The Current Account Switch Service, which will launch on 16 September, has been designed to make switching current account from one bank to another simpler, more reliable and less hassle for personal, charity, trust and small business customers.
If a customer wants to move their current account, they will only need to speak to their new bank, which will complete the switch in seven working days – a substantial improvement on the 18-30 days it can take now.
In the run up to the launch of the new switching service, RBS and NatWest have launched Cashback Plus, the first debit card loyalty programme to reward customers for purchases at participating retailers. Customers can redeem their Rewards by changing them into money which is transferred to their current account, exchanging them for retail gift vouchers or changing them into money which can be donated to one of four chosen charities. Available on selected current accounts to over 18s on qualifying purchases.
The Payments Council, which has co-ordinated development of the switching service, will run an advertising campaign to make customers aware of the changes.
All participating financial institutions will use a Trustmark as an easily identifiable logo, and uphold a guarantee that promises the following benefits:
the service is free to use
the customer can choose and agree the switch date with their new current account provider
the new current account provider will take care of moving all payments going out, such as direct debits, and those coming in, including salary
for 13 months the new current account provider will arrange for payments made to the old account to be automatically redirected to the new account
if anything goes wrong with the switch, as soon as it is told the new current account provider will refund any interest and charges made on either a customer’s old or new current account as a result of the failure
More information about the new service, including frequently asked questions, and an explanation of how the switching process works is available at www.simplerworld.co.uk