A new survey has found that every three in four customers did not shop around for a new bank account. Uncertainty and fear have been identified as the main barriers to the effort. Karl Cronin, Regional Manager with North Connacht & Ulster Money Advice and Budgeting Service (MABS), says it's all about confidence.
Speaking on this morning's Joe Finnegan Show, he highlighted how it has never been as easy as it is now to compare financial products online. Mr Cronin added that people can find out everything they need to know on the Competition and Consumer Protection Commission (CCPC) website.
"I'm just looking at the CCPC website; I can see that there are a range of current accounts available and the fees range from zero euro per quarter to €54 per quarter. That's huge in just a current account alone, so by taking the time to look at the different offerings, people can potentially save thousands of euro and when it comes to mortgages tens of thousands of euro.
"The research shows that the majority do switch when they look into it but get into the shopping around for the best products from the onset," Mr Cronin.
