research reveals consumers are missing out on banking savings - East Coast FM

Image research reveals consumers are missing out on banking savings - East Coast FM

Recent research from showed that Irish consumers are reluctant to shop around for banking products. Daragh Cassidy appeared on East Coast FM to discuss the findings of the research.

Listen back to the interview above or read over the main points discussed below.

Main points from the interview

  • Shopping around for financial services products can help you save big money, but despite this, most Irish consumers don’t shop around. Similarly, those who have a credit card or a mortgage are unlikely to switch to a cheaper provider. 
  • The research showed that you could end up spending €10,000 extra on a home improvement loan if you choose the wrong rate.
  • If you wanted to do some green home improvements and wanted to take out €50,000 over ten years, there’s a rate as low as 4.9% with An Post Money. On the other hand, Permanent TSB (PTSB) has a rate of 8.2%. This is the difference of almost €80 a month, or over €9,400 over the lifetime of the 10-year loan.
  • The same goes for personal loans. Revolut has some of the lowest rates, while PTSB has some of the highest. 
  • With mortgages, they can range from 3.5% to over 6% for the average first-time buyer. 
  • Most consumers won’t switch a personal loan and most won’t be able to, however with mortgages there is a lot of switching at the moment. This is particularly down to the exits of Ulster Bank and KBC.
  • With current accounts, people should shop around and look at the maintenance fees.

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