For too long, people have been worried about switching their current account through the fear of hassle. In fact, you’re more likey to get a divorce than switch your bank. And there’s a reason for that — for one there’s not all that much difference between banks (besides the colour of the carpets) and let’s face it, we’re busy people. We don’t have time to go through our accounts and move over every single payee, standing order or direct debit ourselves. Especially if we have to reach out to utility providers through one of those really great call systems – you know the ones with the lovely hold music?
That’s why last summer, when the Competition and Markets Authority published a report of its market investigation into Retail Banking, one of the heaviest focuses was to improve account opening and switching processes to give customers a better deal.
The Current Account Switch Service is a government initiative designed specifically to help avoid the drama of changing banks. Using the service, people can request a seamless switch of their current account. Within seven days your money will be moved over, as will incoming and outgoing payments such as standing orders, direct debits, salary and benefits.
It sounds simple, but the problem is, to make a switch with traditional high street banks, often you still need to book time out of your schedule to go into a branch or make a lengthy phone call to request the switch (often with more lovely hold music), not forgetting to provide a collection of documents and details. When we’re able to take care of every other aspect of our lives from the palm of our hands, and at a time that suits us, it seems a little crazy that so much of banking remains arduous.
At Starling, we envision a world where your bank account revolves around you, rather than the other way round. That’s why, we are the first bank to offer a mobile Current Account Switch Service to our customers making it really easy for anyone to switch their current account anywhere and at anytime. You can simply request to switch in app and make the switch with no stress, no fees, and no worries.