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Almost a million savvy switchers ditching bank accounts

Current account switching figures increase by 6% in a year

Customer switching bank account online

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More banking customers are switching their current accounts, according to the latest quarterly figures published by the Current Account Switch Service last week.

The Current Account Switch Service (CASS) is a free-to-use service that helps customers switch between participating banks and building societies, with an aim of completing the switch within seven days.

In the past 12 months (to 30 June 2018), CASS saw a 6% increase in bank account switches. In this year-long period, 965,317 current account switches were completed. More than 4.9 million switches have been completed since the service launched in 2013.

Winners and losers

In the first quarter of 2018 (1 January to 31 March), Halifax gained the most customers through CASS switches, followed by Nationwide and HSBC.

Losers in the quarter included Barclays, Lloyds and Co-operative. Challenger bank Starling seems to be growing quickly, gaining six times as many customers as it lost in the first quarter.

Tashema Jackson, money expert at uSwitch.com, says: “A six per cent increase in customers switching their current account is great news, as it shows that savvy consumers are not willing to put up with poor service, have voted with their feet and found a new current account provider.

“As with any service, if you find that your bank is not meeting the expectations you have, especially given you are likely to be using it every single day, then don’t be put off switching to a new one.”

Switching incentives

Aside from switching away from poor service and even high-profile IT outages, account holders that switch could also get incentives offered by banks looking to attract new customers.

Jackson said: “For the millions of current account customers who have never switched, there has never been a better time to do so. Not only are some banks throwing cash at new customers, others will offer you a choice of gadget worth up to £150. So if you are unhappy with the service you are receiving from your bank, then take a look at the options available to you – don’t forget that the overdraft fees, saving rates and customer service will vary from bank to bank too, so make sure you pick the one which is right for you.”

Compare current accounts

Looking for a better bank account? Search and compare now with uSwitch.

Compare cards

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