- The Service processed 1,190,676 switches during the last calendar year
- 2024 saw the second consecutive year of over a million switches
- 309,290 switches took place in Q4, 121,545 of which occurred in November
- Nationwide had the highest net switching gains, followed by Barclays, TSB and Lloyds
30th January, 2025: The Current Account Switch Service today publishes its Q4 2024 Dashboard1 reporting the latest switching figures and trends.
The Current Account Switch Service facilitated a total of 1.2 million switches last year, with 309,290 occurring between October and December 2024. Across over 11 years of operation, the Service has successfully redirected 160.5 million payments.
A year dominated by cost of living rises, inflationary pressures and changing interest rates saw a bustling switching ecosystem. The figures mark a second consecutive year of over a million switches, maintaining the momentum of a recording breaking 2023. The busiest week the Service has ever experienced took place in the week commencing 12th April 2024, when 57,874 switches occurred. Over a third (23,981) took place on 10th April.
November was the busiest month in the final quarter of last year, with 121,545 switches taking place as consumers geared up for Christmas. In contrast, small business and charity switches peaked in October at 2,057, totalling 5,383 across the quarter.
End user data, which is three months in arrears, shows that from July to September 2024, Nationwide had the highest net switching gains with 22,622, followed by Barclays (18,053), TSB (12,282) and Lloyds (10,018).
Online or mobile banking (46%) remained the top reason people preferred their new account, as has consistently been the case for consecutive quarters. This was followed by interest earned (37%) and customer service (32%). Notably, spending benefits, such as cashback and account fees or charges, secured the fourth spot 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. Of those who switched their account, 72% prefer their new current account to their old one, with just 2% saying it’s in some way worse.
Almost all (99.7%) switches were completed within seven working days.
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.”
To see the full Q4 2024 dashboard, click here
