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HSBC and Lloyds among 33 lenders to sign up to account switching service
Thirty three banks and building societies will partcipate in a new scheme to make switching current accounts quicker and easier.
When the Current Account Switch Service launches in September 2013, switching will be completed in seven working days. Currently it can take between 18 and 30 working days.
Customers will also be able to choose and agree the switch date with their new current account provider and all payments going out and those coming in will be moved from the old account to the new account.
The full list, which covers virtually 100% of the current account marketplace, is detailed below.
All of these current account providers will use the Current Account Switch Guarantee, detailing the benefits of the service, and will display the accompanying Trustmark. Both have been designed to give consumers trust and confidence when switching current accounts.
Adrian Kamellard, chief executive of the Payments Council said: “The new service, when launched in September, will deliver a significant step-change for current account switching in the UK, leading to more competition in the marketplace and greater choice for customers.”
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| Financial Institution | Bank and Building Society Brand |
|---|---|
| AIB Group (UK) p.l.c. | Allied Irish Bank (GB), First Trust Bank |
| Bank of Ireland | Bank of Ireland UK PLC, Post Office |
| Barclays | Barclays |
| C. Hoare & Co. | C. Hoare & Co. |
| Clydesdale Bank PLC | Clydesdale Bank, Yorkshire Bank |
| Cumberland Building Society | Cumberland Building Society |
| Danske Bank Group | Danske Bank (Northern Bank Limited) |
| Danske Bank A/s London Branch | |
| Handelsbanken | Handelsbanken |
| HSBC | HSBC Bank plc, first direct, M&S Bank |
| Lloyds Banking Group | Bank of Scotland, Halifax, Lloyds TSB and the future TSB |
| Metro Bank | Metro Bank |
| Nationwide Building Society | Nationwide Building Society |
| RBS Group | The Royal Bank of Scotland, NatWest, |
| Ulster Bank, RBS International, | |
| Isle of Man Bank, Coutts, Adam & Company | |
| Reliance Bank | Reliance Bank |
| Santander UK plc | Santander |
| The Co-operative Bank | The Co-operative, smile |
| Virgin Money | Virgin Money |