7 ways banking has been made easier
Working with the banking industry we’re improving how you bank.
1. You can now switch your current account in 7 days
We set up the Current Account Switch Service in September 2013.
It’s a quick and easy way to switch your current account in 7 days – your direct debits and standing orders are transferred automatically, and there’s a switch guarantee, so you’re protected against financial loss if anything goes wrong when you switch. Over 2.1 million switches have taken place since 2013. And it’s also available to 99% of small businesses.
2. It’s now really easy for you to pay someone using your mobile phone
Services like Paym and Pingit let you pay somebody just through using your mobile phone number – so paying your share of the taxi ride home when your friend is the only one with cash is a lot less hassle.
The Payment Systems Regulator (which we set-up this year) is working with payment systems to improve how you pay for things.
3. You can use an online tool to find out if you’re getting the best deal from your current account
Using the Midata tool on GoCompare, you can compare current accounts to find out the best one for you, based on how you actually use your bank account. We set up the service in April 2015 to help you get easy access to your data so you can make choices about how you bank.
At the moment, you can use the service if you bank with any of these providers – HSBC, Lloyds, RBS, Barclays, Nationwide and Santander. And it’ll be available to Tesco Bank customers by the end of the year. You can download your Midata file through your internet banking.
4. You’ll soon be able to deposit a cheque using your smart phone
A change in legislation passed in the Small Business, Enterprise and Employment Bill on 26 March 2015 means that from October 2017, banks will process all cheques as images. This not only means quicker clearing times, but greater convenience and choice in how you deposit cheques.
You’ll still be able to deposit cheques at branches, cash machines, Post Offices or by post, but banks will also be able to offer the option of paying in cheques via smartphone, tablets or other technology.
5. Taking out a mortgage is becoming simpler
We’ve asked Which? and the Council of Mortgage Lenders to look at how the fees you’re charged when you take out a mortgage can be made clearer – like better explanations of whether fees are compulsory or avoidable and when they will be charged.
They’re going to report on their progress soon, but expect these new rules to be rolled out by lenders by the end of the year.
6. You’ve now got more banks to choose from
We lowered the regulatory barriers preventing banks from entering the sector. 13 banks have been granted licences since 2010.
TSB has re-launched as a new bank. Tesco Bank and Virgin Money offer current accounts. Metro Bank aims to have 200 branches by 2020. And it’s not open for business yet, but digital-only Atom Bank expects to launch this year.
7. If you’re a small business we’re making it easier for you to access finance
If you apply for a small business loan and it’s rejected, we’re changing the law so the lender you applied to has to offer to share your details with finance platforms so that you can be linked-up with alternative lending opportunities. You can also appeal a rejected application direct to your bank through the Appeals Process.
The Business Banking Insight provides a ranking of the best banking institutions, products and services, as rated by the UK’s small businesses themselves. This makes it easier to choose the right bank and products for your business.
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