You are here: Home - Saving & Banking - News -

Thousands more change bank accounts using seven day switch

Written by:
The number of people switching current accounts rose by 17% in the last three months of 2013 compared to the same period the previous year, according to figures from the Payments Council.

In total, there were 306,240 current account switches between September and December.

This represents a 17% year-on-year increase in switching levels, which totalled 261,122 in the last quarter of 2012.

The increase was even more marked for switches in the last month of the year.

There were 83,729 switches in December 2013, a 54% increase on the same month in 2012 when there were 54,329 switches.

New rules came into force last September which meant customers can switch current accounts safely and reliably between banks in 7 days, with a guarantee that the customer will be fully protected against any financial loss if a problem occurs during the switch.

Michael Ossei, personal finance expert at, said: “We’re really encouraged by these figures – consumers are finally feeling confident enough to break free from the shackles of their old banks and move to a better deal.

“And, with cash incentives of up to £100 on offer as well as interest rates of up to 5% on in-credit balances, people have everything to gain by switching their current account. We’ve seen consumers on our website express the most interest in the First Direct 1st Account and the Halifax Reward account.

“The challenge facing the industry now is how to make competition work harder. Instead of the Big Four – Barclays, HSBC, Lloyds and RBS – winning customers thanks to their hefty advertising budgets, we want to see the likes to TSB, Tesco, the Post Office and Metro Bank gaining a larger share of the market.”


Tag Box

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

The savings accounts paying the most interest

If one of your jobs this month is to get your finances in order, moving your savings to a higher paying deal i...

Coronavirus and your finances: what help can you get?

News and updates on everything to do with coronavirus and your personal finances.

Everything you need to know about being furloughed

If you’ve been ‘furloughed’ by your company, here’s what it means…

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Read previous post:
The ten best children’s savings accounts

Setting up a savings plan for your children could end up being a shrewd investment in the long term. But...