Around 9,833 Irish consumers switched their current accounts in the second half of 2013, more than double compared to 4,516 during the first six months of 2013, according to figures released by the Central Bank of Ireland.
The latest trend indicates that account holders are increasingly switching their current accounts under the Code of Conduct on the Switching of Current Accounts with Credit Institutions (the Switching Code).
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The Central Bank of Ireland consumer protection director, Bernard Sheridan, said: "These new figures show that, while low, an increasing number of consumers are availing of the Central Bank’s Switching Code to manage the changeover when switching current accounts.
"Factors which appear to be influencing the choices that consumers are making include: changing fees and charges; service issues; and announcements regarding the withdrawal of current account providers from the market."
As per the Switching Code, which was launched in October 2010, all credit institutions providing current accounts in Ireland will have to follow them in order to make the process of switching current accounts easier and quicker for consumers.
The Switching Code sets out mandatory procedures, whereby the credit institution to which a consumer intends to switch account, must ensure that the switch is completed within 10 working days of the "switching date".
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