592,695 current account switches in 2014

16th July 2014

There were 592,695 current account switches in 2014 in the year to the 30th June – a 16% year-on-year increase on the year before says the Payments Council.

In addition, the council says that more than two-thirds of people (67%) in the UK said that they are aware of the Payment Council’s current account switch service unprompted, up from 64% at the start of 2014.

Adrian Kamellard, Chief Executive of the Payments Council, says: “The current account switch service sets out to remove the fear-factor from switching and these results suggest that it is doing exactly that. Awareness and confidence levels are up as individuals, small businesses and charities are getting the message that switching has become easy and straightforward.

“Competition is growing as existing providers are upping their offerings and challenger banks are competing to attract new customers. This all amounts to greater choice and good news for customers.”

This most recent Current Account Switch Service Dashboard is available on the following link – www.paymentscouncil.org.uk/switching_dashboard with more information available here on www.simplerworld.co.uk.

The Payments Council surveyed 2,200 respondents across Great Britain and Northern Ireland.

Key features of the Current Account Switch Service

•      The service is free to use.

•      The switch is completed in seven working days – a substantial improvement on the previous process that could take between 18 and 30 working days.

•      The customer can choose and agree the switch date with their new current account provider.

•      All payments going out (e.g. Direct Debits) and those coming in (e.g. salary) are moved from the old account to the new account.

•      For 13 months after a switch payments accidentally made to or requested from the old account are automatically redirected to the new account.

•      The new Current Account Switch Guarantee means that the customer will receive a refund of interest and charges on their old and new current accounts if anything goes wrong with the switch.

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