Bank of Ireland has launched its new Benefits Finder tool, an innovative service in Ireland that helps customers identify tax credits and reliefs they may be missing out on. The AI-enabled digital tool is available to customers to use free of charge through the Benefits Finder app on Bank of Ireland’s website.
The service is designed to strengthen financial resilience by ensuring customers are claiming tax credits and reliefs that they are legitimately entitled to. According to Red C research conducted by the Bank, despite strong awareness of tax benefits, around one in seven people (16%) in Ireland have never claimed tax back and think they could be eligible. Revenue is urging taxpayers to use its systems to claim millions of euro they are owed in refunds.
So far this year, Revenue has paid out €637m in tax refunds to well over half-a-million taxpayers. Data from Revenue states that over 500,000 people missed out on refunds in 2024 alone, leaving an estimated €389 million unclaimed. The average refund is a substantial €900.
Aine McCleary, Chief Customer Officer, Bank of Ireland said: “Helping our customers build real financial resilience means going beyond the basics. Our research showed that there is an understanding gap among some consumers when it comes to claiming benefits. So, while around three quarters of the population have claimed a tax benefit, more regular claimants tend to be those who are already more financially stable.
“Tools like Benefits Finder can help to bridge this gap by making it easier for people to discover what they’re entitled to have. This meets a genuine customer need, and helps to build financial resilience in practical terms, potentially putting hundreds or even thousands of euros back in their pockets. Taking these simple steps to avail of all entitlements can help to build financial buffers, as even a modest cushion can significantly improve resilience.”
Claiming tax benefits is done through the Revenue.ie PAYE tax portal, MyAccount, with the majority (68%) of regular claimants stating that they find the process easy.
Barriers to claiming still remain high
- 42% of non-claimants say they’re unsure what they can claim for
- 33% don’t know they’re entitled to claim back for
- 32% say they simply don’t know how to go about it
- 36% of those who claim tax back do this intermittently, every few years, versus regularly
The Benefits Finder tool addresses these gaps by offering a simple, guided experience that takes just minutes to complete.
“Claiming tax back should be an annual routine. Even for people that have claimed back before, only half of those surveyed do it every year. We want to help make that a reality,” added Aine McCleary.
Try the Benefits Finder tool today at Benefits Finder – Bank of Ireland