Around 306, 240 switches were made by customers using the UK Government’s current account switch service in the last three months of 2013, according to the Payments Council.

The rise was primarily due to launch of new rules on 16 September 2013 that ensured customers could switch accounts within seven days with automatic transfer of all outgoing and incoming payments.

The fourth quarter of 2013 reported 17% increase in the number of customers switching bank accounts, compared to that in Q4 2012.

According to the Payments Council, banks were 99.6% successful in meeting the seven-day deadline for account switch and had completed 306,240 switches.

A research conducted by the governing body showed that six out of ten people in the UK were now aware of the current account switch service.

Payments Council CEO, Adrian Kamellard, said even though the current account switch service only launched a few months ago most people are already aware of it and are confident in it.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

"More than 300,000 switches in three months is an encouraging start and we hope this will be further boosted by the second wave of our national advertising campaign that kicked off this January," Kamellard added.