THE first snapshot of current account switching activity – a scheme designed to ramp-up competition between providers by making it easier for customers to switch accounts – has just been unveiled, and it appears there is early success.

The new guarantee means the switching a current account should take only seven working days, rather than up to 30 under the old system.

The Payments Council, which is overseeing the process, has confirmed that 89,000 people successfully changed over their accounts in the first four weeks since the Current Account Switch Service was introduced.

Existing outgoing and incoming payments will now automatically be moved over to a new account, and any payments accidentally made to an old account, which will be closed as part of the process, will be automatically redirected to a new one for 13 months.

The new provider is responsible for managing the switching process and people will be refunded if anything goes wrong.

At first look, the switching figures might not look much different from before the rules came in, when 1.2 million people – about 23,000 consumers a week – changed their accounts.

However, the Payments Council said it was an 11 per cent rise. However, it added that the figures were a “first glimpse” of how things were going, and that the success of the scheme will not be measured until 2015, to give it time to bed-in.

No specific target has been set for the number of people switching accounts for the scheme to be termed a success.

The general aim is to raise customer awareness that and build confidence in the switching process to help build more competition.

One of the side-effects expected from scheme could be that an existing bank or building societies makes a bigger effort to make sure people are a happy customer, so they do not feel the need to switch.

Adrian Kamellard, from the Payments Council, said: “We never expected that every customer tempted to switch would rush out do do so at launch, but this is an encouraging start.”

If you are changing current account providers, what should happen and how can you help the process go smoothly?

Firstly, to help avoid any delays, make sure you get your paperwork in order and that the personal details your existing provider holds are upto- date. Be ready to show your new provider a bank statement with your current address.

Taking your debit card with you will also help to start the process off smoothly as your new provider can run security checks.

Good customer communication is something that providers have committed to, so if there are any hold-ups, perhaps because your existing address does not match that on the paperwork from your old bank or building society, or if you’ve got married and not updated a change in your surname, your new provider should be communicating well with you to let you know what’s going on.

The delivery of a new card and pin number is not part of the switch guarantee.

However, the Payments Council said providers have made a commitment to make sure customers receive them by the date they want to switch, to help the process go seamlessly.

If anything does go wrong, you are entitled to a refund of any interest that has been lost, as well as any charges that have been made to either the old or the new current account due to the blunder.

Any compensation that could be handed out on top of that is a matter for your bank or building society to decide on.