Transfer of bank account numbers proposed to make switching easier

by Simon Ward on 13 September 2012  |  10 comments
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Which? and a Conservative MP have teamed up to ask banks to offer 'portable' bank accounts.

Consumer champion Which? is holding an event at the House of Commons today with Conservative MP Andrea Leadsom to encourage banks to offer ‘portable’ accounts.

A move to allow bank account numbers to be transferred to other banks, in the same way as mobile phone number can be transferred between providers, could make the process of switching banks much easier. It would mean, in theory, that there would be no need to transfer a person’s Direct Debits and Standing Orders to a new account number.

Six in ten of us would more be likely to switch bank if we could keep our bank account number, according to a survey carried out by Which?

It found that more than half the people it spoke to had never switched bank.

Representatives of Barclays, HSBC, Lloyds, Metro Bank, Royal Bank of Scotland and Virgin Money will be attending the event.

Which? and Andrea Leadsom say such a change would also make it easier for small banks to start up, increasing competition.

What do you think of the idea? Would it make you more likely to switch accounts? Cast your vote in our poll below.

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