The Current Account Switch Service has facilitated over 1 million switches for the second consecutive year.
According to data in the recently-published Q4 dashboard, 309,290 switches occurred in the period October to December 2024, taking the total number of switches last year to just over 1.1 million.
Documenting a variety of switching data, customer data, and market commentary, the dashboards evaluate the performance of the service throughout 2024, highlighting its role as a core part of a healthy UK banking ecosystem.
It shows online or mobile banking as the top reason people preferred their new account (46%), followed by interest earned (37%), and customer service (32%). Spending benefits, such as cashback and account fees or charges, was fourth at 27%, a level not seen since the start of 2023.*
An overwhelming majority (91%) of Current Account Switch Service customers were satisfied with the process and 90% would recommend it.
The service, which makes switching a current account between banks and building societies simple, reliable and stress-free, continues to go from strength to strength, having now facilitated 11.4 million switches and redirected 160.5 million payments since its launch in 2013.
John Dentry, Product Owner at Pay.UK, owner and operator of the Current Account Switch Service, said:
“2024 was yet another busy year for the Service, and these figures are ultimately being driven by increasingly money-conscious consumers. Banking institutions, whether they be neobank disruptors or traditional high street banks, continue to present diverse, innovative and increasingly generous offers to win over hot-footed switchers.
“We’re pleased to see such high satisfaction and completion rates, cementing the Service’s position as critical infrastructure which enables a healthy and competitive banking marketplace. Whether it’s a business or an individual, the Service will continue to guarantee switching current accounts remains a quick, free and easy process.”
You can view the dashboard here: CASS-Dashboard-Q4-2024_V5.pdf
* Online research with over 2,000 respondents conducted by the Current Account Switch Service.