Bank customers will be able to switch accounts with ease under new rules to be hailed today by the Chancellor as a revolution for consumers. In a bid to promote better competition between banks, from September customers will be able to walk into their bank and simply demand for their account to be transferred to a rival. Crucially, the bank will be obliged to transfer a customer’s direct debit payments to the new account – ending the weeks of hassle associated with changing accounts now. That will allow people to shop around and get better interest rates, forcing banks to offer better deals for customers to keep them. Consumer watchdogs repeatedly complain that new customers are wooed with attractive rates of interest, while existing customers are left languishing on low rates. Currently, it takes 10 working days to switch an account from one bank to another, but this will be cut down to five in the autumn.....Read more here