Currenct Account Switch Service reports on first full year of operation

Source: Payments Council

The Payments Council today (15 October) published its latest dashboard for the new Current Account Switch Service, covering the first full 12-month period from the start of October 2013 to the end of September 2014.

More than two-thirds of people (69%) in the UK are now aware of the Current Account Switch Service - up from 60% in October 2013. Customer confidence in the new service is similarly high, increasing slightly from 61% to 62% over the same time period.

These high customer awareness and confidence levels, coupled with a more competitive marketplace, have all resulted in a year-on-year increase in switching levels. In the 12-month period to the end of September 2014, there were 1,203,334 switches. This represents a 22% increase on the number of switches during the same time period the year before when there were 985,600 switches.

Gerard Lemos, Executive Chairman of the Payments Council, said:
“By making switching bank accounts easier for customers than ever before - with the added peace of mind delivered by the Current Account Switch Guarantee - we have created the perfect conditions for competition and choice to flourish amongst new and existing current account providers. These latest figures clearly suggest that the good news is getting through to all those customers who want to change provider - that there has never been a better time to do it.”

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