UK current account switching service sees modest growth

Source: Bacs

The latest figures for the Current Account Switch Service are published today (20 October), showing that 802,036 switches have taken place since January 2016, an increase of 3% compared to the same period in 2015.

A total of 1.06 million switches were completed in the last 12 months (1 October 2015 – 30 September 2016), up from 1.03 million in the same period one year before, with 234,359 switches recorded in the last quarter alone (1 July – 30 September).

And, by the end of last month, 74% of people in the UK were aware of the Current Account Switch Service – up by 16 percentage points since launch.

The switching engine has now seen 3,311,803 successful switches since 2013 – including over 70,000 small business accounts – and reports a seven day switching success rate of 99.5 per cent.

A brand new website (www.currentaccountswitch.co.uk), and a new multi-million pound media campaign, encompassing prominent TV, radio, print, and digital advertising, was launched last month to coincide with the service’s third anniversary.  

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