The Payments Council has published a dashboard which shows that levels of awareness and confidence in respect of the free-to-use Current Account Switch Service are continuing to increase. There was also a 16% increase in the switches made in comparison to the same period last year.
What this means for you
Since 16 September 2013, the Current Account Switch Service has enabled customers to switch their current account from one bank or building society to another more simply and reliably. The Payments Council publishes switching data on a quarterly basis. The latest results indicate that customers are increasingly willing to switch their account in an effort to obtain better levels of service and/or to take advantage of an array of current account incentives.