Irish Deposits: Retail Deposit Market Survey
16th February 2016
41113645 RJ/COC
1.
Research Methodology
• 
Methodology:
Questions were included on Millward Brown’s
Omnibus survey using face-to-face, in-home
methodology.
• 
Sample
Description:
Nationally representative sample of all adults aged 25+ in
the Republic of Ireland. Quotas set on age, social class,
gender and region to ensure a representative
sample.
• 
Sample size:
n = 922 (nationally representative sample of 25+)
• 
Sampling Area:
66 sampling points nationwide, representative of the actual
size and spread of urban and rural localities.
• 
Fieldwork dates: 25th January 2016 – 3rd February 2016
• 
Objective:
To gain consumer insight into the savings and deposit market
2.
Sample Profile of Irish Adults Aged 25+
Base: All aged 25+ (n=922)
Gender
%
Age
%
Social Class
%
Region
%
Work Status
%
AB
25-34
Dublin
Male
C1
35-49
33
C2
Female
52
50-64
19
F
Rest of Leinster
27
Munster
27
Working
56
Not working
44
21
26
DE
65+
27
31
Conn/Ulster
17
6
3.
Bank of Ireland & AIB continue to dominate in terms of deposit
or savings accounts
Base: All 25+ (n=922)
Main Deposit/Savings Account
2016
%
32
31
14
10
5
Q.1
Other
11
None
11
Credit Union
KBC
RaboBank
Nationwide UK
Danske/NIB
Investec
Barclays
Refused
DEs
Dublin Residents
Not Working
6%
1%
1%
1%
*
*
*
1%
18%
17%
16%
With which, if any, of these do you have your main deposit or savings account, personally or jointly with someone else?
4.
Bank of Ireland & AIB continue to dominate in saver numbers
Base: All 25+ (n=922)
Main Deposit/Savings Account
2015
%
2016
%
32
32
31
28
14
13
10
5
Credit Union
KBC
RaboBank
Nationwide UK
Danske/NIB
Investec
Barclays
Refused
Q.1
7%
1%
1%
1%
*
*
*
1%
13
9
Other
11
None
11
11
16
Credit Union
KBC
RaboBank
Nationwide UK
Danske/NIB
Investec
Barclays
Refused
5%
1%
1%
*
*
*
*
4%
With which, if any, of these do you have your main deposit or savings account, personally or jointly with someone else?
5.
Word of mouth from friends and family remains key in choosing
a deposit/savings account – Irish institution and security still
also play a part. Interest rate is only 4th reason
Base: with savings/deposit accounts (n=828)
2016
%
Family/friends recommended it (28)
31
Irish bank/institution (14)
12
Security of that bank/institution (11)
11
Interest rate/return
(7)
Government guarantee on deposits/savings there
(5)
4
Bank/institution's credit rating
(4)
4
Online/internet access/account
(4)
4
Liked their advertising
(1)
2
Non-Irish bank institution
(1)
1
Other (18)
9
22
() = 2015 Figures
Q.2
What was the main reason you chose to open a deposit or savings account with your institution?
6.
Reason for Choosing x Main Bank
Base: Customers of each provider
(288)
%
Family/friends
recommended it
(45)
%
30
Security of that bank/
institution
Irish bank/institution
12
Interest rate/return
Security of that bank/
institution
11
Irish bank/institution
(292)
%
27
20
Family/friends
recommended it
33
18
Irish bank/institution
Security of that bank/
institution
11
12
Interest rate/return
7
Family/friends
recommended it
Online/internet access/
account
6
Government guarantee on
deposits/savings there
4
Bank/institution's credit
rating
4
Bank/institution's credit
rating
5
Online/internet access/
account
3
Government guarantee on
deposits/savings there
3
Government guarantee on
deposits/savings there
3
Bank/institution's credit
rating
2
Online/internet access/
account
2
Liked their advertising
2
Non-Irish bank institution
2
Non-Irish bank institution
1
Non-Irish bank institution
1
Liked their advertising
2
Liked their advertising
Other
Q.2
23
Other
9
7
Interest rate/return
20
Other
*
19
What was the main reason you chose to open a deposit or savings account with your institution?
7.
Reason for Choosing x Main Bank
Base: Customers of each provider
(132)
%
Family/friends
recommended it
30
Family/friends
recommended it
22
Security of that bank/
institution
12
Interest rate/return
Interest rate/return
11
Security of that bank/
institution
Irish bank/institution
10
Government guarantee on
deposits/savings there
9
15
12
Online/internet access/
account
5
Bank/institution's credit
rating
7
Government guarantee on
deposits/savings there
3
Online/internet access/
account
6
Liked their advertising
3
Irish bank/institution
5
Bank/institution's credit
rating
1
Non-Irish bank institution
3
Non-Irish bank institution
1
Liked their advertising
2
Other
Q.2
(92)
%
25
Other
19
What was the main reason you chose to open a deposit or savings account with your institution?
