The Payments Council, a body that oversees UK payments strategy, has revealed a list of banks that will participate in the new current account switching service when it launches in September 2013.
This means that almost all UK current account holders will be able to switch their current account, free of charge within seven working days. Currently the process can take from 18 to 30 days.
Go deeper with GlobalData
Adrian Kamellard, chief executive of the Payments Council, said: "The Payments Council has worked closely with all of the financial institutions announced today to develop the Current Account Switch Service, which will make switching account from one bank or building society to another simple, reliable and hassle-free."
The following banks and building societies will be offer the service:
- Allied Irish Bank (GB)
- First Trust Bank Bank of Ireland UK PLC
- Post Office
- Barclays
- C. Hoare & Co.
- Clydesdale Bank
- Yorkshire Bank
- Cumberland Building Society
- Danske Bank (Northern Bank Limited)
- Danske Bank A/s London Branch
- Handelsbanken
- HSBC Bank plc
- first direct
- M&S Bank
- Bank of Scotland
- Halifax
- Lloyds TSB and the future TSB
- Metro Bank
- Nationwide Building Society
- The Royal Bank of Scotland
- NatWest
- Ulster Bank
- RBS International
- Isle of Man Bank
- Coutts
- Adam & Company
- Reliance Bank
- Santander
- The Co-operative
- smile
- Virgin Money
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.
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
