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Banks make it easier for consumers to switch accounts


The banking industry has undergone a major IT overhaul at a cost of £750ml to reduce the time it takes for consumers to switch their current account to a new provider.

Before the change, customers would have to wait up to 30 days to switch to a new provider and have all of their standing orders and direct debits working correctly. However, the overhaul is expected to reduce the time the process takes to within a week under an initiative known as “7 day switching”.

There are 46 million current account holders in the UK, but last year there were only 2 million current account switches. This number is expected to increase though, as customers are offered more security and guarantees over payments, and awareness of the advantages of switching is increased.

Among the advantages is the fact that account holders could save as much as £600 by switching to a new account. Mark Fiander from the Money Advice Service, said: “It is definitely worth switching.

“It’s not uncommon to save £500 or £600 by switching your bank. Now whether that’s because you’re not paying fees or charges, or equally if you’re not getting interest that’s sitting in your current account, it can really add up”, he told the BBC.

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