Current Accounts - Ireland - August 2014
“The end of fee-free banking in RoI has made the prospect of owning multiple current accounts more expensive; and thus we have seen the incidence of consumers owning three or more accounts fall between 2009 and 2014. Moving forward, with more banks seeking to upgrade consumers to paid-for premium/packaged accounts, it will help to boost revenue generated from current accounts, but perhaps further lower the incidence of multiple account ownership.”
– Brian O’Connor, Production Manager
This report answers the following questions:
- What impact will account switching guarantees and legislation have on the market?
- What could help drive uptake of ‘packaged’ current accounts?
- How important are overdraft facilities to current account users?
- How many current accounts does the average Irish consumer own?
- Which banks do consumers have their current accounts with?
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Table of contents
Introduction
- Key themes in the report
- Data Sources
- Consumer data
- Definitions
- Abbreviations
Executive Summary
- The market
- Figure 1: Total number of active current accounts, IoI, NI and RoI, 2009-19
- Figure 2: Total number of current account holders, NI and RoI, 2009 and 2013
- Forecast
- Figure 3: Indexed total number of active current accounts, NI and RoI, 2009-19
- Market factors
- Increase in account switching for NI and RoI
- Complaints about current accounts in NI and RoI account for three in 10 banking complaints
- RoI consumers earn more, but wage levels have contracted
- Fifth of NI and 16% of RoI consumers owe money on an overdraft
- Companies, brands and innovations
- The consumer
- Almost all consumers own at least one current account
- Figure 4: Number of current accounts currently owned, NI and RoI, July 2014
- Santander most used provider of main accounts in NI
- Figure 5: Financial institute where main current account and other current accounts are held, NI, July 2014
- AIB and BoI top providers for RoI
- Figure 6: Financial institute where main current account and other current accounts are held, RoI, July 2014
- 28% of NI and 20% of RoI consumers have switched their main account provider in the last five years
- Figure 7: If consumers have switched current account providers, NI and RoI, July 2014
- Figure 8: Reasons for consumers to switch current accounts, NI and RoI, July 2014
- Better interest rates would attract more Irish consumers to packaged/premium accounts
- Figure 9: Qualities of packaged/premium current accounts that consumers would be willing to pay a monthly fee for, NI and RoI, July 2014
- What we think
Issues and Insights
- What impact will account switching guarantees and legislation have on the market?
- The facts
- The implications
- What could help drive uptake of ‘packaged’ current accounts?
- The facts
- The implications
- How important are overdraft facilities to current account users?
- The facts
- The implications
- How many current accounts does the average Irish consumer own?
- The facts
- The implications
- Which banks do consumers have their current accounts with?
- The facts
- The implications
- What impact will account switching guarantees and legislation have on the market?
Trend Application
- Trend: Totophobia
- Trend: Minimize Me
- Trend: FSTR HYPR
Market Overview
- Key points
- Much easier for NI and RoI consumers to switch accounts in 2014
- Figure 10: Number of current accounts switched, UK, September 2013-June 2014
- RoI account switching legislation
- Figure 11: Number of current accounts switched in and out, RoI, 2011-13
- Increased level of complaints about packaged accounts and ‘forced upgrades’ in UK
- Figure 12: New complaints received about banking and credit, UK, 2013/14*
- Figure 13: New complaints received about current accounts, UK, 2010-14*
- Figure 14: New complaints received about current accounts, by type, UK, 2013 and 2014*
- RoI current account complaints eased off in 2013
- Figure 15: Complaints received relating to the banking sector, RoI, 2011-13
- Figure 16: Complaints received relating to the banking sector, by segment, RoI, 2013
- Figure 17: Types of complaints received for the banking sector, RoI, 2013
- RoI consumers better able to make higher deposits each month
- Figure 18: Household income, NI and RoI, April 2014
- Figure 19: Median gross weekly earnings, NI, RoI and UK, 2009-14
- Personal financial health improving between 2013 and 2014
- Figure 20: How consumers rate their current financial situation, NI and RoI, November 2013-July 2014
- NI consumers show stronger overdraft usage among Irish consumers
- Figure 21: Consumers who currently owe money on a current account overdraft facility, NI and RoI, July 2014
- Figure 22: If consumers are charged for using their overdraft facility, NI and RoI, July 2014
- Increased cost of overdraft
