Two enhancements to the Current Account Switch Service (CASS), announced in the Chancellor’s Autumn Statement last December, have been implemented by the banking industry:
- From 1 April 2015, organisations with a turnover of up to £5.5 million can switch their current account provider using CASS. The service was previously only available for small business with a turnover of up to €2 million. The extension of eligibility criteria increases the reach of the service to 99% of the UK’s SME market; and
- The redirection service, which ensures that any payments accidentally made to the old account are automatically sent to the new account, has been extended to 36 months.
What this means for you
The switch guarantee and redirection service provided by the CASS will now be available to more businesses, charities and trusts, meaning that switching from one bank or building society to another is simpler, more reliable and hassle-free.