New Account Switch Service Encourages 35,000 Brits To Switch Banks

British consumers were evidently not happy with their bank services as new figures show that more than 35,000 customers have recently started switching accounts.

Earlier this month, the new Current Account Switch Service launched in the UK. The service system was meant to encourage competition between the banks by making it easier for customers to switch their current accounts. Initial figures from the UK Payments Council confirm the new system is working and has finally motivated customers to finally make the switch.

“Although it is too early to tell what switching levels will be over the longer term, interest in the new service has clearly got off to a great start,” said Adrian Kamellard, CEO of the Payments Council.

The report shows that price comparison sites have cited a huge rise in customer traffic to their switching sites. This increases implies that consumers are doing their researching and checking the different account benefits before making their decision.

The Payments Council reports the early lessons learnt from the service launch and reminds customers be prepared to give their new bank or building society a current bank statement that includes a current address. The council also recommends that customers bring along their debit cards to certify that the new bank records the correct details from the exiting account. These preparations will help ensure that the switch will be smooth and efficient.

“For us, getting the system successfully launched is only the first step – the next is to learn from what customers actually experience and if necessary to make any improvements. Everyone across the industry is determined to put in the work to get the switching experience as good as it can be for customers,” said Kamellard.

To read the full report click here.