# IFSRA survey of current account charges



## Brendan Burgess (11 Dec 2003)

The IFSRA survey of [broken link removed] charges has just been published. 
On the positive side:
It documents all the costs of the various current account options
It does say that you should select a current account based on cost, service and convenience.

On the negative side:
It's difficult to read because it's in PDF format. It's only 3 pages. If it was in HTML, it could be read easier and it could be copied and quoted much easier. 

It doesn't highlight the best buy - which I presume is National Irish Bank's Freebank account. This account deserves to be profiled separately with the pros and cons of the account.

It gives no idea of what the typical annual costs of a current account holder are. The Irish Bankers Federation says that it is €80 a year. Is this correct? It's in line with my experience and I guess I am fairly average. 

It makes no attempt to assess the service or convenience issues. This doesn't have to be subjective. For example, AIB has x branches while NIB has y branches. A checklist of online facilities. 

It doesn't highlight the main issue - Current accounts are cheap - the difference between the highest and the lowest is around €80 per year. Shop around for the more important issues like mortgages. 

But my main question is whether such a survey is the best use of IFSRA's resources? First of all, current account charges are just not significant. Secondly, all this information is in the public domain. These surveys are done regularly by the Consumers Association and the press. IFSRA should devote its resources to areas where the ordinary consumer cannot go e.g. the interest rate history and policies of the mortgage lenders. 

Brendan


----------

