Banks: save money
It's now much easier for customers to shop around for the best value bank accounts. It's a lot simpler too, because the banks have 
developed a voluntary code of practice for helping customers wanting to switch their personal accounts from one bank to another. The following frequently asked questions explain what is involved and what to look out for.
Don't you have to cancel all your old standing orders and direct debits and so on, then set up new ones? It all sounds very messy.
Yes, it was a bit difficult in the past. But thanks to the new code of practice it is a lot less fraught process.
What do I have to do?
Ask your new bank for its "switching pack". This will take you through each step of the process, and the bank should also give you:
- A copy of the terms and conditions (including services provided)
- Details of any fees and charges, and any interest rates that apply
- A point of contact to help you with any queries.
- An Account Transfer Form to fill in. This will allow it to set up existing standing orders and direct debits on your new account, and transfer any balance from your old account to your new one
The Account Transfer Form is a big part of simplifying the process from your point of view. But it is worth checking your list of standing orders and direct debits from your old bank - and it is a good time to tell the new bank if you'd like to make any changes to your standing orders or direct debits on your new account.
To open any new bank account in Ireland, don't forget that you will need to give:
- Proof of identity, such as a passport or driver's licence
- Proof of your address, such as an electricity bill or a bill for your home phone
How long does it all take?
Once your new bank approves your application, your new account should be up and running within a fortnight (10 working days).
Which banks are covered by the switching code?
All the members of the Irish Bankers Federation: ACC Bank, AIB, Anglo Irish Bank, Bank of Ireland, Bank of Scotland (Ireland), EBS, ICS, IIB, Irish Nationwide, National Irish Bank, Northern Rock, Permanent TSB and Ulster Bank.
Can I switch banks if my account is in the red?
Possibly. You will first need to get your new bank to agree if you want to transfer a debit balance to your new account.
Does the switching code just cover current accounts?
No. It also covers deposit and savings accounts. But it doesn't cover accounts where you need to give advance notice of withdrawal or accounts which carry guarantees or other obligations.
What else should I bear in mind?
Once you receive your new bank cards, return your old bank cards and any unused cheques to your old bank. They should give you a refund of government stamp duty of €0.15 per unused cheque. After opening your new account you may also need to:
- Order bank cards and cheque book for the new account
- Set up internet and telephone banking and any relevant bill payment arrangements
- Give your employer and other credit transfer sources of your new account details (if, for example, your salary is directly paid into your account)
What if I just want to move to a new branch?
This isn't covered by the above procedures because you are sticking with the same bank, and it should be a much simpler process again. Write to the bank and ask for your account be transferred to the new branch. If you need more information on what's involved, talk to the customer services people at the new branch or your old one.
Learn more
Read the Irish Bankers Federation's code for consumers