- Over 5.6 million switches since the launch of the Current Account Switch Service
- 265,195 switches were completed in Q1 2019
- Age, life events and overdraft usage amongst the major drivers for switching
25th April 2019: The latest figures for the Current Account Switch Service show that 265,195 switches were successfully completed in the first quarter of 2019, taking the total since the service launched in 2013 to over 5.6 million switches.
Awareness of, and satisfaction in, the Current Account Switch Service remained consistently high at 80 per cent and 93 per cent respectively in the first quarter of 2019. Additionally, the awareness of the Current Account Switch Guarantee and the Trustmark, the logo symbolising the service, also saw significant improvements. In the first quarter of 2019, awareness of the Current Account Switch Guarantee reached 69 per cent, up from 64 per cent for the same period in 2018, and the Trustmark saw an increase of nine per cent from 64 per cent in Q1 in 2018 to 73 per cent in Q1 in 2019.
Over 75.5 million payments have now been redirected by the service since its launch in 2013, which reports a seven-day switching success rate of 99.4 per cent.
Consumer research into switching behaviours uncovered a strong correlation between age and switching, with those under 35 three times as likely to actively think about switching than those aged over 55. Major financial life events, such as buying a property or starting a new job, also positively correlated with an increased switching consideration.
During the first quarter of 2019, the Current Account Switch Service launched another awareness-raising campaign which ran until end of February 2019. The campaign was targeted at the financially vulnerable and reached 92.3% of this audience. The campaign ran on TV and digital channels, raising awareness of the smooth process and benefits of switching.