Banks agree switch guarantee

Press Association
Wallet with cards and money
Wallet with cards and money

A new customer guarantee to take the hassle out of switching current accounts and ramp up competition between providers will be in place in one month's time, the UK's payments body has confirmed.

Some 33 bank and building society brands accounting for almost all current accounts in the marketplace, have signed up to the agreement which will cut the length of time it takes to move accounts from up to 30 working days to seven working days.