save, this could be particularly useful.



If you have the right bank account, there’s a possibility you could actually save money. Some banks have deals with specific businesses, meaning their customers can get money off when they spend a certain amount. 

Check out if switching is worth your while, take a look at the CCPC money tool here

Brought to you by CCPC