In the final quarter of 2019, Monzo became the participant that had the largest net switching gain for the first time.

The latest quarterly update from the Current Account Switching Service (CASS) revealed that Monzo was followed by Nationwide, Lloyds, Starling Bank and NatWest.

CASS has completed over 6.6 million switches to date, with more than 280,000 switches taking place between January and March this year.

Over 113,000 switches took place in March alone – the highest monthly total since March 2016 and the third highest ever recorded.

February saw the highest monthly total of business account switches on record. Business switching volume totals between January and March were up 52 per cent compared to the previous quarter.

Key differences in switching behaviours continued to form between older and younger generations, according to CASS. In the past three years, of those who switched over the age of 45, 70 per cent used the service, a figure which dropped to 45 per cent of those aged 34 and under and 36 per cent of those under the age of 25.

Those over the age of 65 are the most likely to be aware of the service (91 per cent), whereas those who are under 25 are the least likely to be aware (45 per cent).

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