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New high for current account switches
More than five million banking customers have switched their current accounts since the launch of the Current Account Switch Service, according to the latest figures published on the fifth anniversary of the service.
The Current Account Switch Service (CASS) was launched in September 2013, and 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.
Commenting on the latest switching figures, Tashema Jackson, money expert at uSwitch.com, said: “Gone are the days where people stick with the bank where they opened their first account as a child. In five years, five million people have taken advantage of the benefits of switching their bank or building society current account. Yet far too many of us have unnecessarily stayed put for years.”
“There has never been a better time to switch, as banks and building societies compete for your attention with gifts, incentives, and a range of rates and fees. Some, like HSBC and Nationwide, are throwing free cash at new customers, whereas you can get your hands on some Bose headphones or a FitBit from First Direct.
“More high street branches are closing as apps and online services improve, reflecting the change in consumer needs, while direct debits and standing orders are now automatically transferred over when you switch accounts – meaning the hassle of changing bank or building society has been completely removed.
“Whatever your priority, you owe it to yourself and your wallet to have a look at switching.”