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Over 35,000 have switched bank accounts under new rules

Joanna Faith
Written By:
Joanna Faith

More than 35,000 people have started the process of moving bank accounts since new switching rules came into force last week, according to The Payments Council.

Price comparison sites have also reported a surge in customer traffic to their switching sites. Moneysupermarket.com has recorded a 45% increase in the number of people visiting its current account channel looking to switch.

From Monday 16 September, all providers taking part in the Current Account Switch Service are committed to the Current Account Switch Guarantee, which allows customers to switch their current account in seven working days.

A poll conducted by Moneysupermarket before the launch of the switch service revealed that two-in-five people (42%) would switch their current account as a result of the new service, and 11% said they would do so for the first time.

Adrian Kamellard, CEO of the Payments Council, the body overseeing the new switching rules, said: “Although it is too early to tell what switching levels will be over the longer term, interest in the new service has clearly got off to a great start.

“For us, getting the system successfully launched is only the first step – the next is to learn from what customers actually experience and if necessary to make any improvements. Everyone across the industry is determined to put in the work to get the switching experience as good as it can be for customers.”