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More than 600,000 people switch bank account using new service

More than 600,000 people have changed their current account provider in the first six months of a scheme designed to make switching banks easier.

13 April 2014
Bank Account

The 609,300 switches in the six months to the end of March marked an increase of 14% on the same period a year ago.

Two thirds of customers are now aware of the service, according to the Payments Council, which oversees it.

But, with 46 million current account holders in the UK, switching levels remain relatively low.

The Payments Council said the new, quicker service had taken the "fear factor" and "barriers" away from switching.

Under the new rules current account holders should be able to move their bank account to another provider within seven days. It had taken up to 30 days to switch previously.

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