Banks to make it easier to switch accounts

Customers will be able to switch bank accounts within seven days, the UK's payments body has confirmed.

Banks to make it easier to switch accounts in a week. Credit: Chris Radburn/PA

Some 33 bank and building society brands accounting for almost all current accounts in the marketplace, have signed up to the agreement which will cut the length of time it takes to move accounts from up to 30 working days to seven working days.

The moves hopes to take the hassle out of switching current accounts and ramp up competition between providers and the Payments Council said it should be in place in a month's time.