8.
Alternative Deposit Institution Choice
Base: All with savings/deposit account (n=828)
2016
%
17
17
11
7
6
All others
None/Would not go to another
Q.3
12
29
KBC
Credit Union
RaboBank
NationwideUK
Danske Bank/NIB
Barclays
Investec
Refused
5%
3%
3%
1%
*
*
*
*
If you were to choose to put deposits or savings with a bank other than one you have an account with, which bank would you choose?
9.
Alternative Deposit Institution Choice Steady Over Time
Base: All with savings/deposit account (n=828)
2016
%
2015
%
17
19
17
19
11
All others
None/Would not go to another
Q.3
2014
%
21
17
14
7
8
6
7
12
29
KBC
Credit Union
RaboBank
NationwideUK
Danske Bank/NIB
Barclays
Investec
Refused
5%
3%
3%
1%
*
*
*
*
16
10
6
12
21
Credit Union
4%
KBC
2%
RaboBank
2%
Nationwide UK
*
Danske Bank/NIB *
Barclays
*
Investec
*
Don’t Know/Unsure 3%
13
17
Credit Union
KBC
RaboBank
Danske Bank/NIB
Barclays
Nationwide UK
Investec
Refused
5%
3%
2%
1%
*
*
*
1%
If you were to choose to put deposits or savings with a bank other than one you have an account with, which bank would you choose?
10.
Alternative Deposit Institution Choice by Institution
Base: Customer of Each Provider
Customers of Each Provider
Q.3
%
%
%
%
13
-
20
12
8
12
14
-
-
14
17
16
9
5
-
7
6
6
3
8
If you were to choose to put deposits or savings with a bank other than one you have an account with, which bank would you choose?
11.
Alternative Deposit Institution Choice Vs. 2015
Base: Customer of Each Provider
Customers of Each Provider
%
%
%
%
13 (14)
-
20 (8)
12 (16)
8 (13)
12 (15)
14 (14)
-
(-)
14 (15)
17 (13)
16 (14)
9 (6)
5 (6)
(-)
7 (7)
6 (4)
6 (3)
3 (4)
8 (5)
() = 2015 Figures
Q.3
If you were to choose to put deposits or savings with a bank other than one you have an account with, which bank would you choose?
12.
An Post, KBC and Rabobank punch above their weight, while 3 in
10 feel all providers are the same in terms of interest rates
Base: All Adults 25+ (n=922)
13%
(15%)
Market Share = 31%
Best Interest Rates on Deposits or Savings
11%
9%
(14%)
Market Share = 31%
7%
(9%)
Market Share = 5%
Market Share = 13%
None
5%
(5%)
Market Share = 10%
4%
(3%)
Market Share = 1%
2%
(3%)
13%
(6%)
All the same
(18%)
29%
Market Share = 1%
() = 2015 Figures
(24%)
Q.4 Which bank do you think offers the best interest rates on deposits or savings?
13.
An Post customers are strongest in the belief that their
provider offers the best interest rates
Base: Customer of each Provider
Best Interest Rates on Deposits or Savings
(Amongst Customers of Each Provider)
50%
36%
35%
34%
27%
Q.4 Which bank do you think offers the best interest rates on deposits or savings?
14.
AIB/EBS and BoI lead the way in terms of perceived customer
service
Base: All Adults 25+ (n=922)
Best Customer Service for Deposits or Savings Accounts
17%
Market Share = 31%
5%
Market Share = 10%
16%
10%
Market Share = 31%
2%
Market Share = 1%
Market Share = 13%
1%
9%
Market Share = 5%
None
All the same
13%
23%
Market Share = 1%
Q.5 Which bank do you think offers the best customer service in respect of deposits or savings accounts?
15.
Again, An Post customers are strongest in their convictions that
An Post provide the best customer service, with PTSB close
behind
Base: Customer of each Provider
Best Customer Service for Deposits or Savings Accounts
(Amongst Customers of Each Provider)
53%
50%
47%
43%
40%
Q.5 Which bank do you think offers the best customer service in respect of deposits or savings accounts?
16.
KBC, Rabobank and An Post outperform versus market share on
interest rates. Rabobank and An Post also do well on online
service
Base: All Adults 25+ (n=922)
Best Interest Rates
on Deposits or Savings
Best Customer Service for
Deposits or Savings Accounts
400
200
200
180
180
54
100
77
50
55
42
52
35
50
Q.4 Which bank do you think offers the best interest rates on deposits or savings?
Q.5 Which bank do you think offers the best customer service in respect of deposits or savings accounts?
17.
Confidence in financial stability of Irish Banks remains steady.
3 in 10 feel more confident than they did this time last year
Base: All Adults 25+ (n=922)
More confident
33%
Don’t know
13%
Refused
3%
20%
31%
Less confident
No change in confidence
Q.7
Compared to 12 months ago, are you more confident or less confident about the financial stability of Irish
banks?
18.
