More People Switching Bank Accounts

It’s been 12 months since the Current Account Switch Service was launched and the Payments Council has delivered its latest figures on the number of transactions.

Since its launch 1.1 million customers have ditched their existing bank and switched accounts.

This is an increase of 19% compared with the same period a year before, when 925,985 switches took place.

The switching process is becoming more popular, partly because customers say it has been a painless experience. Nine out of ten consumers who have switched felt that there was very little effort involved on their part, while the same number said it was quick and the process went without a hitch.

Awareness of the service has also increased, with 70% of the public now aware of it and 61% are confident about what the new service involves and how it works.

It seems to be working well, with the service having cut the time it takes to switch bank accounts to just seven working days or less, when previously customers would have been waiting for between two and for weeks.

A spokesman for the Payments Council commented: “The service was designed to make life easier for customers by removing barriers to switching, with the aim of boosting competition in the banking sector. It’s clear from reviewing its very first year that it’s made great ground – empowering customers with the ability to switch their bank account easily and quickly if they choose to do so.”

 

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