The Current Account Switch Service has just released its first annual report, a year earlier than it was required to by the Competition and Markets Authority (CMA). Among the findings was the news that, not only has the scheme enjoyed "many successes" since its launch, but consumers could save a potential £116 each by using it!
The report revealed that over 3.5 million current accounts have been switched since the launch of the scheme in September 2013, while the number of banks and building societies participating has just grown to 47 – the first mobile-only bank, Starling Bank, joined earlier this week – which means the scheme now covers almost 100% of the UK's current account market.
This is helping fuel competition in the sector, and happily, consumers are benefitting. Research from Bacs – the providers of the Current Account Switch Service – shows that consumers are getting far better value for money from their current accounts since the service was launched, and that those who switch could enjoy a potential saving of £116 – 10 years ago, it was less than half that figure.
"I am pleased to see that the Current Account Switch Service is continuing to go from strength to strength," commented Simon Kirby MP, Economic Secretary to the Treasury. "It is a great service, simple, reliable and quick, and has already helped British bank customers switch over 3.5 million times. I urge more people to try out the service and see if they find a current account that is better suited to their needs."
Given that it's so easy to switch current accounts – the service means you'll be switched within seven working days, with all payments taken care of, and there's a guarantee that if things go wrong (such as a missed payment) you'll be refunded any charges – what's stopping you from seeing what's out there?
If you're not happy with your current provider, or think you could benefit from a better deal, now's the time to see what's available. Providers are battling for your business, which means you'll be able to find everything from high interest current accounts to those that offer cashback and additional rewards, and some even come with extra perks, such as insurance and preferential rates on other financial products.
Once you've drilled down to what it is you're looking for, it's time to compare current accounts and see if you can benefit from a new deal. You could start by heading to our charts for an overview of the top current accounts available, or even use our search tool to filter what you're looking for. Make sure to take a look at everything from the interest rate to overdraft charges, and you may even be able to benefit from switching incentives for an added boost.
Once you've found a deal to suit, it's time to switch! And it really couldn't be simpler – all you have to do is contact your new provider and tell them you want to switch, provide them with proof of identity, fill in a couple of forms and agree a date to switch. It's that simple!
The new bank will take care of everything for you. The process has got to complete within seven working days, and you can be sure that your new account will be fully operational by the date you agreed with your provider. After that, it's business as usual – you can look forward to using your new account, safe in the knowledge that everything has been taken care of, and you could soon notice the cost savings. Happy switching!
Use our current account comparison tool to get started
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.