Consumers could save €100 on current account fees - Ifsra

Consumers could save up to €100 a year on their current account fees by choosing the right account, the Irish Financial Services Regulatory Authority (Ifsra) said yesterday.

Speaking at the citizen's information centre in Ennis, the regulator's consumer director, Mary O'Dea, warned that people were paying for additional benefits on their current account that they did not need.

"Before you sign up to an account that offers extra benefits, such as discounts on financial products, make sure you will use them, because you will pay for them either way," Ms O'Dea said.

"If you are paying a fixed fee that includes a certain number of transactions and you do not always use all of your inclusive transactions, consider whether you would be better off paying for each transaction separately."

Ms O'Dea also warned people to check if their "free" bank account starts to charge fees if their balance falls below a certain threshold or the account goes overdrawn.

Responding to the publication of Ifsra's fourth current account cost survey, the Irish Bankers Federation (IBF) said it was now easier for consumers to switch current accounts than ever before and that hundreds of consumers were doing so each week.

Figures released by Permanent TSB last month show that it has attracted 23,000 new current account customers since the beginning of the year. In February, the bank introduced a new fee-free current account.

Copies of the personal current account cost survey are available by phoning the financial regulator's consumer helpline on 1890 777 777, by visiting  www.itsyourmoney.ie or from its information centre at College Green, Dublin 2.