Survey reports rise in people using numerous banking providers

The latest Consumer Sentiment Banking Survey, conducted by Ipsos Behaviour and Attitudes on behalf of the Department of Finance, found that 36% use credit unions at least occasionally

The survey found that 42% of people have their main account with AIB, 33% with Bank of Ireland, and 14% with PTSB.

There has been an increase in the number of people using multiple financial providers for their banking needs as the rate of people switching current account providers falls, new survey data shows.

According to the latest Consumer Sentiment Baking Survey, conducted by Ipsos Behaviour and Attitudes on behalf of the Department of Finance, 66% of people have more than one financial provider, up from 57% in 2023, with 36% use credit unions at least occasionally. 

The survey found that 42% have their main account with AIB, 33% with Bank of Ireland, and 14% with PTSB. 

The survey also shows that usage of apps outside the traditional banking sector has increased in the past year, with two in five now using such providers, driven by Revolut.

A large majority of people, 81%, agreed that the services provided by ‘digital only’ banks are a good substitute for traditional banks.

Around 6% of people have switched current accounts this year — down 3%. 

The survey found that there is a belief that the level of choice in the market is highest for savings accounts and lowest for mortgages.

Overall consumer satisfaction with their main financial provider increased to 86% — up from 82% last year. In addition, 4% expressed dissatisfaction.