The new current account switch service that will see banks and building societies complete the switching process in seven days is due to go live in one month's time from today.
The Payments Council today announced that the launch date for the new current account switch service has been set for 16th September 2013.
Under this new free service, all payments going out, including direct debits, and those coming in, such as your salary, will be moved from the old bank account to the new bank account within seven days.
This is a significant improvement on the current switching process that can take up to 30 working days.
Customers will also now be able to select a convenient switch date with their new bank account provider.
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 switch process.
The Payments Council also confirmed that the new switch service will apply to 33 banks and building societies – virtually 100% of the current account marketplace.
"There is now just one month to go until the launch of the Current Account Switch Service and as final preparations are made for launch we look forward to a new era of account switching which will lead to greater choice for customers and wider competition in the marketplace," said Adrian Kamellard, chief executive of the Payments Council.
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