September 06, 2013
From September 16, small business owners will find it considerably easier to switch banks thanks to a new service being managed by the Payments Council.
The free account switching service will be available to consumers and small charities as well as small firms.
Thirty-three banks and building societies have signed up to the new Current Account Switch Service – representing nearly 100% of the current account marketplace. The service is designed to make switching current accounts from one provider to another "simpler, more reliable and hassle-free".
Adrian Kamellard, Payments Council chief executive, said: "After two years of work and commitment by the Payments Council and financial institutions to develop this new standardised switching service, this marks a significant day for all parties involved.
"As final preparations are made for launch, we look forward to a new era of account switching which will lead to greater choice and wider competition in the marketplace."
The benefits of the service include: