The Current Account Switch Service reaches 1.4 million switches in the past 12 months
Between April and June 2024, the Current Account Switch Service facilitated 313,293 switches, taking the total number of switches since the Service launched in September 2013 to 10.9 million. More than a decade since launch, the Service has successfully redirected 152.7 million payments.
In a quarter where interest rates have stabilised and switching incentives have been sporadic, the figures provide a positive outlook on the long-term health of the current account market. The Current Account Switch Service facilitated 1,411,553 switches in the past 12 months, up 10% from the 1,277,484 switches recorded in the 12 months prior. The continued upward switching trend demonstrates that finding the right bank or building society remains a priority for end users.
April was the busiest month across the quarter, with 135,892 switches taking place. Small business and charity accounts also saw high switching levels, with 6,214 switches over the quarter, up 7% on the same quarter last year (5,814).
End user data, which is three months in arrears, shows that from January to March 2024, NatWest had the highest net switching gains with 60,497, followed by RBS (13,210), TSB (11,640) and Lloyds (11,076).
During Q2 2024, 79% of people were aware of the Service and 91% were satisfied with their switch, rising from 78% and 90% in Q1 2024 respectively. In addition, 99.7% of switches were completed within seven working days, up from 98.7% in Q1 2024.
Online or mobile banking (43%) remained the top reason people preferred their new account, as has consistently been the case for over 12 months. Following this, interest earned (37%) was the second most important reason, with customer service (29%) and location of branches (24%) close behind.
John Dentry, Product Owner at Pay.UK, owner and operator of the Current Account Switch Service, said: “The continued upward trend in current account switching underscores the importance that consumers and businesses place on finding the right banking partner. This quarter’s switching data reflects not only a robust and competitive market but also the trust and confidence that end users have in the Current Account Switch Service.
“As the UK economy shows signs of recovery, it’s encouraging to see that the Service remains a critical tool for those looking to switch their current account. Whether for individuals or small businesses, the ability to switch accounts through a process that is quick, free and easy ensures that everyone can find a current account that best serves their needs, whatever they may be.”
