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Current Account Switch Service providers confirmed

Current Account Switch Service providers confirmed

Category: Banking

Updated: 23/07/2013
First Published: 23/07/2013

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 It is now over 6 months old so the content may be out of date.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 names of the thirty-three current account providers participating in the Current Account Switch Service have been announced by the Payments Council today.

All the companies confirmed as taking part will, with effect from September this year, be obliged to adhere to the service rules, which stipulate that a customer's current account switch must take no longer than seven working days.

Providers will also be obliged to refund any lost interest and charges on a customer's old and new current accounts if anything should go wrong with the switch, and display full details of the Current Account Switch Guarantee in their branches and marketing literature.

Chief executive of the Payments Council, Adrian Kamellard, said: "The Payments Council has worked closely with all of the financial institutions announced today to develop the Current Account Switch Service, which will make switching account from one bank or building society to another simple, reliable and hassle-free.

"The new service will deliver a significant step-change for current account switching in the UK, leading to more competition in the marketplace and greater choice for customers," he stated.

The list of current account providers participating in the Current Account Switch Service are:

Financial Institution

Bank and Building Society Brand

AIB Group (UK) p.l.c. Allied Irish Bank (GB), First Trust Bank
Bank of Ireland Bank of Ireland UK PLC, Post Office
Barclays Barclays
C. Hoare & Co. C. Hoare & Co.
Clydesdale Bank PLC Clydesdale Bank, Yorkshire Bank
Cumberland Building Society Cumberland Building Society
Danske Bank Group Danske Bank (Northern Bank Limited) Danske Bank A/s London Branch
Handelsbanken Handelsbanken
HSBC HSBC Bank plc, first direct, M&S Bank
Lloyds Banking Group Bank of Scotland, Halifax, Lloyds TSB and the future TSB
Metro Bank Metro Bank
Nationwide Building Society Nationwide Building Society
RBS Group The Royal Bank of Scotland, NatWest, Ulster Bank, RBS International, Isle of Man Bank, Coutts, Adam & Company
Reliance Bank Reliance Bank
Santander UK plc Santander
The Co-operative Bank The Co-operative, smile
Virgin Money Virgin Money

What next?

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