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Current Account Switch Service celebrates three years and 3.25 million switches – ADVERTORIAL

Joanna Faith
Written By:
Joanna Faith
Posted:
Updated:
16/09/2016

The UK’s Current Account Switch Service marks its third anniversary today (16 September) having successfully processed 3,240,640 million switches since launching in 2013. 

The free service, owned and operated by Bacs Payment Schemes Limited (Bacs), is offered by 43 UK banks and building societies and is designed to give consumers, small businesses and small charities a quick, reliable and stress-free way of switching current accounts.

To switch accounts, customers simply open a new bank or building society account and choose a date for the switch. From this point the whole process will be handled by the bank or building society they are switching to and takes just seven working days while all incoming and outgoing payments, including the likes of Direct Debits and salaries, are moved to the new account. In total 99.7 per cent of switches were achieved within seven working days.

Backed by the Current Account Switch Guarantee, customers will receive a refund of interest and charges on their old and new current accounts if anything goes wrong with the switch. To provide additional peace of mind, any payments accidentally made to, or requested from, the old account will be automatically redirected to the new account for as long as the facility is required.

A multi-million pound media campaign to further raise awareness and confidence in the service launches this Saturday (17 September), and a brand new website is also being rolled out at www.currentaccountswitch.co.uk.

Simon Kirby, Economic Secretary to the Treasury said: “Increasing competition in banking is part of the government’s plan to make sure that every customer can access the best deal for them. This is why we pushed the industry to introduce seven day switching in 2013.

“Three years on, I’m delighted that more than three million switches have taken place and more banks than ever are providing this service to customers.

“The seven day Current Account Switch Service allows customers to hold their banks to account by allowing them to vote with their feet and switch where they see a better deal – simply, quickly and reliably.”

Anne Pieckielon, Bacs’ Director of Product and Strategy, is responsible for the service. She said:

“Since the Current Account Switch Service was launched we’ve worked hard to keep pace with changing needs, collaborating across the industry and with government and regulators – such as the Competition and Markets Authority – to provide a world class switching service for individual current account holders.

“An important element of our work is to make sure that people understand how easy it is to switch between banking providers using the service, and our new advertising campaign will help to inform the public further.”

Information for customers on the Current Account Switch Service and links to participating banks and building societies are available at www.currentaccountswitch.co.uk