Latest current account switch service figures published

The latest figures for the Current Account Switch Service have been published today (21 January) showing that in the 12 month period from 1 January 2015 to 31 December 2015 there were 1.03 million switches, compared to 1.15 million switches in the same time period one year before.

Following the introduction of a high profile media campaign in September 2015, 257,638 switches took place during the three months from October to December 2015, representing an 11% increase when compared to the third quarter of 2015.

By the end of December 2015, 72% of people in the UK were aware of the Current Account Switch Service – which represents an increase of 14 percentage points since the service was launched in September 2013. Since launch, there have been more than 2.5 million switches.

This January also featured the launch of a new burst of public awareness activity designed to demonstrate the many benefits of the service. This activity is designed to make consumers confident that switching will be simple and stress-free. The multimedia campaign includes prominent TV advertising, radio and digital media.

The campaign comes at a time of year when consumers are planning for the year ahead and when there is significant current account promotion from banks and building societies. It includes five new educational videos that unpack how the service works and how consumers and businesses can benefit.

Full switching details are available in the latest edition of the Current Account Switch Service Dashboard (no.9), here: www.bacs.co.uk/factsandfigures