Current Account Switch Service completes 8 million switches

The UK’s Current Account Switch Service has completed over eight million switches since its launch and redirected over 120 million payments.

Between January and March of this year, there was an uplift in switching to 196,964 compared to 138,964 switches during the same period of 2021.

Data from the switch service, which is three months in arrears, shows that from October to December 2021, Santander had the highest net switching gains - 36,494 - followed by Nationwide - 33,691 - and Starling Bank - 10,364.

Monzo was in fourth place, gaining 3,068 current account switches, while ethical bank Triodos came in at fifth place with 642 switchovers.

Payments operator and regulator Pay.UK, which owns and operates the service, said that numbers were likely influenced by consumers needing to switch from Tesco and M&S which both closed their current accounts.

“We have seen positive levels of engagement and satisfaction with the Current Account Switch Service at the start of this year, with a higher number of switches taking place compared to this quarter in 2021, when pandemic disruption was more front of mind for many,” said David Piper, head of service lines at Pay.UK, the owner and operator of the Current Account Switch Service. “Of course, with cost-of-living rises continuing to put pressure on many households it’s more important than ever that people assess whether their existing current account is best suited to their needs.

“It may be that an alternative provider could offer something preferable and we would encourage those considering a switch to remember that the Current Account Switch Service is free to use, easy and guaranteed.”

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