UK Current Account Switch Service publishes fresh stats

Source: Bacs

The latest figures for the Current Account Switch Service (CASS) are published today (25 July), showing that over 4.9 million (4,951,947) successful switches have taken place since the service launched in 2013.

Between 1 July 2017 and 30 June 2018, 965,317 switches were completed - up 6 per cent on the previous 12 months. Almost half-a-million ( 499,801) switches were completed in the first half of 2018, up 7 per cent compared to the same period in 2017, with 226,331 switches recorded in the last quarter alone (April - June), a year-on-year increase of 4 per cent.

Over 57 million payments have now been redirected by the service, which reports a seven day switching success rate of 98.7 per cent. In addition to this, 94 per cent of those surveyed during Q2 2018, who have switched their current account in the last three years, said that they were satisfied with the process.

Full details are available in the latest edition of the Current Account Switch Service Dashboard (no.19), [downloadable here - www.bacs.co.uk/factsandfigures]; and includes the latest participant movement data for two quarters covering Q4 2017 and Q1 2018.
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