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New ‘seven day bank switching’ laws come into effect

New rules allowing bank customers to switch their current account to an alternative provider within seven days have now come into effect.

Under the new system, bank account holders will be able to transfer their account within seven working days, rather than the previous timescale of up to 30 days.

Some experts have advised that customers could save as much as £500 or £600 by switching account providers.

Mark Fiander from the Money Advice Service said, ‘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’.

Around two million individuals switched their bank accounts last year, and recent surveys predict that this figure could rise to more than five million under the new rules.