The Current Account Switch Service (CASS) is celebrating its fourth anniversary this week, and competition in the sector has been soaring ever since. The service gave consumers and small businesses alike the chance to vote with their feet and switch current account in seven working days or less, and millions have taken the plunge – four million, in fact.
The figures show that CASS has successfully facilitated more than 4m switches in the last four years, with almost 100% (99.5%) completed within the seven-day window. It's also redirected more than 25m payments that were mistakenly sent to old bank accounts, and now that the safety net has been extended indefinitely, no-one need ever worry that payments will go missing.
It's even encouraged other industries to consider adopting a similar approach, said the statement, so it's hoped that the energy and water sectors could soon implement a similar switching service to benefit customers.
"CASS is recognised as world class, and we've worked hard to achieve that," said Anne Pieckielon, Bacs' director of Product and Strategy and responsible for CASS. "As we've developed the service, we've done so with the focus of putting the end user firmly at the centre of all our plans, making sure we meet their needs first and foremost."
The service is continuing to conduct research into what makes people switch current account, and is working on improving awareness of the service and the simplicity of switching, even those with overdrafts who may be reluctant to switch.
"Moving bank accounts used to be a lengthy and painful process, something which prevented people from switching to the best option for them," continued Anne. "Rather than that old cobbled switching street, we now have a superhighway in CASS – our next job is to make sure that everyone who needs it knows that they can use it with confidence, particularly those who face the biggest financial challenges.
"CASS is throwing away the key that locks people into unsuitable bank accounts."
Is it time you made the switch? If you're not happy with your current account, there's no need to stick around – and with so many banks fighting for your business, you've got plenty of perks to choose from.
High interest current accounts are becoming the ideal alternative to a savings account, with in-credit interest rates of up to 5% available from Nationwide. Many accounts are getting on the cashback bandwagon, too, offering generous cashback rates at selected retailers, and others offer a package of extras from travel insurance to breakdown assistance. Just make sure you really do need the perks included, as these accounts will often come with fees.
Start the process by comparing current accounts using our Best Buys and see if you can find the deal that works for you, and thanks to CASS you could be fully switched and ready to go in just seven days.
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.