The Current Account Switch Service makes switching a current account between banks and building societies simple, reliable and stress-free. The service is free-to-use and available to individuals, small businesses, charities and trusts.
Launched in 2013, the service has gone on to facilitate the switching of over seven million current accounts in the UK, and helped to transform a process which previously could be lengthy and complicated, and which carried uncertainty that all payments would be captured in a switch. It has also been highlighted as an example of best practice, with countries around the world interested in replicating its success.
Importantly, the service is backed by a switch guarantee, ensuring that all payments associated with the customer’s old account, which is closed on completion, will be switched to the new account and ready for use with effect from a pre-agreed switch date.
As a result of a switch, which takes seven working days, any payments that continue to be made to, or collected from, the old account will be automatically redirected to the customer’s new account, and redirection will be undertaken for a minimum of three years or longer if needed.
Offered by around 50 participants, the Current Account Switch Service is designed to deliver a:
- Standardised switching service across all participants of the service
- Reliable and hassle-free switch for the customer
- Guarantee that promotes confidence and credibility in the service.
The service is supported by regular, high-profile, cross-channel marketing and communications campaigns, while a dedicated consumer-facing website can be found at currentaccountswitch.co.uk.
If you are a financial institution and would like to become a participant in the Current Account Switch Service, you should view the eligibility criteria in the first instance, while you can also email email@example.com if you would like more information.
Published annually, these reports discuss how the Current Account Switch Service has performed and what has been achieved each year.
To request annual reports from previous years, contact us by email firstname.lastname@example.org.