Bacs research says account switching is easier than you think

In response to market developments and today’s announcement that a building society is introducing a cash minimum for customers withdrawing money over the counter, the Payments Council has advised consumers to consider switching bank if they’re unhappy with the service they’re receiving. Bacs, the company behind Direct Debit, released research (1) data showing that 81% of people switching or attempting to switch their bank or building society within the last 5 years have been satisfied with the overall process.

Bacs' Family Finance Tracker research also shows that nearly one-third of UK adults have switched the bank or building society where they hold their main current account, with 69% of people saying they did not experience any problems during the process. 20% of adults switching or attempting to switch did so within the last 12 months.

Mike Hutchinson, head of marketing at Bacs says: “Switching bank or building society accounts is a simple process which people should not be frightened to embark on. Information on switching your bank account is available on our website, together with a free step-by-step guide, designed to answers people’s most frequently asked questions.”

Copies of the Bacs’ Account Switching guide are available to download from from the Accounting Switching section. 

(1) Bacs Family Finance Tracker 09 survey