More than a million accounts switched in 2019

More than one million banking customers switched their accounts in 2019, according to data from the Current Account Switch Service (CASS).

With incumbents and digital challengers offering more competitive rates and a range of new online and mobile app services, the figures show that switching reached its highest level since 2016, with 260,000 switches completed between October and December of last year.

Of the 49 lenders participating in the CASS, Nationwide Building Society saw the largest net switching gain in the third quarter, followed by Monzo, HSBC and Starling.

The figures revealed that 6.3 million account switches have taken place since the service launched in 2013, with more than 90.6 million payments successfully redirected by the service, with a seven-day switching success rate of 99.6 per cent.

A survey of 2,300 customers who used CASS to switch their account were found the majority were happy with the decision to move, with over three quarters (77 per cent) saying they prefer their new current account. Key improvements experienced by switchers include online banking (48 per cent) and customer service (47 per cent).

Age continues to play a central role in switching behaviour, with a clear divide between older and younger generations.

Over the past three years, of those who switched over the age of 45, three quarters used CASS, with 41 per cent of those under 25 doing so. Those over the age of 55 are most likely to have heard of CASS (89 per cent), whereas those who are under 25 are the least likely to be aware of the service (49 per cent).

Matthew Hunt, chief operating officer of Pay.UK, owner and operator of CASS, said: “Although switching figures are increasing, there are still many people who could be taking advantage of the opportunities presented by moving their current account.

“This is particularly true of those in younger age groups and those considered financially vulnerable,” he continued. “We work to bring the benefits of switching to all by making it easy and hassle free, allowing people to move to an account which works better for them, whatever their financial situation.”

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