Permanent TSB is offering up to €100 as a bonus to customers who switch current accounts to the bank. With only 0.18% of people switching current accounts every year, will this be enough to see this figure rise?
The Rugby World Cup kicks off today, with Ireland’s first encounter taking place tomorrow. It’s a great opportunity for us to show our patriotism, love of country and blind loyalty to Paul, Johnny and all things Irish. Oh, and our New Zealander manager…
Yes, we sure are a loyal bunch, and that’s no bad thing when it comes to sport. But what if I told you that your loyalty could be costing you up to €160 a year?
That’s how much some people pay in transaction and maintenance fees on their current accounts every year. And in many cases, a quick switch is all that’s needed.
And yet, a mere 0.18% of people do so.
That’s right. 0.18%. Wow.
Why Are Switching Numbers So Low?
So why are the switching figures so very low?
Well, most of us have been with the same bank for years. We have our pay going in, our rent out, and loads of direct debits in between.
So just the idea of switching current accounts is enough to cause fear of missed payments, lost savings and all-round major anxiety in us.
It’s been so long since we’ve seen banks put cash on the table that you’d really need to strain the brain to remember some of the old boom-time offers that used to be flung around.
Permanent TSB’s offer
Permanent TSB is hoping to ease the switching paralysis that plagues the nation by offering a sign up bonus of €100 to new customers. Here’s how it works.
If you apply to switch by filling out an Account Switching Form before November 8th and complete your switch before December 13th, you’ll immediately get €50.
If you apply to get an ICE Visa Card before November 8th and use your card within the first four weeks of receiving it, you’ll get another €50.
So, for your new current account and ICE Visa Card, you’ll get €100 in total. Not bad!
And the savings could get even better, since Permanent TSB’s current account makes it relatively straightforward to keep your maintenance and transaction fees at zero.
Permanent TSB’s Current Account
If you lodge €1,500 a month into your Permanent TSB current account, you won’t be charged any maintenance fees. The account has no minimum balance requirement and no day-to-day transaction charges either.
The account is a far cry from the boom-time offers of 10% interest on current account deposits up to €2,000 that Hlifax was offering, but it’s still one of the best available in post-Anglo Ireland.
Up To €260 Savings
Considering that some people pay as much as €160 a year in transaction and maintenance fees, switching your current account to Permanent TSB could save you that amount every year.
When you add the €100 sign-up bonus to the mix, you could end up with an extra €260 in your pocket by the end of 2016.
And maybe, just maybe, that’ll be enough to see Ireland’s current account switching numbers creep upward.