More than 1 million Brits switched bank account in 2014

Source: Payments Council

The Payments Council today (22 January) published its latest dashboard for the Current Account Switch Service, covering the whole of 2014.

By the end of December 2014 more than two-thirds of people (69%) in the UK were aware of the Current Account Switch Service - up from 59% at the end of the year before. Customer confidence in the new service was similarly high, increasing from 58% to 65% over the same time period. There were 1,156,838 switches in 2014, up from 1,030,718 switches in 2013.

The reach of the service has also recently expanded. Two banks - Duncan Lawrie and Weatherbys Private Bank - signed up to the Current Account Switch Service in December, bringing the total number of banks and building societies offering the switching service to their customers to 36.

The latest edition of the Current Account Switch Service Dashboard (no.5) is available to download from the 'data' part of the Current Account Switch Service section on the Payments Council website.

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