Last year, just 15.5% of people made the switch, according to figures from the Banking and Payments Federation Ireland.
Switching could save you up to €3,000 a year depending on what rate you are on, according to Mr Sheahan, who said the process is not as difficult as you may think. At a recent Finance Committee Hearing it was revealed that around 200,000 customers in Ireland are on standard variable rates."The standard variable rate currently ranges from as low as 3.15% with AIB, to as high as 4.5% with Permanent TSB and Bank of Ireland. So certainly there are significant savings to be made by customers who are on standard variable rates," Mr Dowling explained.
He explained that customers will be offered an interest rate based on the loan relative to the value of the house.
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