A total of 222,000 personal current accounts have been opened with Ireland's retail banks year to date, including 55,000 in the four weeks to 10 June amid a flurry of switching activity, according to the latest figures from the Banking and Payments Federation Ireland (BPFI).
An average of 9,600 personal current accounts have been opened per week in 2022 with AIB, Bank of Ireland and Permanent TSB as Ulster Bank and KBC Bank Ireland customers have sought to find new banks ahead of the lenders' planned exits in the coming months.
The figures also include accounts opened for Ukrainian refugees and new or additional accounts opened by customers for other reasons such as to receive salary or social welfare payments.
BPFI CEO Brian Hayes said the figures demonstrate the efforts of banks to "onboard customers as quickly and efficiently as possible".
"We will continue to track these numbers in the coming months which will allow members to assess and manage operational capacity within the system," he added.
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"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.”
The BPFI and the five retail banks have launched movingaccount.ie as part of a public information and awareness campaign to provide step-by-step advice and practical tools to personal and business banking customers who need to move their accounts.
In addition to information and on moving an account and how to manage direct debits, standing orders, overdrafts and card payments, the site also contains a section for those who may be providing assistance to vulnerable customers as well as sections on basic bank accounts, information on fraud awareness and prevention, and links to external resources where customers can access further assistance.
"We are urging all customers to visit our new website movingaccount.ie to fully inform themselves of how the process works and to use the checklist we have created to guide them through the journey,” said Hayes
He added that the BPFI continues to engage with stakeholders, including direct debit originators, on a regular basis, and that the BPFI and its members will continue their "intensive efforts" until the last customer account is closed.
The organisation did not detail which banks have been opening the most accounts.
