Interest is growing in current accounts that are not even active yet, as consumers await the chance to switch banks with greater ease in the autumn.
Virgin Money's new current account range has attracted 25,000 expressions of interest ahead of its anticipated launch in the autumn.
The bank expects to launch a free account and a packaged current account later this year, as the introduction of a new current account switching system in September makes it considerably easier to switch between banks.
Unlike Tesco Bank, which has also yet to launch its current account range, Virgin Money has committed itself to the new £750 million system from the start.
The new switching system requires participating banks to switch customers within seven working days – less than a quarter of the time it can current take. It also guarantees compensation to customers if anything goes wrong.
(Find out more about the new switching system in our guide to switching current accounts.)
Metro Bank, which joined the UK high street exactly three years ago in 2010, is also subscribing to the new payments system.
The bank has built its reputation on customer service, and reports that it has already opened over 200,000 accounts, despite operating only a handful of branches in London and the South East.
Also subscribed to the switching system is the Bank of Ireland, representing the Post Office, which is currently trialling its three new current accounts across 29 branches in East Anglia ahead of a nationwide launch in 2014 (read more).
(The list of institutions that are participating at launch can be found in our guide.)
Adrian Kamellard, the Chief Executive of the Payments Council, said: "Creating the Current Account Switch Service has involved massive systems changes on both a central and individual institution level.
"The new service, when launched in September, will deliver a significant step-change for current account switching in the UK, leading to more competition in the marketplace and greater choice for customers."
For an acerbic take on the proposed advertising campaign for the new switching system, see our latest blog post: getting animated over bank accounts.
Keith McDonald
Which4U Editor
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