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More than half a million swap banks in six months

Lucinda Beeman
Written By:
Lucinda Beeman

More than half a million people have used the Current Account Switch Service to swap banks in the six months since the scheme launched.

The Payments Council, which oversees the new service, said there were a total of 609,300 switches from 1 October 2013 to 31 March 2014, a 14 per cent increase year-on-year.

The Current Account Switch Service makes it safe and easy to change banks by imposing a 7 day timeline and guaranteeing protection from financial loss.

Gary Hocking, managing director of The Payments Council, said: “By making the Current Account Switch Service quick, hassle-free and removing the fear factor we’ve taken away the barriers customers told us they had when it came to switching. Six months in and the latest figures suggest people clearly seem to be getting the message that things have changed for the better.”

More than two thirds of people in the UK are now aware of the Current Account Switch Service, and 68 per cent are confident in it.

Hocking added: “There’s been a noticeable surge of advertising activity from current account providers big and small, suggesting that the new service is helping foster competition and choice for customers. As time goes on and the track record of the new service builds, we look forward to these encouraging results continuing.”

If you are thinking of switching bank, The Payments Council suggests you take the opportunity to think about what kind of account you need, ‘spring clean’ your finances by cancelling any unwanted direct debits and have a bank statement and your debit card with you when you go to make the change.