Significant rise in individuals switching current accounts
The latest figures from the Current Account Switch Service (CASS) have revealed that a total of 309,678 Britons changed their current account during the first three months of this year.
124,615 individuals switched their accounts during March. This figure represents the highest monthly total since the launch of the service in 2013, and represents a 10% rise compared to the same time last year.
Presently, there are 68 million active current accounts in the UK. Since 2013, there have been a total of 2.8 million account switches.
However, these latest figures only represent those changing their accounts using the CASS.
The service allows individuals to move to a new account provider within seven working days. Individuals’ incoming and outgoing payments are automatically switched from their old account to their new account.
A guarantee also ensures that, if something were to go wrong during the switching process, people would not be left out of pocket.
Harriet Baldwin, the Economic Secretary, stated: ‘Increasing competition in banking is part of the Government’s plan to ensure customers get a better deal.
‘So I am delighted that the latest figures from the CASS show record levels of customers taking advantage of the service over the past three months.’