Media playback is unsupported on your device

Banks promise to help customers switch accounts

At the moment fewer than 10% of people a year move their main current account from one bank or building society to another.

This is often because it can take up to 30 days, which can be a lot of hassle.

But as of September, the UK's 46 million current account holders will be able to switch banks in seven days, thanks to a new switching service from the Payments Council.

Payments Council CEO Adrian Kamellard, told BBC Radio 5 live's Wake Up to Money: "Everyone is going to get the same high quality hassle free service and... as part of this guarantee, banks are promising to put customers right if anything goes wrong."

  • 16 Aug 2013
Go to next video: Banks 'not handling complaints well'