Permanent tsb opens over 100,000 new current accounts so far in 2022

• 250% increase in new account openings driven by Ulster/KBC switching
• 70% of new current account openings through digital channel via the Permanent TSB app
• Switching activity boosted by Move Better campaign, mobile and pop-up locations, Saturday opening, our new Switching Hub, and placing Permanent TSB staff in 46 Ulster Bank branches
• Permanent TSB wins Innovative Banking Product Award for digital current account opening process at 2022 FS Awards

Friday 28 October 2022

Permanent TSB, has announced that it has now opened over 100,000 new current accounts so far in 2022, a c.250% increase on the same period last year. 70% of new current account openings are taking place through the Bank’s mobile app as customer adoption of digital channels increase.

The Bank has also opened over 35,000 new deposit accounts year to date, an increase of c.80% year-on-year.

The increases are driven by strong switching activity from personal and SME customers of Ulster Bank and KBC as these banks prepare to exit the market.

Permanent TSB has invested heavily in attracting both switching and other categories of new customers through a range of initiatives which include:

• Its Move Better campaign across TV, Radio, Outdoor, Digital and Social Media channels
• Its market-leading, award winning current account offering which facilitates a fast and easy digital account opening process
• Successful mobile and pop-up locations, including opening a new Current Account Switching Hub in a former branch on St Stephen’s Green in Dublin to facilitate appointments or walk-in customers who wish to open a new current account
• Saturday opening in selected locations
• Permanent TSB working in-person in 46 Ulster Bank branches to facilitate customers of that bank who need to switch
• Its streamlined online application process for Business current accounts where customers are called back within 24 hours to arrange a branch appointment.

Following on from being awarded best current account by Bonkers.ie earlier in the year, Permanent TSB also won the Innovative Banking Product Award for its digital current account opening process at the 2022 FS Awards which took place yesterday Thursday, 27 October. Permanent TSB’s innovative digital current account opening process allows customers open a current account in minutes via the Permanent TSB app.

Patrick Farrell, Permanent TSB’s Retail Banking Director, said:

“This is a seismic year for current account switching and we’re delighted that so many new customers are placing their trust in us.

We are providing customers with our market-leading digital current account and a huge range of easy ways to join Permanent TSB.

We encourage any remaining Ulster Bank and KBC customers yet to choose an alternative provider to switch to us and Move Better to Permanent TSB.

They can switch to us online or in our 75 branches in communities throughout Ireland, and even in 46 Ulster Bank branches and our mobile and pop-up outlets. 

We also have 40 digital onboarding stands in branches that make it easy to open an account through our app, with Permanent TSB people by your side to help you if you need it.”

Further details of where to open a Permanent TSB current account are available at www.permanenttsb.ie/inyourcommunity

In addition, Permanent TSB’s dedicated online hub www.permanenttsb.ie/movingbankhub provides step by step guides, hints and tips and videos explaining how to move one or more products. Through this hub, customers can learn more about the range of products the Bank has to offer including saving and deposit accounts, overdraft facility and the option to avail of 0% (fixed) interest on a credit card balance transfer for the first 6 months.

Further information

Leontia Fannin
Permanent TSB Head of Corporate Affairs and Communications
leontia.fannin@permanenttsb.ie
087 9733143