Matt Sanders, banking expert at Gocompare.com, said:
"The Payments Council's new current account switching service could signal the end of the ‘current account for life' but it still very much depends on how smoothly the industry can handle the switch. Whilst a simplified switching service should make changing providers quicker and easier, it will be vital that banks deliver the seamless transition that has been promised in order for consumers to have confidence that their day-to-day banking, mortgage and rent payments, direct debits, standing orders and the like will not be unduly disrupted.
"We expect more people to consider switching current accounts from 16 September and, in preparation for this, consumers should start researching the current accounts available and keep an eye out for any incentives that providers will undoubtedly introduce to entice people to switch to the accounts they are offering. If the switching guarantee delivers what it should, consumers could start to consider comparing and switching their current accounts just as they would their car or home insurance, and they will no longer put up with poor value products or poor service for years on end."