The authorities in the UK are planning to launch the new bank account switching service for the current account holders in the country.

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.

Adrian Kamellard, chief executive of the Payments Council said, "We look forward to a new era of account switching which will lead to greater choice for customers and wider competition in the marketplace."