The UK's 46 million bank customers are being told they could save up to £600 by switching their current accounts to another provider.

From Monday, it should also be faster and easier to move to another bank.

Up to now, it has taken as long as 30 days to transfer a current account, but now the industry is promising it will take just seven working days.

The idea is to encourage more customers to switch accounts, so promoting better competition between the banks.

"It is definitely worth switching," said Mark Fiander from the Money Advice Service.

"It's not uncommon to save £500 or £600 by switching your bank. Now whether that's because you're not paying fees or charges, or equally if you're not getting interest that's sitting in your current account, it can really add up," he told the BBC.

Those who use a bank overdraft frequently could be amongst the biggest gainers.

But some banks also operate cash-back deals, which can provide hundreds of pounds of income.

I worry about saving money on mortgages and getting money on savings accounts.
With current accounts service and convienience mean more to me.

It can also be a huge pain notifying everyone that pays money into your account of any changes, that is probably why so few actually switch.


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I'm assuming people who could save £600 are ones who keeps going over over day limits and pay fees for doing so etc. I can't see how else it could be done.

I'm assuming people who could save £600 are ones who keeps going over over day limits and pay fees for doing so etc. I can't see how else it could be done.

No doubt someone will set up a “comparethebanks.com” type website to try to make it easy to find the best deal. Thing is, you could spend your life switching your bank/insurance/phone/credit cards/electricity/gas/water etc. etc and not do anything else with your life.