The pioneering service designed to make moving between banking providers simple and stress-free gives current account customers even more choice today, as challenger bank Monzo becomes the 47th brand to sign up to the Current Account Switch Service.
Monzo – an app-only bank – was created for the smart-phone, and has quickly grown to half a million users; its participation in the Current Account Switch Service brings automated switching coverage even closer to 100 per cent of the UK’s current account market.
The emergence of new banking providers demonstrates the impact of Bacs Payment Schemes Limited (Bacs) and its Current Account Switch Service on 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.
Anne Pieckielon, director of Bacs product and strategy, leads the Current Account Switch Service. She said: “I’m thrilled an innovative challenger bank like Monzo sees the value in the service we offer, and pleased they have decided to come on board.
“I’m proud the vast majority of customers can find the right bank for them, and move there quickly, secure in the knowledge that everything will be taken care of for them; and we’re drawing ever closer to offering 100 per cent coverage of the UK current account market, giving banking customers real choice.”
Daniel Cannon, senior software engineer at Monzo, said: “We’re really pleased to bring the Current Account Switch Service to Monzo’s customers. This service allows customers to switch their existing current accounts, including existing Direct Debits and other scheduled payments, within their app and without any fuss.
“Joining the Current Account Switch Service has been a goal of ours since we received our banking licence in 2017 and this is another exciting step on our journey to building a current account that works for everyone. “
More information on the Current Account Switch Service, including a full list of participating banks and building societies, can be found at www.currentaccountswitch.co.uk