Current Account Switch Service “operating smoothly - Banking - News - Moneyfacts

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Current Account Switch Service “operating smoothly

Current Account Switch Service “operating smoothly

Category: Banking

Updated: 30/09/2013
First Published: 30/09/2013

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 It is now over 6 months old so the content may be out of date.

The Payments Council confirmed that, just over a week after launch, the Current Account Switch Service was progressing nicely. The IT system on which it's built was operating smoothly with some 35,000 customers already in the process of switching, whilst industry figures are good too with Nationwide revealing that the number of customers who switched accounts to them increased by 79%.

This is good news for consumers who have become disillusioned with their bank, and the fact that everything's running smoothly indicates that the goal of the service – to make it easier and faster to switch bank accounts than ever before – has so far been met. Under the new scheme banks have pledged to complete the switching process in seven working days or less, and should errors be made and charges incurred the fees will be repaid in full. Adrian Kamellard, CEO of the Payments Council, commented:

"Although it is too early to tell what switching levels will be over the longer term, interest in the new service has clearly got off to a great start. For us, getting the system successfully launched is only the first step – the next is to learn from what customers actually experience and if necessary to make any improvements … to get the switching experience as good as it can be."

Switching tips

The first week of the service has highlighted several things that customers can do to make the switching process as simple as possible, so if you're making a change be prepared by remembering these tips:

  • Give the new bank or building society a recent bank statement that shows your current address
  • If applying in branch make sure you bring your existing debit card with you, as the new bank will need to record certain details to commence the switch successfully
  • Do your research to find the current account that best suits your needs (and check out our list of the top 6 bank accounts for switching to get things started)

What Next?

Read our guide to learn more about the Current Account Switch Service

Check out our infographic on switching your account in 7 days

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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