More than 600,000 switch bank providers under new system

More than 600,000 current account customers have switched providers in the six months since a new guarantee to take the "fear factor" out of changing banks was launched.

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Seven-day bank account switching 'not a game-changer'

The level of switching bank providers is still low, the executive director of consumer group Which? has said. Richard Lloyd said:

Despite an increase in public awareness and confidence, switching levels are still low, suggesting that the new seven-day service is not the game-changer that can significantly increase competition in banking.

We're pleased the Government has responded to our calls to make banks release better data about current account running costs. If done properly this should help people more easily compare banks and find the best account for them, which will inject much needed competition into the market.

Poll: 57% think banking should be easy to understand

More than half of Britons say it is most important for banking to be easy to understand, a new ITV News/ComRes poll has found.

(From the left) a Barclays Bank, Royal Bank of Scotland and a Lloyds bank. Credit: PA

The survey of 2,034 British adults found that 57% said banking should be simple, even if this means less choice between different bank accounts.

More than two thirds thought there is generally a good choice of different banks available (70%) and it is generally easy to change bank accounts (67%).

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Almost three-quarters of Britons trust their bank

Around three quarters of the British public say they trust their bank (74%), according to a new ITV News Index poll carried out by ComRes.

Exactly the same proportion said that banks are generally a safe place to keep your money.

The City of London where a significant proportion of the UK's banking takes place. Credit: PA

However, a large minority (34%) think it is most important to have a broad choice of different bank accounts, even if this makes banking more complicated.

ComRes polled 2,034 British adults online between April 4 and 6 this week.

Over 600,000 switch bank accounts in new campaign

More than 600,000 current account customers have switched providers in the six months since a new guarantee to take the "fear factor" out of changing banks was launched.

The campaign to make it easier to switch bank accounts was launched in September 2013. Credit: Ian Nicholson/PA Wire

The Payments Council, which is overseeing the new service, said there were 609,300 switches in the six months to the end of March, which represents a 14% increase on the same period a year earlier.

High awareness of and growing confidence in the current account switch service has helped to boost the numbers, the Payments Council said.

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