Latest Current Account Switch Service figures published

Source: Bacs

The latest figures for the Current Account Switch Service (CASS) are published today (24 January), showing that nearly 4.5 million (4,452,146) successful switches have taken place since the service launched in 2013.

Over 38 million payments have now been redirected by the service, which reports a seven day switching success rate of 99.3 per cent, while 93 per cent of those surveyed during Q4 2017, who have switched their current account in the last three years, said that they were satisfied with the process.

Following the launch of public awareness campaigns during Q3 and Q4, awareness levels hit a new high in October of 84 per cent. Also, during the last quarter, and possibly driven by broader bank market activity, November 2017 saw the most monthly switches (110,774) since March 2016.

This figure represents the fourth highest number of switches completed in a single month since the service launched. Across the year (1 January to 31 December 2017), there were a total of 931,956 switches recorded, with 247,700 of these coming in the last quarter (October - December 2017).

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