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1.2m people have switched bank accounts. Have you?

1.2m people have switched bank accounts. Have you?

Category: Banking

Updated: 15/10/2014
First Published: 15/10/2014

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This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

The Payments Council has released its first full-year results (to the end of September 2014) for the Current Account Switch Service, finding that 1,203,334 switches took place during the 12-month period. Were you one of them?

If not, it may be time to consider it. The Current Account Switch Service has made it easier than ever for you to switch accounts if you're not happy with your current provider, with the whole process being completed in seven working days or less. The addition of the Switch Guarantee means that, should anything go wrong with the switch, you'll be compensated for any charges that could be incurred.

It's a great offer, and one that a lot of people seem to be taking up. Since the launch of the service on 16 September last year, a significant number of consumers have taken the plunge – 22% more than in the same 12-month period a year before, when 985,600 switches took place.

The figures also revealed that 69% of people are now aware of the service, up from 60% in October 2013, while consumer confidence about it and how it works has also increased, albeit it marginally, rising from 61% in 2013 to 62% in October this year.

Gerard Lemos, of the Payments Council, commented on the update: "By making switching bank accounts easier for customers than ever before – with the added peace of mind delivered by the Current Account Switch Guarantee – we have created the perfect conditions for competition and choice to flourish among new and existing current account providers. These latest figures clearly suggest that the good news is getting through to all those customers who want to change provider – that there has never been a better time to do it."

So, are you unhappy with your bank? If so, it could be time to consider your options. There's a serious amount of competition in the sector at present so you could well find a better account elsewhere, whether you're after a packaged account (complete with the likes of travel insurance and breakdown assistance) or a high interest current account that can double-up as a savings vehicle.

Thanks to the Current Account Switch Service it's never been quicker or easier to take the plunge and switch, so use our comparison tool to consider your options and see if it's time to follow in the footsteps of 1.2 million other banking customers…

What next?

Find out more about the service and how to switch accounts using our guide

Compare current accounts

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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