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Time to switch? It turns out that surviving with your current account can lose your money

Presented by the Consumer Competition and Protection Commission (CCPC)

Now, who doesn't like bargaining?

Most of us, most of us, try and save. We do our best to find the most affordable clothes, we will go into the garage offering the cheapest fuel and we might even make a 'bulk purchase' to save goods that are not durable in supermarkets and save in the long run.

However, when it comes to banking, many of us are slow enough to change our checking accounts, even if it means we can make savings.

Whether you want to change your checking account or open a checking account for the first time, be sure to use the CCPC money tool to compare checking accounts at the bank and see the savings you can make. These tools are free to use, independent and up to date.

Here are some elements that are fully worthy of attention and understanding if you want to save money in your current account.


So there is regular fee and there are travel expense.

Regular fees are your bank fees for maintaining your account; so quarterly costs (which can reach around € 70 per year in some cases); contactless transaction fees (where every time you knock, you are billed); and ATM fees (fees you pay to withdraw money).

These costs are small, but they can certainly add up over time, so watch them. Find out how you can use your account to see how you can save on these costs. For example, do you make many unnecessary ATM withdrawals that add to your transaction fees? Sometimes small changes in your banking behavior can cause big savings on your costs.

Also, if you have an overdraft (for young people who are reading this, that's when you are in the minus, friends) realize that this can cost you more, with some banks charging a fee of almost € 13 for returned direct debit (when, for example, your gym is trying to take the money you owe them, but you don't have the funds to pay for it).

Travel costs are costs that can be billed while you are on vacation. Know how much your bank will charge you for taking money from foreign ATMs and when you make card payments abroad. Don't forget to calculate the exchange rate too.

You can check what fees will be charged by each bank here.

Account Category

Think of it this way – what categories are included in age, financial condition, etc.? Young people, students and the elderly can take advantage of certain accounts with conditions that are more suitable for them. This usually means reduced costs, discounts, and even gifts.

If you are unemployed, in a difficult financial situation and will have difficulty paying fees on the current account, you might be able to get a basic bank account. Most daily transactions are free on this account and there are no maintenance fees. All banks now offer basic payment accounts and the application process is similar to the one on a checking account.

Your salary cannot exceed the national minimum wage over a 12-month period, with providers who require documentation of proof of income. You can find out more details about basic bank accounts using the CPC money tool.

Saving account

Also consider opening a savings account at your bank. Some banks will give you access to deposit technology to help you keep your savings goals on track. This can be a big bonus if you think you can do it with an extra savings boost.


Some banks may also have gift schemes that are set up with certain businesses and so you can receive cashback when you've been shopping for groceries, for example. So, remember that you can get money by spending a certain amount. If spending is something you do, this can be a very good choice for you.

Substitute Code

After you have done the online scoping site on the CCPC website and if you think it will be a good choice for you to switch and change your bank, the Central Bank of Ireland has a Transfer Code designed to make the process as fast and painless as possible. In addition, each bank must also comply with this code.

Find out how you can easily switch banks here.

All right, everyone, happy banking! We will make savings.

Presented by the Consumer Competition and Protection Commission (CCPC)

See if the diversion is worth your while, see the CCPC money tool here.

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