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Home > Big banks losing customers under new switching system

Big banks losing customers under new switching system

1st May 2015 | Published by Evolution Money

Many of the big high street banks are losing customers who are switching current accounts, according to recent figures from The Payments’ Council.

More and more bank customers are moving their current accounts away from the UK’s biggest banks, following changes to the switching system.

It now takes only seven days to switch bank accounts, compared to the thirty days it previously took. All regular standing orders and direct debits are automatically switched over to the new account. Payments that are accidentally requested from or made to the old account are also automatically transferred to the new one, for a period of three years.

The banks recording the largest loss of customers were HSBC, RBS, Nat West, Barclays and Lloyds Bank.

Halifax, Nationwide Building Society, Tesco Bank and Santander, however, gained customers following the introduction of the seven day switching process.

The Payments’ Council has overseen the introduction of the faster switching service and has said that 1.14 million customers changed banks during the past year, a 7 per cent year on year rise.

Andrew Hagger, of Money Comms, said that although the figures show that a number of people are being tempted by the deals many of the banks are offering, the vast majority are staying with their existing providers and ignoring the cash enticements of other banks. Hagger added that this is no doubt because of the confusing number of varying tariffs, interest rates, rewards, charges and cashback deals available. Customers are struggling to work out which current account really offers them best value for money.

The Payments Council is a regulatory body that represents the UK payments industry. It is due to be replaced by the Payment Systems Regulator during the summer of this year.

Category: Money
This post was written by Evolution Money
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