Current Account Switch Service reaches 9 million switches milestone

The Current Account Switch Service today publishes its Q1 2023 Dashboard1 reporting the latest switching figures and trends.

Between January and March 2023, the Current Account Switch Service processed 341,075 switches, an increase of more than 70% when compared to the same period last year, which saw 196,964 switches take place. Additionally, the past 12 months (1 April 2022 to 31 March 2023) saw 1,131,067 switches take place through the Service.

Current Account Switch Service end-user data (which is three months in arrears) shows that from October to December 2022, Nationwide saw the highest net switching gains (111,941), followed by NatWest (5,646), Starling Bank (1,810), and Triodos Bank (151).

As the Current Account Switch Service approaches its tenth anniversary, the figures from Q1 2023 reveal that it has facilitated 9.1 million switches in total, while 134.4 million payments have been successfully redirected. The high switching figures over the past 12 months (1 April 2022 to 31 March 2023) signal that end users may be re-considering whether their current account still meets their needs, or whether a new current account provider might suit them better. The high totals in Q1 2023 align with several incentives and switching offers from providers, characteristic of a competitive switching environment for consumers and businesses.

Small business and small charity accounts also saw a strong Q1, with 2,454 accounts being switched in March alone. The overall switching figure for small business and small charity accounts in Q1 stands at 6,421 switches, which represents a 10% increase on figures from the previous quarter (5,835 switches in Q4 2022).

Q1 data reveals the Current Account Switch Service surpassed its awareness target by 4% to hit a target of79%. Further,86% of Current Account Switch Service customers were satisfied with the process, representing a small shift move from “fairly satisfied” to “neither satisfied nor dissatisfied”. The latest data also highlighted that 86% of Current Account Switch Service end users would recommend the process.

The latest data for Q1 2023 shows that almost 7 in 10 (69%) switchers preferred their new current account to their previous one, with service-related, non-financial benefits continuing to be the main reasons end users preferred their new account.

End users cited online or mobile app banking (41%), customer service and interest rate gained (both 29%) as the main reasons for preferring their new account. Spending benefits (25%) was the next most important reason for end users preferring their new current account.

Euan Ballantyne, Head of Product at Pay.UK, owner and operator of the Current Account Switch Service, said: “It is encouraging to see Q1 2023 switching figures surpass Q1 2022’s figures by over 70%, demonstrating the continued relevance of the Service to consumers and businesses across the UK. It is also positive to see another uptake in small business and charity account switches, once again showcasing that the value of the Current Account Switch Service extends beyond personal accounts.

“Those considering a new current account, for whatever reason, can be assured that the Current Account Switch Service, with its 9 million switches and 134.4 million successfully-redirected payments, is a quick, free and easy process.”