The Current Account Switch Service surpasses 11 million total switches

• 247,729 switches took place between July and September, bringing the total number of switches to 11.1 million.
• The busiest month during the quarter was July, which saw 107,148 switches
• End user switching data, which is three months in arrears, reveals that Santander, Nationwide, NatWest and Danske had the highest net switching gains between April and June 2024.

31 October, 2024: The Current Account Switch Service today publishes its Q3 2024 Dashboard reporting the latest switching figures and trends.

The Current Account Switch Service has facilitated 11.1 million switches since it was launched 11 years ago in September 2013. Between July and September this year, 247,729 switches took place, with 107,148 occurring in July alone.

The Current Account Switch Service has facilitated 1,315,087 switches in the past 12 months. During this period, the Service has also increased its customer footprint, with consumers now able to choose between 54 different banks and building societies, up from 51 in September 2023.

End user data, which is three months in arrears, show that from April to June 2024, Santander had the highest net switching gains with 58,070 over the period, followed by Nationwide (22,894), NatWest (5,080) and Danske (2,989). During Q3 2024, awareness of the Service remained high at 77%, while 92% of consumers were satisfied with their switch.

As hundreds of thousands of consumers continue to switch, the Service has now successfully redirected 156.2 million payments. Thousands of businesses also opt to switch via the Service, with 5,527 doing so between April and June this year.

Online or mobile banking (45%) was top reason people preferred their new account, followed by interest earned (37%). Customer service was third most important reason, rising to 34%, up from 29% in Q2 2024. A similar rise was seen for the fourth most important reason, location of branches, which was cited by 27% of respondents, up from 24% in Q2 2024, suggesting both factors are of rising importance for switching consumers.

This announcement comes as new research from Pay.UK highlights a disconnect between perceived financial literacy and practical money management skills.3 While 78% of UK adults consider themselves financially literate, 71% of respondents admitted they don't fully understand how a savings account works. This gap in knowledge may contribute to ongoing financial struggles, with a fifth of self-proclaimed financially literate individuals running out of money each month. In the context of rising competition between banks, as they introduce new incentives and benefits to attract customers, these findings suggest that better financial education could play a key role in helping people choose and switch to accounts that better support their financial wellbeing.

John Dentry, Product Owner at Pay.UK, owner and operator of the Current Account Switch Service, said:

“The Service sits in the centre of an increasingly competitive and dynamic banking market. Banks and building societies are actively developing, and announcing, new innovative incentives, often packaging multiple offers together to sweeten the deal. We are also seeing a stream of new products and perks to help entice consumers, and with this backdrop, consumers should keep their eye on their provider and the wider market to ensure they’re with the bank that best suits their needs.”

“Quick, hassle-free switching plays a crucial role in ensuring that customers can easily find a current account that works best for their individual needs. Whether for personal banking or small businesses, the ability to switch accounts in a seamless, free, and efficient way is vital. This ensures everyone has the freedom to choose a provider that offers the best fit, no matter what services or features they’re looking for. The Service remains committed to working with partners and consumers to maintain this high level of support."

To see the full Q3 2024 dashboard, click here