More than two million bank customers have opted to use the seven-day account switching service within the first two years of the service’s launch.
The project was unveiled in 2013, to help improve competition and offer customers a relatively easy route to try alternative services. With nearly 50 million current accounts in operation, the 2 million switchers represent around four per cent of the total.
But it’s also worth noting current account switching volumes rose during the first quarter of 2015 – to 109,500 in March – back up to the levels first seen when the switch guarantee was launched at the end of Sept 2013.
Accounts with competitive offerings are also proving to be winners including fee-free arranged overdrafts, extra account services and cash back offers.
In the meantime, the sector looks set to launch a new advertising campaign to help promote the switching scheme even further and ensure the option to move is front of mind.
It also comes as the Competition and Markets Authority (CMA) reviews the personal current account market. The CMA’s probe began in earnest last year. It is due to publish an interim report next month, along with notice of any specific remedies which it feels are needed to help boost competition further and keep customer choice in the spotlight.
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