The Government has introduced many new services, rules and changes to regulations to make access to money for bank customers simpler and quicker - here are 8 of the highlights.
8 Ways The Government Has Made Banking Simpler

The Government has committed to ease the use of banking services for customers and make money transactions simpler and faster. Some of the changes have been brought by introducing new rules or services and/or making changes to existing regulations. Here are 8 highlights of the changes this has brought:

  1. 7 day account switching

    Since September 2013, the Current Account Switch Service has made it easier to switch bank accounts with everything, including standing orders and direct debits moved across in seven days.

    This is backed by a guarantee to protect against financial loss in case the transfer fails or something goes wrong. According to Government stats, 3.2 million account switches have been done via this service in the last 3 years. Small businesses also have the ability to use it to transfer business accounts.

  2. Card transaction fee caps

    Since last December businesses have enjoyed a cap on the amount they have to pay in fees to card issuers per transaction when customers use debit or credit cards. The knock-on effect of this will save people and businesses a combined £700 million every year.

  3. Mobile phone payments

    Services using the new Payment Systems Regulator can now let people pay each other using just a phone number - one more step toward a cashless society. Mobile phone payment services such as Paym and Pingit take advantage of this - and you can soon expect to see more with the introduction of messaging apps for Apple products, where an app can transfer money in a message.

  4. Cheque deposit via smart phone.

    From 2018 banks will process cheques as images, which means faster clearing and flexibility for how the bank accepts a cheque. Expect apps to take advantage of this to allow you to take a photo of a cheque and deposit it to your account.

  5. Simple Mortgage Fee Structure

    The Council of Mortgage Lenders have taken a renewed look at how fees are charged on mortgage products and this will soon lead to a standardised fee system - rather than the current separate product, arrangement, valuation etc fees.

  6. New Banks

    Eased regulations have allowed new competition to the personal banking sector with additions such online only banks like Atom, Monzo and Tandem. Eight new banks have emerged since May 2015 and more are coming.

  7. Business Finance

    New laws make it compulsory for business lenders to offer alternatives when rejecting finance applications from small businesses. Rejected applications can also be appealed.

  8. Basic Bank Accounts

    9 banks now offer a completely fee-free basic account.

Keywords:

Have a look at our other Savings calculators

Savings Calculator

Calculate how much your savings will be worth in the future or how much you need to save.

Savings Comparison Calculator

Compare up to 3 savings accounts to see how much your savings will be worth.

More +

Have a look at our other Savings guides

Why should you get profess ...

Our motto is to help prepare you to get proper financial advice, but why should you get savings ...

Savings Accounts

Learn about the different types of savings accounts available, pros and cons and how much of a d ...

Cash ISAs

Learn about the Cash ISA, how it works, the limits, and how much you could potentially accrue in ...

More +

Have a look at our other Savings news

8 Ways The Government Has ...

The Government has introduced many new services, rules and changes to regulations to make access ...

16 Sep '16

Savings Paid Tax Free From ...

Banks and Building Societies to no longer deduct tax on interest on statements.

06 Apr '16

Create Your Savings Plan O ...

New Savings Calculator Aims To Remove The Guesswork When Deciding How Much To Put Away For Futur ...

26 Jul '12

More +

Disclaimer

By using this site, you agree we can set and use cookies. For more details of these cookies and how to disable them, see our cookie policy.

This site is designed to give you an understanding of financial products out in the wild, preparing you for proper professional advice.

We have provided guides, tools, a selection of deals (lowest rate and/or fees) but expect you to seek full professional advice with a whole of market adviser before making any decision.

Use the information provided at your own risk, we're not providing advice and errors can be made. Calculations made on the site are estimates, therefore in places assumptions or approximations may be used. We cannot accept responsibility nor are liable for any mistakes.

Please read our full disclaimer.

[48-19/03/2024-09:02:46-172.31.34.41]