Almost 300,000 new bank accounts opened in Ireland this year in response to KBC and Ulster Bank closures

DUBLIN: Almost 300,000 new bank accounts were opened in Ireland in the first six months of this year, according to the latest data from the Banking and Payments Federation of Ireland (BPFI).

Figures show that between January 1 and July 8, about 297,000 personal current accounts were opened. This shows that an average of 11,000 personal current accounts are opened each week.

The BPFI figures reveal that customers of the two exiting banks (KBC and Ulster Bank) are taking action to avoid being left without banking services. KBC and Ulster Bank will cease operations in the Irish market next year.

The rate of account opening grew through June and into early July, with around 71,000 personal current accounts opened in the four weeks ending July 8. This is up from 56,000 in the previous four weeks and more than double the total in the four weeks ending April 15.

A BPFI spokeswoman said customers from the exiting banks are “taking action” and deciding to open current accounts with new providers.

A BPFI spokeswoman said the data, based on information gathered from AIB, Bank of Ireland, permanent TSB, An Post Money, CUSOP and Payac, customers from the exiting banks are “taking action” and deciding to open current accounts with new providers.

Customers of Ulster Bank and KBC were previously asked by the Competition and Consumer Protection Commission (CCPC) to take action in the coming months.