More than one million Britons switch bank account

More than 1.1 million Britons have moved their bank account to another bank since the introduction of the seven day switch guarantee.

More than 1.1 million Britons have moved their bank account to another bank since the introduction of a new service that guarantees a switch in seven working days.

This is an increase of 19% compared with 926,000 switches in the previous period, according to the data released by Payments Council, which represents the UK’s payments industry.

However, the Council did not disclose a breakdown of the current accounts picked by those switching.

Gerard Lemos, executive chairman of the Payments Council, said: “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 made great ground by empowering customers with the ability to switch their bank account easily and quickly.”

The Current Account Switch Service, which was introduced in September last year, slashed the time taken to switch from one bank to another from an average of 18 to 30 days to seven days.

According to the Payments Council’s data, 88% of clients said they found changing providers easy since the scheme came into place.

However, nearly a third of people said they haven’t heard of the initiative.