Moving between banking providers has never been easier – nor have customers had more choice, as the Current Account Switch Service adds its 49th participant.
The pioneering service designed to make the switch between banking providers simple and stress-free for consumers, small businesses, charities, and trusts is now offered by Habib Bank Zurich plc (HBZ).
This growing list of participants demonstrates the key role played by the service in supporting the Competition and Market Authority’s (CMA) measures to increase competition in the current account market.
Barriers to moving current accounts have included concerns around payments going astray but, with the service, switchers have the peace of mind of the Switch Guarantee to protect them should something go wrong during the process.
Since launch, more than five million current accounts have been switched – last year more than 99 per cent of switches were completed within seven working days and consumer satisfaction averaged 93 per cent.
HBZ (trading as Habib Bank AG Zurich) is a wholly-owned subsidiary of Habib Bank AG Zurich, Switzerland, a family-owned bank with a tradition of commerce and banking dating back to 1841.
The bank has been working with individuals, families and small and medium sized businesses in managing their finances for over 40 years in the UK, driven by a focus on ‘service with security’.
Its banking services are available through its branch network across London, Manchester, Birmingham and Leicester.
The Current Account Switch Service has an important role in driving competition in the market, making switching between providers a simple and easy process, and giving customers the peace of mind that they will be protected should there be a problem. It’s great to welcome HBZ as our 49th participant, meaning there’s now even greater choice when it comes to picking a current account provider.
Matthew Hunt, COO of Pay.UK, owner and operator of the Current Account Switch Service.
We are pleased to be able to offer the Current Account Switch Service, this will enhance our continued commitment to offering a relationship focused service to customers, which is the cornerstone of our business strategy.
Satyajeet Roy, Chief Executive Officer at Habib Bank Zurich plc.
More information on the Current Account Switch Service, including a full list of participating banks and building societies, can be found at here.