Shutterstock/Valeri Potapova
new accounts

220,000 new accounts opened this year as Ulster Bank and KBC to leave Ireland

Around 9,600 accounts are being opened weekly.

NEW FIGURES PUBLISHED by the Banking & Payments Federation Ireland (BPFI) show how more than 55,000 current accounts were opened in the four weeks ending 10 June with 222,000 personal accounts opened so far in 2022.

The data also shows the average number of personal current accounts opened per week to date in 2022 was 9,600.

The figures come as BPFI launched a public information and awareness campaign aimed at providing advice and tools to customers who need to move their accounts as KBC and Ulster Bank exit the Irish market.

At the centre of today’s campaign launch is the website on which consumers and businesses can find information and advice including a guide on how to move or switch an account and how to manage other services such as direct debits, standing orders, overdrafts and card payments.

Speaking about the campaign and the new data, Brian Hayes said: “BPFI and its members fully recognise the upheaval which customers are currently experiencing and understand that many customers may feel daunted by the task involved in moving their banking services.

“To help address this today we have launched a nationwide information campaign to provide both personal and business customers with detailed information on all the elements they need to consider as they move to a new banking provider. We are urging all customers to visit our new website to fully inform themselves of how the process works and to use the checklist we have created to guide them through the journey.”

Hayes added that the BPFI will continue to track these numbers in the coming months which will allow members to assess and manage operational capacity within the system.

“We also plan to release this data on a monthly basis and through the close engagement we have had with the credit unions through CUSOP and Payac, and with An Post Money, we will be able expand our analysis further by their inclusion in future,” he added.

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