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.
Compare all bank accounts with the 'Switch Service Guarantee' and have your new bank account within 7 days
How to switch current accounts
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