September; a time where you feel rejuvenated and ready to take on everything that was left to the wayside during the summer months, including finances.

With this invigorated attitude, you may be reviewing the books and seeing where savings can be made, so it could be worth taking a close look at your banking bills. With the days of free banking now a distant memory, how much are you forking out for your financial service and is switching really worth it?

Fergal O’Leary, director of communications and market insights at the Competition and Consumer Protection Commission (CCPC), says: “Switching current accounts is not something that is done by a lot of consumers. People are much more inclined to switch when it comes to gas bills, phone, TV and electricity. Switching current accounts doesn’t make as much of a difference financially, and from a consumer point of view, they don’t believe the monetary savings are worth the hassle. People choose who they bank with on a wider range of factors than just costs.”

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Service availability, quality and dependability are all considerations when it comes to the business you bank with. However, if you are mostly concerned with good, hard cash, you may find an account that will benefit you better financially. This is especially relevant if you’re guilty of not keeping your account in the healthiest condition.

There are seven different current accounts on the market from six different banks (KBC offers an Extra Current Account) and all have different terms and conditions.

For example, many are going to be charging you fees for using the ATM or your debit card, unless you have a minimum balance in your account. Bank of Ireland customers will be looking at forking out 25c for ATM transactions and 10c for debit card fees unless they have a minimum of €3,000 in their account through a full fee quarter. AIB customers are being charged even more – 35c for ATM fees and 20c for debit card fees unless they have a minimum of €2,500 in their account every day. That is anything but an easy ask for a lot of families.

While the prospect of free banking is a myth, you can do better. EBS charge 30c for an ATM transaction but there is no charge when customers use their debit card, and EBS is the only bank not charging quarterly fees.

Permanent TSB and Ulster Bank don’t charge a cent for ATM or debit card transactions but customers are looking at paying more in quarterly fees (€12 versus €5 with Bank of Ireland and €4.50 with AIB). However, these costs are stable – you know they are coming and, therefore, are less likely to be caught out. If you are a customer over 60, you don’t have to pay that quarterly charge with Permanent TSB.

Fergal says your research shouldn’t end there: “When comparing products, people often just look at transaction fees, but you also need to consider overdraft and penalty charges.”

For example, although you should try to avoid your account going into the red, if you do have a direct debit or standing order that goes unpaid, you’ll be penalised €12.70 every time with Bank of Ireland and Ulster Bank. The rest charge €10, except for EBS, which charges €6.35 for a failed direct debit and nothing for a failed standing order.

These guys are also the winners when it comes to overdraft renewal fees. While Bank of Ireland charges €30 every year to keep your overdraft facility on the go, and the others are in around the €25 mark, EBS doesn’t charge this fee.

The one thing all banks are pretty good at is contactless payments, and we’re hoping it’s going to remain that way. Fergal says: “The Government is keen for people to use their cards more than cash, and have been incentivising the move. It’s working well, with the limit on contactless payments increasing from €15 to €30. It’s really convenient but if we are to continue using it, the banks need to keep charges down. If you’re paying €2 for a coffee and your card is adding another few cents to that, it’s just not going to work in the long term.”