Current Account Switch Guarantee Scheme
Published / Last Updated on 10/06/2013
Current Account Switch Guarantee Scheme.
Hassle free current account switching is to be offered at certain banks. People are already able to switch their current accounts but many never do as it can prove a long winded exercise.
The financial regulator has said that people think that switching accounts can cause problems and be too much of a hassle to do. This is a misconception and actually switching accounts can be very straight forward.
At the present time switching accounts can take up to 30 days, this time scale has been slashed with the new service taking just 7 days to switch accounts. Although this new service is not compulsory all major banks have already signed up, and all those taking part will display the new logo.
Banks are hoping that more consumers will start switching which will allow more choice and quicker options. The new logo will coincide with and guarantee that banks will display in their paperwork which will show how this works.
Our View - This is all about encouraging competition. Switching accounts needs to be easy so that banks are forced to offer competitive services. We welcome the new "switch guarantee" initiative.
Hassle free current account switching is to be offered at certain banks. People are already able to switch their current accounts but many never do as it can prove a long winded exercise.
The financial regulator has said that people think that switching accounts can cause problems and be too much of a hassle to do. This is a misconception and actually switching accounts can be very straight forward.
At the present time switching accounts can take up to 30 days, this time scale has been slashed with the new service taking just 7 days to switch accounts. Although this new service is not compulsory all major banks have already signed up, and all those taking part will display the new logo.
Banks are hoping that more consumers will start switching which will allow more choice and quicker options. The new logo will coincide with and guarantee that banks will display in their paperwork which will show how this works.
Our View - This is all about encouraging competition. Switching accounts needs to be easy so that banks are forced to offer competitive services. We welcome the new "switch guarantee" initiative.