Neil Bellamy, head of TMT for NatWest, explains the Current Account Switch Service, the pros, cons and who is eligible.
The Current Account Switch Service (CASS) was launched in September 2013 in a bid to make switching current accounts easier for individuals, small businesses, trusts and charities.
The service aims to increase competition, support the entry of new banks in the current account marketplace and give customers a greater choice when switching from one bank or building society to another.
But what are the benefits? How does it work? And who is eligible?
More than 99% of all small businesses, charities and trusts can use the service. To be eligible you must have less than 50 employees and an annual turnover below £6.5m....