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Current account switch date confirmed

Joanna Faith
Written By:
Joanna Faith

New rules intended to make switching bank accounts a smoother process will officially come into force from Monday 16 September 2013.

The new Current Account Switch Service allows customers to move from one provider to another on a date that suits them and the process will take seven working days, an improvement on the current 18 -30 days.

Thirty three bank and building societies brands – accounting for virtually 100% of the current account marketplace – have signed up to the new service.

Each current account provider will use a Current Account Switch Guarantee, detailing the benefits of the service, and will display the accompanying Trustmark in branch, online and in supporting literature.

Adrian Kamellard, chief Executive of the Payments Council, said:
“There is now just one month to go until the launch of the Current Account Switch Service and as final preparations are made for launch we look forward to a new era of account switching which will lead to greater choice for customers and wider competition in the marketplace.”

Kevin Mountford, head of banking at MoneySuperMarket, said: “A current account is the one banking product the majority of consumers use on a daily basis, so it’s important to make sure yours gives you the most bang for your buck. Whether you want a good in-credit interest rate, access to branches, online banking, or a competitive overdraft rate, choosing the right account can make a big difference to your finances. Many accounts now offer credit interest, in some cases higher that most savings accounts on the market, while overdraft charges can vary considerably.”