By Amelia Isaacs on Thursday 28 July 2022
The Current Account Switch Service has completed more than 8.2m switches since launching in 2013.
This marks the second consecutive quarter where two digital banks have appeared in the top five.
CASS saw a year-on-year uplift to annual switching volumes in the second quarter, with the total number of switches increasing by 32 per cent compared with the year before to hit more than 850,000.
“As life in the UK begins to return to its pre-pandemic form, we have seen an uplift in the numbers choosing to switch to a new current account,” Pay.UK head of service lines, owner and operator of CASS David Piper said.
“This trend could continue in 2022 with many looking to take advantage of rising interest rates and the cashback incentives that some providers are currently offering.”
CASS saw 63 per cent of current account switchers in the last 12 months use the service, up from 55 per cent in the two years prior.
The latest data for the second quarter shows service related, non-financial benefits continue to be the primary reason end users prefer their new current account to their old one.
Online banking (47 per cent), mobile banking/banking app ease (41 per cent), customer service (38 per cent) and location of branches (25 per cent) were listed as the top reasons for people preferring their new current account
“Of course, rising living costs provide another reason for people to assess whether their existing current account is providing the right service for their needs, or whether moving to another current account might be a prudent move,” Piper continued.
“Those considering whether it’s time for a new current account should remember that the Current Account Switch Service is free to use and provides a valuable layer of protection to those wishing to switch in a fast and stress-free manner.”
According to CASS, 16 per cent of current account holders are actively thinking about switching, while another 13 per cent and considering switching but have not started looking yet.