PAD was adopted in July 2014. The directive’s main aim is to improve the functioning of the EU single market for payment accounts.
Transparency and comparability of fee information about payment accounts to enhance consumer awareness of the fees and charges applied by account providers. It also aims to make it easier to compare account offerings, which may lead to more competition and better deals for consumers.
Switching of payment accounts by establishing minimum standards, thus making switching more attractive to consumers and promoting competition.
Access to basic bank accounts to ensure that all consumers legally resident in the EU have access to basic banking services, regardless of their financial situation, reducing financial and social exclusion.
The latest agreement for the Gibraltar account switching agreement is effective from 7 January 2020.
For a list of banks that form part of PAD, please click here.
Payment Account Directive (PAD) Comparison List
As per the Payment Account Directive please find below a list of the banks in Gibraltar providing payment accounts and links to their relevant fee information.