Confidence in financial stability of Irish Banks remains steady.
3 in 10 feel more confident than they did this time last year
Base: All Adults 25+ (n=922)
2016
2015
Who is more confident?
Males
Age 35-49
ABs
37%
38%
49%
More confident?
33%
Don’t know
Refused
20%
Age 65+
26%
C2s
25%
Dublin
24%
Residents
No change in confidence
Age 25-34
C1s
Leinster Residents
Who is less
confident?
Don’t
know
Refused
31%
Q.7
34%
13%
3%
Less
confident?
19%
7%
1%
38%
No change in confidence
38%
35%
41%
Compared to 12 months ago, are you more confident or less confident about the financial stability of Irish banks?
19.
Confidence in the Financial Stability of Irish Banks Over Time
Base: All Adults 25+ (n=922)
2016
%
2015
%
2014
%
More confident
Q.7
36
Less confident
20
No change
31
Don’t know
13
Refused
3
19
38
34
7
1
7
4
Compared to 12 months ago, are you more confident or less confident about the financial stability of Irish banks?
20.
Knowledge of bank credit rating has declined since 2015,
although not significantly so
Base: All Adults 25+ (n=922)
White-collar households continue to be
more knowledgeable of bank credit rating
ABs
Dublin
Residents
2016
25%
2015
17%
Yes
Yes
15%
12%
67%
66%
20%
Not sure
Age 50-64
C2DEs
Munster
Residents
Q.8
Not sure
No
No
19%
74%
73%
74%
Bank Credit Ratings range from AAA to C. Do you know what your main bank’s credit rating is?
21.
Knowledge of Bank Credit Rating Over Time
Base: All Adults 25+ (n=922)
2016
%
2015
%
2014
%
2013
%
69
60
20
22
Yes
Q.8
No
67
Don’t Know/
Not Sure
20
66
19
Bank Credit Ratings range from AAA to C. Do you know what your main bank’s credit rating is?
22.
Property remains the most popular purchase as an alternative
to savings or deposits
Base: All Adults 25+ (n=922)
Buying
Property
20%
Age 25-34
ABs
Farming Community
Conn/Ulster Residents
(23%)
26%
27%
32%
29%
Property
Fund
4%
Conn/Ulster Residents
Guaranteed
Investment
Bond
Government
Bond
13%
Males
C1s
Dublin Residents
(10%)
C2s
Munster Residents
17%
18%
21%
Equity
Fund
(3%)
9%
3%
Dublin Residents
11%
Tracker
Bond
3%
(3%)
7%
ABs
Buying
Shares
6%
(12%)
16%
15%
ABs
(8%)
15%
None of these
(3%)
55%
(51%)
7%
() = 2015 Figures
Q.9
Which, if any, of the following would you consider purchasing as an alternative to a deposit or savings account?
23.
If interest rates were to drop, 1 in 5 claim that purchasing property
would be the best alternative to a deposit or savings account, while
over half would not consider an alternative product
Base: All Adults 25+ (n=922)
Buying
Property
Government
Bond
Guaranteed
Investment
Bond
Buying
Shares
21%
10%
10%
6%
Under 50s
25%
Farming Community 31%
Conn/Ulster Residents 28%
ABs
Dublin Residents
19%
17%
ABs
16%
Property
Fund
Equity
Fund
Tracker
Bond
4%
3%
2%
ABs
14%
None of these
57%
Q.9b Which, if any, of the following would you consider purchasing as an alternative to a deposit or savings account if
interest rates being offered dropped to 0% or a negative rate?
24.
The majority of over 25 year olds claim that a promise to
reduce DIRT would have no impact on their vote
Base: All Adults 25+ (n=922)
Munster
Residents
Part-time
workers
21%
26%
Yes
18%
23%
58%
No
Age 65+
ABs
DEs
Dublin
Residents
64%
63%
62%
63%
Don’t Know
Q10. If a political party promised to reduce DIRT (Deposit Interest Retention Tax) as part of their pre-election manifesto,
would this influence your vote in the next general election?
25.
Key Results from this Survey
•  Recommendation by family/friends continues to be the most commonly cited reason for
choosing a savings/deposit institution. Other important factors include Irish ownership
and perceived security, while Interest Rates trail behind in 4th position
•  KBC, Rabobank and An Post score more strongly on rates than their actual market
share, while 3 in 10 see no difference between the institutions in terms of rates.
•  KBC and An Post also outperform on customer service versus their market share.
•  Confidence in the financial stability of banks remains steady, with a third of adults
feeling more confident than 12 months ago
•  Only 12% of those aged 25 or more know their bank’s credit rating, a slight decline on
2015. Awareness remains highest among white-collar households.
•  1 in 5 claim that a promise to reduce DIRT would impact their voting decision in the
next General Election, however over half feel that this would have no influence on
their vote
26.
Irish Deposits: Retail Deposit Market Survey
16th February 2016
41113645 RJ/COC
27.