The Current Account Switch Service hits 10 million total switches following busiest quarter since launch
- As the UK’s financial landscape continues to evolve, the latest Current Account Switch Service Dashboard reveals that between October and December 2023, 433,701 switches took place; the highest quarterly figure on record.
- End user switching data, which is three months in arrears, showed that NatWest, HSBC, TSB and RBS had the highest net switching gains between July and September 2023.
- November saw the highest total number of monthly switches since the Service was launched over ten years ago, with 162,637 switches taking place.
25 January, 2024: The Current Account Switch Service today publishes its Q4 2023 Dashboard1 reporting the latest switching figures and trends.
Between October and December 2023, the Current Account Switch Service facilitated 433,701 switches, the highest quarterly total recorded since the Service was launched over ten years ago. These figures take the total number of switches since September 2013 to 10.2 million.
The elevated switching figures may indicate that both consumers and businesses are reevaluating their existing accounts amid ongoing economic uncertainty. Account holders may be exploring banks and building societies that provide more tailored services, attractive switching incentives, or promotional offers that better suit their needs.
Signalling a healthy and competitive switching environment, figures from Q4 2023 are 15% higher than Q4 2022 (376,107), which was the highest switching quarter at the time.
Monthly switching volumes peaked in November with 162,637 personal, small business and charity accounts being switched, the highest month ever recorded. October and December saw 141,924 and 129,140 total switches respectively. Within these figures, small business and charity accounts saw a strong quarter, with 5,616 accounts being switched during the period.
End user data, which is three months in arrears, showed that from July to September 2023, NatWest had the highest net switching gains at 59,158. This was followed by HSBC (25,037), TSB (15,754) and RBS (6,382).
During Q4 2023, 77% of people were aware of the Service, and 87% satisfied with their switch. 99% of switches were completed within seven working days.
As has been the case for consistent quarters, online or mobile banking (44%) was the top reason why people preferred their new account. Following this, interest earned (34%) was the second most important reason, with customer service (33%) and location of branches (22%) coming in at third and fourth respectively.
John Dentry, Product Owner at Pay.UK, owner and operator of the Current Account Switch Service, said: “Once again, the run-up to the Christmas period proves itself to be an important time for switching current accounts. It’s encouraging to see more consumers and businesses utilising the Service to take advantage of a healthy banking market and ultimately find a current account that best serves their needs.
“As interest rates appear to be stabilising, it will be interesting to see how the market develops. Despite higher interest rates, cash incentives and other financial benefits, online and mobile banking still continues to be the most significant reason that consumers prefer their new current account.
“Following another year of high switching volumes, those considering a new current account should be comforted by the fact that the Service has facilitated over 10 million switches through a quick, free and easy process.”
Notes to editors
1 Full details are available in the latest edition of the Current Account Switch Service Dashboard (no.41), and includes the latest customer movement data for Q3 2023. DOWNLOAD CASS Dashboard Q4 2023
2 Online research with over 2,000 respondents conducted by the Current Account Switch Service.
For further information, contact CASS@mhpgroup.com / 07586 050 758