Record quarter for Current Account Switch Service

Between the beginning of October and the end of December over 376,000 people switched current accounts.

The Current Account Switch Service (CASS) recorded its most active quarter on record by helping over 376,000 people change current account providers. This is over 150,000 more switches than in the previous quarter, between July and September.

The CASS is an independent, free service which helps UK current account holders to switch providers. Customers tend to switch accounts for a variety of reasons, which range from poor service to gaining a cash switching incentive, according to Rachel Springall, Finance Expert at Moneyfacts.

“The record-breaking quarter for current account switching came at a time when several banking brands were offering a free cash sweetener amid a cost of living crisis,” she said.

During the four quarters of 2022 monthly switching statistics peaked in November, a time when both high street banks HSBC and Nationwide BS offered potential customers £200 to switch to their current accounts.

“It’s positive to see customers taking steps to ditch their existing account to find a better deal and potentially get a free cash incentive in the process,” said Springall.

Today, the number of current account switching incentives has waned. After launching the incentive this week, Santander is the only provider offering eligible customers £200 to switch to their Edge current account.

However, while there may not be much of a recent incentive to switch banks, Springall said new offers could return to the market in the coming months as banks begin to vie for business.

In 2021 the CASS facilitated over 782,000 current account switches. Last year this was surpassed as it facilitated up to 987,000 switches.

In addition, for the first nine months of 2022, high street banks saw some of the biggest customer gains. From January to March, NatWest enjoyed the biggest gain in current account holders. Meanwhile, from April to June, this achievement was enjoyed by HSBC.

While this provider continued to enjoy an influx of current account holders between July and September, Santander ultimately made the most switching gains in this period.