DoF study finds benefits in switching, but bank experts give mixed response 

Almost three-quarters of Irish consumers fail to shop around for bank accounts, according to a recent ESRI survey of 3,000 people. File picture: Denis Minihane

A report commissioned by the Department of Finance — which says consumers are losing out by not shopping around or switching their mortgages, current accounts, and credit cards — has received a mixed response from banking experts.

The report by the behavioural research unit at the ESRI, which surveyed 3,000 people, found many consumers do not compare rates despite differences that could cost them dearly over time.