80% ‘unaware’ of their bank charges

Eight out of 10 Irish people underestimate the amount they pay in retail bank charges by as much as 50%, while almost one in five Irish people feel they have a poor choice of current bank account provider, according to the first ever Permanent TSB Switching Index.

The report, compiled by Amárach Research, found the following:

*Car insurance is the sector where people are most likely to have switched provider, followed by electricity and broadband.

*Banking is the sector where people are least likely to have switched, with just three out of 10 Irish people having ever changed banking provider.

*Six out of 10 people who have switched bank account provider felt that the switching process was quick and smooth, while 86% of those who switched said the switching process was less hassle than expected or as was as expected.

*Of those who have switched bank accounts, 64% agreed with the statement that they “should have switched ages ago”.

*Almost half surveyed (45%) agreed that people who shop around for better value on their household bills are better financial planners and more in control of their finances than those who don’t.

*Younger people — generally those of us who earn the least — are spending the most on bank charges, with 15-24 year olds visiting ATMs more frequently than any other age group. ATM fees are one of the main drivers of day-to-day banking charges.


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