Central Bank urged to improve systems as current account switching hits five-year-low

The Central Bank has been urged to improve and simplify its switching code of practice on the back of new figures showing the number of people changing their current account to another bank hit a five-year low last year.

The Central Bank said 1,542 current account holders switched banks in the second half of 2018, the lowest level since the second half of 2013. The overall number of current accounts held by personal consumers also decreased; by 1.5% to around 5.35 million.

Daragh Cassidy of price comparison website Bonkers.ie called the figures "disappointing" and said the level of current account switching remains "chronically low".

"Now might be a time for the Central Bank to re-look at its switching code of practice to see whether any improvements can be made so as to encourage higher switching levels," he said.

"These figures relate to the second half of last year, before Ulster Bank and Permanent TSB announced a hike in their current account fees, so we might see an increase in switching levels when the next set of figures are released," Mr Cassidy said.