Uk Current Account Switching Service

The current account switch service has now completed over 6 3 million switches since launch with awareness and satisfaction levels remaining consistently high at 80 and 92 respectively.

Uk current account switching service.

Virtually every current account provider including all of the banks owned by the big four have signed up to the new switching system. For customers considering using the current account switch service visit currentaccountswitch co uk. Nationwide building society had the highest net switching gains followed by hsbc and natwest. 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.

The current account switch guarantee doesn t apply to the manual process and a manual transfer will always take longer. The current account switch service guarantee is an industrywide guarantee that supports the current account switch service. The current account switch service guarantee. 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.

All customers using the service are protected by the gua rantee. You can t get the bonus if switching from other banks in the rbs group including natwest and ulster bank. 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. 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.

If your uk bank or building society isn t signed up to the current account switch service list of participating banks and building societies you can still move your current account to us using the manual transfer form below. Over a million switches took place in 2019 alone the highest yearly figure since 2016.