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7-day bank account switching from today

7-day bank account switching from today

Category: Banking

Updated: 16/09/2013
First Published: 16/09/2013

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 It is now over 6 months old so the content may be out of date.

From today, switching bank accounts will be easier and faster than ever before thanks to the new Current Account Switch Service.

Thirty-three banks and building societies have so far signed up to the service, with more expected to follow in 2014.

This free service will mean participating banks and building societies will complete the process of switching a customer's old bank account over to the new account in seven days or less – previously it could take as long as 30 working days.

Additionally, the new Current Account Switch Guarantee means that customers will be refunded for any interest or charges on their old or new bank account if anything goes wrong during the switching process.

"Today marks the beginning of a new era for competition and consumer choice in the current account market. Over the past two years multiple financial institutions have come together to design and implement this new, free and standardised service which will raise the bar internationally for retail banking," said Adrian Kamellard, chief executive of the Payments Council.

"This service was a key part of the recommendations of our Independent Commission on banking two years ago and I'm delighted it has now become a powerful weapon for consumers," said Chancellor George Osborne.

What this means for you

  • From today, it will take seven days or less to switch bank accounts.
  • This new service is free to use.
  • Customers will be able to choose a convenient switch date with their new banking provider.
  • Any charges incurred during the switch process, such as those for failed direct debits, will be reimbursed to the customer.
  • Banks and building societies will display a special trustmark on their marketing brochures, websites and in branches indicating that they are participating in the service.
  • For further information on the participating Banks and Building Societies, check our the 'additional information' on the moneyfacts bank account search.

What Next?

Compare all bank accounts with the 'Switch Service Guarantee' and have your new bank account within 7 days

How to switch 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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