Would portable bank account numbers make you more likely to switch?

BlueAngelCV

I voted that I rarely move & this would make me a little more likely.

TBH I don't really shop around for my bank account & only change when if I have problems. Most accounts offer account moving services which transfer over dd nowadays anyway so this wouldn't make a huge difference but it might make me slightly more likely to move.

Practically I think it's a lot of hassle for not a lot of benefit.

oldvicar

I wasn't entirely sure from the question, but I guessed (correctly it seems) that "bank account numbers" in this context means "current account numbers".

I answered
I never/rarely switch and this would make me a little more likely to.

MarkLS12

MSE_Martin wrote: »

2. People who pay you

Currently this is the bit you have to sort out manually - by notifying your employer and anyone else who pays you in money (savings interest, other investments etc).

The idea of portable bank accounts is a seemless move from one bank to another so that the payments will automatically go to your bank account (there are technical ways to solve the mismatched sort code issue that are being discussed)

How about special "Paying in only" portable personal bank account numbers.

So you get a number not tied to any specific bank which you can keep for life if you want.
Any payments to the number get forwarded from that number to whatever your present "current account" number is.

It also has the advantage that you are not giving out your real current account number and the personal number is "pay in only" so not as much scope to be used for fraud.

teddyco

All good things must come to an end.

MSE RIP!

simsony

Two comments:

First:
The question isn't very fair, If something is changed, the most likely thing you'd answer is that it could change what you do.

Do people today actually not transfer because of the hassle or because they just don't care? A bit of both I think.

I don't think the account number is the problem, it is the payment instruction itself. The effort is far better spent, in my opinion, on making payment instructions (dd, so, fpi, inward payments) all transferrable by the account holder itself. Maybe use mobile numbers for setting up payments (in and out), and attach mobile numbers to accounts. The whole transfer would complete in a single step by me, by changing the account number attached to my mobile.

I would prefer different sort codes and account numbers, especially if I want to keep the old account, and just move the payments.

JuicyJesus

Portable account numbers just aren't practical without changing the entire account numbering system. And it carries with it quite a few issues.

Currently the sort code identifies the bank and branch where the account is held, which is useful for tracing purposes and also for things such as cheque clearing. If account numbers are portable then sort codes must be too. So you could theoretically have a Barclays account attached to a Co-op sort code and account number. This will be intensely confusing to a large number of people, and will require a complete overhaul of the way our clearing systems work.

Either way it will be ridiculously expensive for very little benefit. I've switched banks numerous times and somehow I was able to deal with having a new account number. And it doesn't stop people now. How hard is it exactly to inform people of a new account number and sort code?