As part of an effort to encourage more people to switch accounts and to make the whole process a lot easier, an industry-wide switching scheme, backed by providers including Nationwide, was launched last year.
The Current Account Switch Service guarantees a free, quick and simple switch to another bank or building society – all within 7 working days.
- 7-day turnaround (previous process could take up to 30 days)
- You choose which date you want to switch
- Your existing payment arrangements are automatically transferred
- Any payments made to your old account will be redirected to your new account
Latest data on the service shows that the number of people switching banks has risen 16% since the launch of the initiative. During the first six months of 2014, 592,000 current accounts were switched, compared with 511,000 switches during the same period in 2013. Is it time you switched?
Source: Nationwide Building Society 2014