- Despite the Covid-19 pandemic impacting people, businesses and the economy, the Current Account Switch service remains focused on helping customers make a choice
- In March 2020, the Current Account Switch Service facilitated over 113,000 switches
- Business switching totals from January to March 2020 increased 52 per cent compared to the previous quarter
- 6 million switches have been completed since the launch of the Current Account Switch Service, including 280,520 between January and March 2020.
The Current Account Switch Service today publishes the Q1 2020 Dashboard reporting the latest switching figures and trends. In March 2020 the service facilitated over 113,000 switches, and total switches for business current accounts reached 8,119 in February.
The Current Account Switch Service has completed 6.6 million switches since launching in 2013, 280,520 of which took place between January and March 2020.
Since the Current Account Switch Service launched in 2013 more than 95.1 million payments have been successfully redirected by the service, with a seven-day switching success rate of 99.2 per cent.
The Q1 2020 Dashboard shows that awareness of, and satisfaction in, the Current Account Switch Service remained above the regulatory targets at 79 per cent and 92 per cent respectively through January, February and March 2020.
Despite the impact of Covid-19 on the wider financial ecosystem, a total of 107,611 personal switches and 5,426 businesses switches occurred in March 2020. Although it is too early to say how the Covid-19 pandemic will impact the switching market in the longer term, the Current Account Switch Service remains available to help anyone who wishes to switch.