The BOI results were published today:
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BoI said:
Customer deposits of €39.1 billion have increased by €2.4 billion year on year. We have a strong customer deposit franchise with 27% market share. Within deposits, current account credit balances have grown by €2.8 billion while other deposits have declined by €0.4 billion.
Last week I decided to transfer 75% of my current account balance into prize bonds.So after 3 months I can access my money on demand and be in with a chance to have a tax free win.
I cant understand why people insist on paying at least €20 per year to BOI for a current account when there are alternatives which provide for free banking subject to minor conditions e.g PTSB, EBS or no conditions with Number26.
It's not really that people are leaving deposits in current accounts' it's that economic activity is up .
More car purchases, more people working ' higher salaries ' more trade etc. Therefore more money resting in current accounts.
The opposite happened during the recession .