More than three million current accounts have been switched to a new bank or building society since the process was simplified three years ago today.
The Current Account Switch Service was launched on 16 September 2013 and has since recorded more than 3.2m switches, with 99.7% completed within seven days.
New figures released by the service show that nine out of 10 people who’ve switched accounts have been satisfied with the service.
And three quarters of UK consumers are now aware of the service, with a new multi-million pound media campaign being launched tomorrow (Saturday 17 September).
She said: “Since the Current Account Switch Service was launched, we’ve worked hard to keep pace with changing needs, collaborating across the industry and with government and regulators – such as the Competition and Markets Authority – to provide a world class switching service for individual customers, and smaller businesses and charities.
“An important element of our work is to make sure that people, as well as small businesses and charities, understand how easy it is to switch between banking providers using the service, and our new advertising campaign will help to inform these important audiences still further.”
Since its launch, the service has introduced the Current Account Switch Guarantee, which means payments accidentally made to or requested from a customer’s old account are automatically redirect to their new one.
It is also working with banks to create “harmonised” account opening procedures, which will include confirmation of overdraft approval before a customer commits to the switch.
Research by The Co-operative Bank shows that 77% of current account holders with an overdraft who’ve switched in the past three years would do it again.
“This is exactly the sort of confidence and competition the service is intended to inspire,” said Matthew Carter, the bank’s products and marketing director.
“We would urge prospective current account switchers to think carefully about their everyday financial needs when weighing up the different options available to them; it is important to think beyond switching incentives alone, and consider the other features of the account to ensure they are better off in the long-term.”