Latest Current Account Switch Service figures published

Source: Bacs

The latest figures for the Current Account Switch Service are published today (26 April), showing that over 3.7 million (3,768,492) successful switches have taken place since the service launched in 2013.

During the last 12 months (1 April 2016 to 31 March 2017), a total of 949,047 switches were completed, with 248,302 switches recorded in the last quarter alone (January - March 2017).

Following the latest burst of advertising activity, awareness levels of the Current Account Switch Service also reached a new record high of 79 per cent last month (March) - representing an increase of 21 percentage points since launch.

The first quarter of 2017 also saw Bacs publish the first Current Account Switch Service annual report. Meeting one of the commitments set out by the Competition and Markets Authority’s (CMA) final report into retail banking, the report outlines the many successes achieved over the last three-and-a-half years since the service was launched, and can be found here.

And at the end of March 2017, mobile-only Starling Bank became the latest brand to join the Current Account Switch Service. Forty seven current account providers are now participating in the service, covering almost 100 per cent of the UK’s current account market.

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