- Figure 23: Annual average retail interest rates on overdraft facilities, UK (including NI) and RoI, 2009-14
- Figure 24: Indexed value of revenues generated from overdrafts vs personal loans (one year), RoI, May 2009-14
- Key points
Strengths and Weaknesses
- Strengths
- Weaknesses
- Strengths
Market Size and Forecast
- Key points
- Strong level of account closure contracting the market
- Figure 25: Total number of active current accounts, IoI, NI and RoI, 2009-19
- Single account ownership set to be boosted by population growth
- Figure 26: Total number of current account holders, IoI, NI and RoI, 2009-19
- Figure 27: Total population of NI and RoI, actual and projected, 2009-19
- Figure 28: Indexed estimated migration for NI and RoI, 2008-13
- Decline in multiple account ownership in NI and RoI
- Figure 29: Total number of current account holders, NI and RoI, 2009 and 2013
- Current account ‘price war’ could help stimulate multiple account ownership
- Figure 30: Best Buy current accounts and savings products, UK, July 2014
- Key points
Companies and Innovations
- Key points
- Lloyds Bank focuses on tiered interest
- M&S Current Account launches with no monthly fee
- Tesco Bank launches current account with Clubcard incentives
- Company profiles
- Allied Irish Bank/First Trust
- Figure 31: AIB current accounts, RoI, 2014
- Figure 32: First Trust Bank current accounts, NI, 2014
- Bank of Ireland
- Figure 33: Bank of Ireland current accounts, RoI, 2014
- Figure 34: Bank of Ireland current accounts, NI, 2014
- Danske Bank
- Figure 35: Danske Bank current accounts, NI, 2014
- Halifax
- Figure 36: Halifax current accounts, NI, 2014
- HSBC
- Figure 37: HSBC current accounts, NI, 2014
- KBC Bank
- Figure 38: KBC Bank current account, RoI, 2014
- Nationwide
- Figure 39: Nationwide current accounts, NI, 2014
- Permanent TSB
- Figure 40: Permanent TSB current accounts, RoI, 2014
- Santander
- Figure 41: Santander current accounts, NI, 2014
- Tesco Bank
- Figure 42: Santander current accounts, RoI, 2014
- Ulster Bank
- Figure 43: Ulster Bank current accounts, NI, 2014
- Figure 44: Ulster Bank current accounts, RoI, 2014
- Key points
The Consumer – Ownership of Current Accounts
- Key points
- Almost universal ownership of current accounts
- Figure 45: Number of current accounts currently owned, NI and RoI, July 2014
- Women in NI more likely to own multiple accounts
- Figure 46: Number of current accounts currently owned, by gender, NI and RoI, July 2014
- Younger consumers less inclined to own multiple accounts
- Figure 47: Number of current accounts currently owned, by age, NI and RoI, July 2014
- Affluent consumers more likely to own multiple accounts
- Figure 48: Number of current accounts currently owned, by social class, NI and RoI, July 2014
- Key points
The Consumer – Where Current Accounts are Held
- Key points
- Santander and Halifax top NI providers
- Figure 49: Financial institute where main current account and other current accounts are held, NI, July 2014
- Santander appeals to those of low affluence, Halifax to those of high affluence
- Figure 50: Consumers who have their main current account with Santander and Halifax, by social class, NI, July 2014
- A third of RoI consumers bank with AIB
- Figure 51: Financial institute where main current account and other current accounts are held, RoI, July 2014
- Younger consumers more likely to use AIB
- Figure 52: Consumers who have their main current account with AIB and Halifax, by social class, RoI, July 2014
- Key points
The Consumer – Account Switching
- Key points
- NI consumers more likely to have switched in last five years
- Figure 53: If consumers have switched current account providers, NI and RoI, July 2014
- Figure 54: Consumers that have switched current account providers in the last five years vs consumers who have never switched, by age, NI and RoI, July 2014
- Where the switchers moved to
- Figure 55: Main current account providers of those that have switched current accounts within the last five years, NI and RoI, July 2014
- Better deals help to attract account switchers
- Figure 56: Reasons for consumers to switch current accounts, NI and RoI, July 2014
- A better deal appeals most to heavy internet users
- Figure 57: Consumers who switch current account providers due to being offered a better deal, by internet usage, NI and RoI, July 2014
- Cash incentives more likely to have made NI consumers switch account provider
- Figure 58: Consumers who switch current account providers due to cash incentive or cashback offer, NI and RoI, July 2014
- Key points
The Consumer – Factors for Packaged and Premium Current Accounts
- Key points
- Higher rate of interest strongly desired
- Figure 59: Qualities of packaged/premium current accounts that consumers would be willing to pay a monthly fee for, NI and RoI, July 2014
- Higher interest rates desired by mature consumers
