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Switch and save, finally

Three years after the switching service was supposed to make it easier to leave your bank, the industry is given a year to finally get it sorted.

Current account customers should find it easier to ditch their bank if they are not happy under moves to clear some of the barriers to finding a better deal.

The Competition and Markets Authority (CMA) has accepted undertakings from payments body Bacs, which owns and operates the current account switching service, to deliver improvements to the service within a year.

A previous investigation by the CMA found someone could save £92 a year on average by switching to a deal that better suits their needs. Savings of around £80 a year on average are available for small businesses by ditching and switching.

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Financial Services Scotland Ltd is registered in Scotland, and is an appointed representative of Personal Touch Financial Services Limited, which is authorised and regulated by the Financial Conduct Authority. Company No. sc408291. 1 Glebe Street, Stevenston, Ayrshire KA20 3EN.