The authorities in the UK are planning to launch the new Current Account Switch Service allowing customers to move their accounts to their preferred bank easily.

Experts say that the customers in the UK who were unhappy with their bank services were not opting to switch because of the long processes but the new service will allow the customers to easily swap banks. Customers will just have to provide their preferred lender with personal details and the bank will make all the arrangements to bring across salary deposits and bill payments.

Chancellor George Osborne had announced the plans back in February pointing out the customers have very little choice in the current account market. The Payments Council said that the new switching service for the current account holders, which will allow them to switch banks in seven days, will be launched from 16 September, 2013. The transfer to a new provider generally takes up to 30 days at present.

Ahead of its launch, two banks in the country are already offering an incentive of up to £125 to switch their current accounts. The service has been launched following a recommendation from the Independent Commission on Banking about two years earlier. The panel had found that people only changed their bank account once in 26 years on an average. Following the changes, a total of 17 banks, involving 33 different brands are claiming that switching banks will be much easier and faster.