Eighty seven per cent of Brits are unaware or confused about forthcoming changes to current account services.

That's according to first direct, which has launched the Current Account Reforms Countdown Tracker to regularly track consumer awareness of a switching service arriving in September 2013. This is being set up by the Payments Council under recommendation from the Independent Commission on Banking. The aim is to reduce the amount of time it takes to switch an account from around 18 days to seven working days, provide an account switching guarantee that customers can rely on and automatically switch incoming payments to the new account.

The survey of almost 2,500 UK adults found that 23 per cent of those who expressed some knowledge of the current account reforms were able to correctly identify the proposed changes. Only three in ten people know that banks will be required to introduce a redirection service for standing orders and direct debits to ensure payments continue to be made when a customer switches provider. Twenty nine per cent are aware that a seven-day time limit for switching a customer's account is to be introduced.

Forty three per cent of those surveyed have never switched current account provider and only four per cent say they definitely will switch in the next two years. Despite this, 23 per cent rate their satisfaction with their account at five out of ten or lower. In terms of motivations for deciding to switch, the top reason given is one that will be introduced under the plans for improving current account service; 44 per cent of people would be more likely to switch if banks could guarantee that all standing orders and direct debits will be switched without any hassle or delay. The second and third most popular reasons were complaints about an existing account.

Mark Mullen, CEO at first direct, comments: "As a nation, we have never been keen to switch current accounts, even when we are not fully satisfied with the service we are receiving, due to the time and effort we expect the process to take. However, the improvements to current account and switching services are set to help change this attitude, giving consumers the confidence to switch when this is the best option for them, and make managing finances easier and more transparent. It is important that people are made aware of the changes to enable them to take advantage of the benefits."

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