Uk Current Account Switching Service

If you use the current account switch service which you need to do to get the bonus this is done automatically and all payments in and out are moved across to the new account.

Uk current account switching service.

The current account switch service has now completed over six million switches since launch with awareness and satisfaction levels remaining consistently high at 81 and 91 respectively. Nationwide building society had the highest net switching gains followed by hsbc and natwest. Virtually every current account provider including all of the banks owned by the big four have signed up to the new switching system. Switching bank accounts is now easier and faster than ever before thanks to the current account switch service which was launched on 16 september 2013.

All customers using the service are protected by the gua rantee. The current account switch service states that more than 40. The current account switch service guarantee. For customers considering using the current account switch service visit currentaccountswitch co uk.

The current account switch service guarantee is an industrywide guarantee that supports the current account switch service. Over a million switches took place in 2019 alone the highest yearly figure since 2016. You can t get the bonus if switching from other banks in the rbs group including natwest and ulster bank. The current account switch service is run by bacs the not for profit organisation behind direct debit in the uk now owned and operated by pay uk the new home for uk retail payments.

The current account switch guarantee doesn t apply to the manual process and a manual transfer will always take longer. The service allows participating banks and building societies to complete the process of switching a customer s old bank account over to a new account in seven working days or less.