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1.1m people switch bank accounts with Switch Service


1.1 million people have decided to switch current accounts in the last year, due to a nation switching service introduce a year ago.

Current Account Switch Service is a free-to-use service for consumers, small charities, small businesses and small trusts, and is designed to make switching current accounts from one bank or building society to another simpler. It is supported by most major banks and building societies, and was created to encourage competition in the current account market. The current market is dominated by four banks HSBC, Royal Bank of Scotland, Barclays and Lloyds – providing about three quarters of the UK’s nearly 50m accounts. Regulators would like to inspire a more competitive market in this area, which is why the service was brought in.

There has been a 19% increase in people switching bank accounts compared to this time last year, when there were 925,985 switches. 70% of the public are now aware of the new service and 88% of consumers who have switched accounts felt there was very little effort involved on their part, according to a study done by the Payments Council.

Commenting on the one year anniversary of the Current Account Switch Service, Gerard Lemos, executive chairman of the Payments Council said:
“The Current Account Switch Service is a fantastic example of the power of collaboration and shows what can be achieved when highly competitive businesses put aside their differences to work together for the greater good.

The service was designed to make life easier for customers by removing barriers to switching, with the aim of boosting competition in the banking sector. It’s clear from reviewing its very first year that it’s made great ground – empowering customers with the ability to switch their bank account easily and quickly if they choose to do so.”

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