Jump in current account customers ditching and switching

The number of current account switches taking place has jumped by 10% over the past year, new figures show.

Some 313,293 switches facilitated by the Current Account Switch Service (Cass) took place between April and June.

Over the past 12 months, the service has enabled 1,411,553 switches, marking a 10% increase compared with the previous year.

The latest switching data indicates that NatWest , Royal Bank of Scotland (RBS), TSB and Lloyds Bank made the highest net switching gains between January and March this year among customers using the service.

NatWest had the highest net switching gains with 60,497, followed by RBS (13,210), TSB (11,640) and Lloyds (11,076).

In total, 10.9 million switches have taken place since Cass launched in September 2013.

The service aims to take the hassle out of switching banks, by automatically moving payments to the new account.

So far, the service has redirected 152.7 million payments.

The continued upward trend in current account switching underscores the importance that consumers and businesses place on finding the right banking partner

John Dentry, product owner at Pay.UK, owner and operator of Cass, said: “The continued upward trend in current account switching underscores the importance that consumers and businesses place on finding the right banking partner.

“This quarter’s switching data reflects not only a robust and competitive market but also the trust and confidence that end users have in the Current Account Switch Service.

“As the UK economy shows signs of recovery, it’s encouraging to see that the service remains a critical tool for those looking to switch their current account.

The ability to switch accounts through a process that is quick, free and easy ensures that everyone can find a current account that best serves their needs

“Whether for individuals or small businesses, the ability to switch accounts through a process that is quick, free and easy ensures that everyone can find a current account that best serves their needs, whatever they may be.”

Here are the net switching gains or losses made by banks and building societies between January 1 and March 31 2024. The figures do not include switches made outside Cass:

AIB Group (includes includes Allied Irish Bank Britain and Northern Ireland brand switches) -minus 556

Bank of Ireland – minus 439

Bank of Scotland – minus 1,361

Barclays – minus 38,779

Co-operative (includes Smile brand switches) – 2,923

Danske – 65

Halifax – minus 21,174

HSBC (includes First Direct brand switches) – minus 186

JP Morgan Chase – minus 7,273

Lloyds Bank – 11,076

Monzo – minus 1,838

Nationwide – minus 7,301

NatWest – 60,497

RBS (includes Coutts and Isle of Man brand switches) – 13,210

Santander – minus 11,621

Starling Bank – 1,813

Triodos Bank – 161

TSB – 11,640

Ulster Bank – 2,632

Virgin Money – minus 5,796