Businesses with a turnover in excess of £6.5m can now use the UK Current Account Switch Service (CASS), run by Bacs, to swap bank accounts and remain on the redirection service for up to 3 years.
The changes to the eligibility criteria for businesses, charities and trusts that earn over £6.5m per year came into effect on 1 April 2015.
The CASS switching service from Bacs was previously only available for small businesses with a turnover of £1.46m (EUR2m).
The extension increases the reach of the service to 99% of the UK’s small-to-medium sized enterprise (SME) business market.
Additionally, the time span of the redirection service, which ensures that any payments accidentally made to the old account are automatically sent to the new one, has been extended to three years.
Since the Current Account Switch Service launched in the UK in September 2013 there have been 1.6m switches.