Banking News

2 million account switches in 2 years

2 million account switches in 2 years

(17 September 2015 – United Kingdom) According to new data, 2.1 million customers have switched bank accounts using the Current Account Switch Service.

To celebrate the 2 year anniversary of the launch, Economic Secretary to the Treasury, Harriett Baldwin, this week met with customers who have successfully used the free service to switch banks.

The service is a voluntary scheme set up to make switching current accounts quick, easy and reliable for customers. It is free to use and is available to consumers, SMEs, small charities and small trusts.

Currently, 40 banks and building societies participate in the service, accounting for over 99% of the current account market.

In a statement released on Wednesday, Baldwin said “Increasing competition in banking so that customers get a better deal is at the heart of the government’s long term plan,”

“That’s why we challenged industry to make it easier for customers to switch accounts, and welcomed the launch of 7-day Current Account Switch Service in September 2013.

“I’m delighted to meet today with customers of the service to hear first-hand how it is helping people to switch accounts and get a better deal.

“I also welcome the new public awareness campaign that will be launched later this week. This will help make sure that the service can continue to help customers hold their banks to account by allowing them to vote with their feet.”

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