Annual switching volumes rise as more people use the Current Account Switch Service

  • In the rolling year to Q2 2022, current account switching volumes reached 850,243, an increase of 203,674 compared to the same period the year prior.
  • Nearly two in three (63%) current account switchers in the last 12 months used the Current Account Switch Service, up from 55% in the two years prior; showing a proportional increase in the numbers of people using the Service to switch their current account.
  • End user switching data, which is three months in arrears, found that NatWest, Nationwide and Starling had the highest net switching gains between January and March 2022.

28th July 2022: The Current Account Switch Service today publishes its Q2 2022 Dashboard reporting the latest switching figures and trends.

The Current Account Switch Service saw a year-on-year uplift to annual switching volumes in Q2 2022. A total of 850,243 switches had taken place over the 12-month period, compared with just 646,569 a year before.

Not only had more people switched current accounts, but a greater portion had done so through the Current Account Switch Service. Nearly two in three (63%) current account switchers in the last 12 months used the Service, up from 55% in the two years before.

Current Account Switch Service end user data (which is three months in arrears) shows that from January to March 2022, NatWest had the highest net switching gains (19,464), followed by Nationwide (12,503) and Starling Bank (11,888). HSBC (5,176) and Monzo Bank (3,221) were in fourth and fifth place, respectively. For the second consecutive quarter, two digital banks have appeared in the top five.

Overall, the Service remains on track to achieve its annual targets and it continued to perform well in Q2 2022 with its awareness and satisfaction results for the period reaching 74% and 90%, respectively. It also completed 99.7% of switches within seven working days. Consistent with previous quarters, 89% of end users were likely to recommend using the Service.

The latest data for Q2 2022 shows service related, non-financial benefits continue to be the main reasons end users prefer their new current account to their old one. Online banking (47%), mobile banking/banking app ease (41%), customer service (38%) and location of branches (25%) were listed as the top reasons for people preferring their new current account. One in six (16%) current account holders are actively thinking about switching, a similar proportion to the six months before. Another 13% were considering switching but had not yet started looking.

David Piper, Head of Service Lines at Pay.UK, owner and operator of the Current Account Switch Service, said:

“As life in the UK begins to return to its pre-pandemic form, we have seen an uplift in the numbers choosing to switch to a new current account. This trend could continue in 2022 with many looking to take advantage of rising interest rates and the cashback incentives that some providers are currently offering. Of course, rising living costs provide another reason for people to assess whether their existing current account is providing the right service for their needs, or whether moving to another current account might be a prudent move.
“Those considering whether it’s time for a new current account should remember that the Current Account Switch Service is free to use and provides a valuable layer of protection to those wishing to switch in a fast and stress-free manner.”