New Bank Account Switch Service Rise

New Bank Account Switch Service Rise.

Since the start of the new service which made switching current accounts easier, 600,000 people have switched their current account.

The service which allowed for easier switching between providers made it so people who wished to change service provider could have their account switched along with direct debits, standing orders and other services, within 7 days.

Before this service switching accounts could take up to 30 days to be completed.

Bank account switching was up 14% compared with the same period last year. But overall this was still relativity low. Currently there are 46 million current account holders in the UK and only a fraction have used the service.

The service guarantees that providers will take on the responsibility of arranging the switch of all the accounts incoming and outgoing payments.