Permanent TSB opens 100,000 new current accounts

Permanent TSB has opened more than 100,000 new current accounts so far in 2022 – a 250 per cent increase on the same period last year – as customers migrate from KBC Bank and Ulster Bank.

Seven in 10 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 80 per cent 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.

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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.”