Source: Current Account Switch Service
The latest figures for the Current Account Switch Service (CASS) are published today (24 October), showing that over 5.1 million (5,145,568) successful switches have taken place since the service launched in 2013.
A total of 693,422 switches have taken place since the start of this year with 193,621 completing in the last quarter alone (July - September 2018). Between 1 October 2017 and 30 September 2018, 941,122 switches were completed - up 5 per cent on the previous 12 months.
Over 63.9 million payments have now been redirected by the service, which reports a seven day switching success rate of 99.4 per cent, while 91 per cent of those surveyed during Q3 who have switched their current account in the last three years said that they were satisfied with the process.
Now part of leading retail payments authority, Pay.UK, the Current Account Switch Service celebrated its fifth anniversary last month (September), and has grown to include 47 participating banks and building societies, representing over 99 per cent of the UK’s current account market.
And, during the last quarter, a new multi-media marketing and advertising campaign encompassing TV, digital, out of home and social media activity was launched to target the 18-24s market and the financially vulnerable.