It’s often been said that we are more likely to get a divorce than to change our current account provider. Although many people are likely to benefit from a switch, some believe bank accounts are too similar to make a move worthwhile; others remain worried about the possibility of errors resulting from a switch. However, changes implemented during the last decade have made it far quicker and easier to switch your account to another bank.
A report compiled by the Independent Commission on Banking in 2011 found the simplest way to increase competition among banks was to make it faster, easier and more attractive for customers to move banks. Previously, transferring a current account from one bank to another could be a lengthy process. Under the Current Account Switch Service (CASS) introduced in 2013, it takes only seven working days and your new bank does all the legwork, from notifying your old bank to transferring existing standing orders and direct debits. After the changeover, any payments to the old account are automatically forwarded to the new account. Above all, the process is designed to make customers feel more comfortable about switching.
Since 2013, CASS has successfully processed over eight million switches (to 31 March 2022), and over 120 million payments have been successfully redirected. If you’ve decided it’s time to reassess your banking relationship, visit www.currentaccountswitch.co.uk.
