The Payments Council has published its latest dashboard for the new Current Account Switch Service, covering the first full 12-month period from the start of October 2013 to the end of September 2014. The dashboard shows that high customer awareness and confidence levels, coupled with a more competitive marketplace, have resulted in a year-on-year increase in switching levels.
What this means for you
Switching bank accounts has never been easier for customers in the UK. With the added peace of mind delivered by the Current Account Switch Guarantee, competition and choice are expected to flourish amongst new and existing current account providers. At a European level, the Payment Accounts Directive (PAD) was adopted in September 2014 and requires member states to ensure that payment service providers provide a switching service to any consumer who opens or holds a payment account with a payment service provider located in the territory of the member state in question. In that respect, through the new Current Account Switch Service, the UK seems to be ahead of the curve.