Starling Bank, one of the new breed of mobile-only banks, has joined the Current Account Switch Service, bringing numbers up to just shy of 50 in just three and a half years, covering almost 100 per cent of the UK’s current account market.
Starling Bank, which aims to meet the banking needs of a generation of mobile users, is the newest brand to sign up to the service, which has successfully switched more than 3.5 million current accounts since launch. The partnership also makes Starling Bank the first mobile-only bank to offer the service, allowing consumers to transfer their current bank account – including overdraft and direct debits – to the Starling account. It also emphasises the role of Bacs Payment Schemes Limited and the Current Account Switch Service in fostering competition in the current account market, and the central role it has in supporting the CMA’s measures to make current accounts better for customers.
Free to use, the Current Account Switch Service was developed to make switching quick and easy for individual customers as well as small businesses, charities, and trusts, and to help drive competition in the marketplace.