Should I Switch My Bank Account?
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Today the UK Payments Council launched the Bank Account Switching Service. The new service is designed to make it much easier for customers to switch their bank account and features a number of benefits, including:
- A faster service — it will take seven working days to switch account versus the current process which can take between 18 and 30 working days.
- A service backed by a Current Account Switch Guarantee which details the key benefits of the switch and outlines what a customer is entitled to as a result of a failure of the switch process.
- Hassle-free for the customer; existing payment arrangements, those going out (e.g., Direct Debits and standing orders) and those coming in (e.g., salary), will be transferred automatically from the old account to the new account.
- A new central redirection service will ensure that any payments sent to, or attempted to be taken from, the old account after the switch date will be redirected automatically to the new account for a period of 13 months.