Current Account Switch Service facilitates 1.4 million switches in past year
- The latest Current Account Switch Service Dashboard reveals the Service facilitated 1,399,571 switches between 1 October 2022 and 30 September 2023, a 63% increase compared to the period of 1 October 2021 to 30 September 2022.
- Q3 2023 (1 July 2023 to 30 September 2023) saw 344,195 switches take place through the Service.
- End user switching data, which is three months in arrears, showed that NatWest had the highest net switching gains between April and June 2023, followed by HSBC, RBS and Ulster Bank.
- Citibank, Allica Bank, and Rothschild joined the Service in Q3 2023, taking the number of banks and building societies participating in the Service to 51.
26 October 2023: The Current Account Switch Service today publishes its Q3 2023 Dashboard1 reporting the latest switching figures and trends.
July to September 2023 saw a 55% increase in switches compared to the same period in 2022. A total of 344,195 switches took place during this time compared to the 222,108 in Q3 2022.
The Service, which marked its tenth anniversary in September this year, has facilitated 9.8 million switches and successfully redirected 141.4 million payments since launch.
The upward switching trend can be seen over the full year, with the Service facilitating 1,399,571 switches between 1 October 2022 and 30 September 2023. This figure represents a 63% year-on-year increase on the 859,751 switches that occurred between 1 October 2021 and 30 September 2022. For small business and charity accounts 5,602 switches took place during the quarter.
Current Account Switch Service end user data (which is three months in arrears) shows that from April to June 2023, NatWest saw the highest net switching gains (99,695), followed by HSBC (25,769), RBS (16,017), and Ulster Bank (2,330).
March remains the busiest month for switching so far in 2023, with 155,116 switches taking place. However, August (126,174 switches) and July (122,915 switches) saw the second and third highest number of switches so far this year.
Q3 data reveals that 87% of those who had used the Current Account Switch Service in the last five years said they were satisfied with the overall process, with end user awareness exceeding the 75% target, reaching 77%. The latest data also highlights that 87% of Current Account Switch Service end users would recommend the process.
The latest data for Q3 2023 shows that 7 in 10 (71%) switchers preferred their new current account to their previous one, with service-related, non-financial benefits continuing to be the main reasons end users preferred their new account.
Those who switched current account through the Service over Q3 2023 cited better online or mobile app banking (45%) and customer service (32%) as the top two reasons for preferring their new account. Following this, interest earned (31%) and location of branches (24%) came in as the third and fourth most important factors.
John Dentry, Product Owner at Pay.UK, owner and operator of the Current Account Switch Service, said: “The Current Account Switch Service marked its ten year anniversary this quarter, and in that time the Service has upheld an important role in supporting consumers and businesses change their current account to better suit their needs.
“It is particularly noteworthy that three new customers, Citibank, Allica Bank, and Rothschild, have joined the Service this quarter, enabling greater choice for consumers and demonstrating the significance of the Service.”
Notes to editors
- Full details are available in the latest edition of the Current Account Switch Service Dashboard (no.40) and includes the latest customer movement data for Q3 2023.
- Online research with over 2,000 respondents conducted by the Current Account Switch Service.
For further information, contact CASS@mhpgroup.com