Ulster Bank, which is winding down operations in the Republic of Ireland, is urging customers to start thinking about finding another bank. 

Customers don’t need to take any action right now, says the bank, but next year it will be giving six months notice to close accounts.

The bank is urging customers to 'Choose, Move & Close’, the idea being that each customer will first decide which bank or institution will get their business in future, then transfer to that provider, and finally close their Ulster Bank account.

Ulster Bank is no longer opening new current or deposit accounts, although it will still accept new mortgage business. No new business customers will be signed up either, the exception being its Lombard Asset Finance unit.

Business customers who are ready to move their accounts now can contact the bank on 0818 211 690 after November 1.

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Ulster Bank says it’s in discussions with other banking counter-parties in the Irish market to transfer mortgages with their existing terms and conditions.

"We will contact customers when there is a further update,” the bank stated.

The bank said its 88 branches will continue to remain open through H1 2022. Iin the second half of 2022, cash and counter services will be phased out.