Current Account Switch Service expanded to businesses
Two enhancements to the Current Account Switch Service, announced in the Chancellor’s Autumn Statement last December, have been successfully implemented by the banking industry.
As of 1 April 2015, the eligibility criteria for businesses, charities and trusts has been extended so that organisations with a turnover of up to £6.5 million can switch their current account provider using CASS. The service was previously available for small businesses with a turnover of 2 million euros (or sterling equivalent); and this extension increases the reach of the service to 99% of the UK’s SME market. Additionally, the redirection service – which ensures that any payments accidentally made to the old account are automatically sent to the new account – has been extended to 36 months. The Current Account Switch Service, which was launched in September 2013, makes switching from one bank or building society to another simple, reliable and hassle-free. Since launch, there have been more than 1.6 million switches using the new service.
Information for customers on the new service and links to participating banks and building societies are available at www.simplerworld.co.uk.