The Current Account Switch Service reports strong start to 2024, with 320,364 switches taking place in the first quarter

• A total of 53 different banks and building society brands are now available through the Service, up from 48 this time last year.
• End user data, which is three months in arrears, showed that for the last three months of 2023, Nationwide, Barclays and Lloyds Bank had the highest net switching gains.
• Small business and charity account switching was up 10% compared to the same period last year, with 7,075 switches taking place through the quarter.

25 April, 2024: The Current Account Switch Service today publishes its Q1 2024 Dashboard¹ reporting the latest switching figures and trends.

Between January and March 2024, the Current Account Switch Service facilitated 320,364 switches, bringing its total to 10.6 million since it launched in 2013. During this time, the Service has successfully redirected 149.2 million payments.

Despite interest rates falling, and many banks and building societies restricting incentives, the banking market remains competitive with switching rates remaining at a high level. A total of 53 different banks and building societies are now available through the Service, up from 48 this time last year, giving people and businesses more options than ever before to find a bank account that suits their needs.

End user data, which is three months in arrears, showed that from October to December 2023, Nationwide had the high net switching gains (163,363), followed by Barclays (12,823) and Lloyds Bank (5,800).

March was the busiest month across the quarter, with a total of 132,282 switches. Small business and charity accounts also saw high switching levels, with 7,075 switches taking place, up 10% from the same period in 2023 (6,421).

During Q1 2024, 78% of people were aware of the Service, and 90% of users were satisfied with their switch. Across the same period, 76% preferred their new account to their old one, and only 2% said it was worse. An overwhelming majority (88%) would recommend the Service.

Online or mobile app banking (41%) remains the top reason why people preferred their new account, as was the case across the entirety of 2023. This was followed by interest earned (33%), customer service (28%), and location of branches (23%).

John Dentry, Product Owner at Pay.UK, owner and operator of the Current Account Switch Service, said: “People and businesses have more choice than ever when selecting a banking provider, as we now facilitate switching between 53 different banks and building societies. Cash incentives continue to be a highly effective way for banks to attract customers, but as we repeatedly see through our data, online or mobile app banking remains the top reason why people prefer their new account.

“The end of the financial year may have contributed to a spike in switching from businesses, as many spring clean their finances and set themselves up for a successful year ahead. The importance of having the right account for your business should not be understated, and with our easy, free and guaranteed service, businesses can rest assured that their account will be safely transferred if they find an account that better suits their business needs.”

ENDS

Notes to editors

¹ Full details are available in the latest edition of the Current Account Switch Service Dashboard (no.42), and includes the latest customer movement data for Q4 2023. DOWNLOAD CASS Dashboard Q1 2024

² Online research with over 2,000 respondents conducted by the Current Account Switch Service.

For further information, contact cass@mhpgroup.com ​​​/ 07586 050758

About the Current Account Switch Service

Key features of the Current Account Switch Service include:

• The Service is free to use
• The switch will be completed in seven working days
• The end user can choose and agree the switch date with their new current account provider
• All payments going out (e.g. Direct Debits) and those coming in (e.g. salary) will be moved from the old account to the new account
• Payments accidentally made to or requested from the old account will be automatically redirected to the new account for as long as the facility is required
• The Current Account Switch Guarantee means that the end user will receive a refund of interest and charges on their old and new current accounts if anything goes wrong with the switch
• End users can switch if they are overdrawn but they will need to agree any overdraft facilities required with their new bank or building society