BANK RATE ANNOUNCEMENT
On 2 November 2017, the Bank of England announced that the Bank Base Rate would increase with immediate effective from 0.25% to 0.50%.
This free-to-use Service allows personal customers, small businesses and small charities to transfer their current accounts between providers. The Service is designed to be simple, reliable and easier to use than the varying range or services used by banks and building societies previously. There is also a Current Account Switch Guarantee, which details the process, the key benefits and any remedial action required in the event of something not going to plan.
The banks and building societies participating in the Service will transfer any payment instruction information, such as Direct Debits and Standing Orders, to the ‘new’ bank account. In addition, any payments that are sent to the ‘old’ bank account will be automatically forwarded to the ‘new’ bank account, and at the same time the provider that sent the payment will be notified that it has been redirected to the ‘new’ bank account.
The Current Account Switch Service means that if you send a payment from your account with Chelsea Building Society, and we are notified by the Service that the beneficiary of the payment has switched their account using the Service, we will process the payment redirection information, update your payment records with the new bank account details, and advise you of the amendments made. Your payment will be automatically redirected to the ‘new’ bank account.