BoS to make it easy to switch

By JO THORNHILL
Updated:

 

BANK of Scotland is setting its stall out to poach customers from the big four banks and extend its market share by way of a new service, which aims to make it easier for small businesses to switch accounts.

The service, called Easy to Join, will launch in the new year. It will assign one of a team of 25 staff to oversee the account transfer process, including direct debits, standing orders and international transfers.

Under the current system if a business wants to change banks it must organise those arrangements itself.

Account portability is high on the agenda of the Competition Commission, which has been conducting an investigation into small business banking for much of this year. Its findings were passed to the government last month - the results of which are set to be published in the coming weeks.

Bank of Scotland estimates that only 3% of businesses move banks. It believes that its Easy to Join service is crucial to increasing market share in the UK

Although BoS can boast over 30% of small business customers in Scotland, it has just 3% of the total UK market.

• The initiative by Bank of Scotland mirrors the switching service provided for personal banking customers provided by Halifax (which with BoS makes up the HBoS group).

To read more about personal bank account switching click here

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