- Figure 60: Consumers that would be willing to pay a monthly fee for a premium/packaged current account if it offered a higher interest on savings products/money in current account, by age, NI and RoI, July 2014
- Figure 61: Consumers that would be willing to pay a monthly fee for a premium/packaged current account if it offered mobile phone insurance, by age, NI and RoI, July 2014
- Fee-free overdrafts appeal to the less affluent
- Figure 62: Consumers that would be willing to pay a monthly fee for a premium/packaged current account if it offered fee-free overdrafts, by social class, NI and RoI, July 2014
- RoI consumers show more interested in travel-related features
- Figure 63: Consumers that would be willing to pay a monthly fee for a premium/packaged current account for travel and holiday-related features, NI and RoI, July 2014
- Figure 64: Consumers that would be willing to pay a monthly fee for a premium/packaged current account for travel and holiday-related features, by age, RoI, July 2014
- Irish women more in favour of card and ID protection features
- Figure 65: Consumers that would be willing to pay a monthly fee for a premium/packaged current account for card and ID theft protection, by gender, NI and RoI, July 2014
- Figure 66: Frequency with which consumers shop online, by gender, NI and RoI, March 2014
- Key points
Appendix
- NI Toluna tables
- Figure 67: Consumers who own a current account and number of accounts held, by demographics, NI, July 2014
- Figure 68: Financial institute where main current account is held, by demographics, NI, July 2014
- Figure 69: Financial institute where main current account is held, by demographics, NI, July 2014 (continued)
- Figure 70: Financial institute where main current account is held, by demographics, NI, July 2014 (continued)
- Figure 71: Financial institute where other current accounts are held, by demographics, NI, July 2014
- Figure 72: Financial institute where other current accounts are held, by demographics, NI, July 2014 (continued)
- Figure 73: Financial institute where other current accounts are held, by demographics, NI, July 2014 (continued)
- Figure 74: Consumers who have switched current account provider in the last five years, by demographics, NI, July 2014
- Figure 75: Reasons consumers switched current account provider in the last five years, by demographics, NI, July 2014
- Figure 76: Reasons consumers switched current account provider in the last five years, by demographics, NI, July 2014 (continued)
- Figure 77: Reasons consumers switched current account provider in the last five years, by demographics, NI, July 2014 (continued)
- Figure 78: Features of packaged/premium current accounts that consumers would be willing to pay for, by demographics, NI, July 2014
- Figure 79: Features of packaged/premium current accounts that consumers would be willing to pay for, by demographics, NI, July 2014 (continued)
- Figure 80: Features of packaged/premium current accounts that consumers would be willing to pay for, by demographics, NI, July 2014 (continued)
- RoI Toluna tables
- Figure 81: Consumers who own a current account and number of accounts held, by demographics, RoI, July 2014
- Figure 82: Financial institute where main current account is held, by demographics, RoI, July 2014
- Figure 83: Financial institute where main current account is held, by demographics, RoI, July 2014 (continued)
- Figure 84: Financial institute where main current account is held, by demographics, RoI, July 2014 (continued)
- Figure 85: Financial institute where other current accounts are held, by demographics, RoI, July 2014
- Figure 86: Financial institute where other current accounts are held, by demographics, RoI, July 2014 (continued)
- Figure 87: Financial institute where other current accounts are held, by demographics, RoI, July 2014 (continued)
- Figure 88: Consumers who have switched current account provider in the last five years, by demographics, RoI, July 2014
- Figure 89: Reasons consumers switched current account provider in the last five years, by demographics, RoI, July 2014
- Figure 90: Reasons consumers switched current account provider in the last five years, by demographics, RoI, July 2014 (continued)
- Figure 91: Reasons consumers switched current account provider in the last five years, by demographics, RoI, July 2014 (continued)
- Figure 92: Features of packaged/premium current accounts that consumers would be willing to pay for, by demographics, RoI, July 2014
- Figure 93: Features of packaged/premium current accounts that consumers would be willing to pay for, by demographics, RoI, July 2014 (continued)
- Figure 94: Features of packaged/premium current accounts that consumers would be willing to pay for, by demographics, RoI, July 2014 (continued)
- NI Toluna tables
Current Accounts - Ireland - August 2014
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