Switchers to Bank of Ireland will be able to apply for credit card as they open current account

Switchers to Bank of Ireland will be able to apply for credit card as they open current account

BANK of Ireland has announced an innovation for those seeking a new current account and credit card provider.

he bank said that consumers moving accounts will now be able to apply for a current account, credit card and overdraft in one online application.

The move comes as thousands of people have yet to find a new current account provider with the imminent closures of Ulster and KBC banks.

And Bank of Ireland said it has now opened the same number of personal current accounts in first six months of 2022 as it did for the whole of last year.

The multi-product application form is aimed that making moving to Bank of Ireland more attractive for forced switchers than choosing AIB, Permanent TSB, the credit unions, An Post or a digital payments app provider.

Up to now people moving to Bank of Ireland who wanted to apply for a credit product, such as an overdraft, had to have their salary paid into the current account for six months and make a separate credit application.

The bank said customers can now simply apply for an overdraft when they open the current account and validate proof of income via a payslip.

Overdraft applications are then subject to Central Credit Register check, credit scoring and income validation.

In the case of credit card applications, proof of income will be required via current account information or three months’ bank statements, the bank said.

Director of what the bank calls everyday banking, Henry Dummer, said: “We are opening more personal accounts during any period in our history. In the first half of 2022 we have opened the same number of current accounts as we did for the whole of 2021, and we continue to look for ways we can make the process better.

“The migration of this number of consumers is a major operational undertaking and there will be challenges along the way.

“However, we want to make it as easy as possible for customers to set up their accounts with us, and to also apply for products like credit cards and overdrafts at the same time.”

Customers opening a bank account or applying for a credit product are required to verify their identity and address, in line with Anti Money Laundering (AML) Regulation.

A new dedicated online hub “The Big Move” includes a guide for customers how to close their current account, open a new account and make changes to regular payments.

Earlier this week the Banking and Payments Federation said the main retail banks, An Post Money and credit unions opened 365,000 personal current accounts so far this year.

The figures show that 68,000 personal current accounts were opened by these financial institutions in the four weeks ending August 5.

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