Latest figures provided by the current account switching service (CASS) show that over 341,075 people switched current accounts between January and March 2023.
The figures, which we look at in more detail below, are a clear indication that customers are becoming more price-sensitive and tech-savvy, hunting for deals and embracing new types of banking technology.
What is the current account switching service (CASS)?
The current account switching service guarantees a simple, reliable and stress-free switch, handling the arduous process of switching bank accounts from start to finish. CASS will switch all of your payments, move your balance and close down your old account; they even guarantee to reimburse any missed payments. Over 6 million people have used the service since its launch in 2013, with more people than ever opting for a new banking experience through fintech banks such as Monzo and Starling. Another reason for the rise in switches can be attributed to the increase in the offers from the high street banks, encouraging people to make the switch. We cover the very best deals in our article best current account switching offers and incentives.
Current Account Switch figures - January to March 2023
Below we have summarised the switch figures for the top banks between January and March 2023. For this period NatWest saw the biggest increase in switches, closely followed by HSBC, Lloyds Bank, RBS and Santander.
The app-only bank Starling has consistently seen a big increase in customers switching to them which shows that customers are embracing technology and are being won over by the additional features and functionality on offer, however, switching incentives may be more enticing for customers at the moment as they had fewer switches in this quarter compared to some high street banks. A concern that remains for customers and is perhaps the biggest hurdle to overcome for the new wave of fintech banks is security and we cover this and more in our independent review of Starling Bank.
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Should I switch current accounts?
The decision is ultimately yours but thanks to the multitude of offers available for switching bank accounts and the emergence of fintech banks, there has never been a better time to switch. CASS makes the process simple and the fact that they guarantee to cover any missed payments should give you extra confidence. If you are undecided, you may wish to explore your finances in more detail and open banking has made it easier than ever to do so.
There is a huge range of budgeting apps that you can download to help you fully understand your finances and we review the most popular ones in our article the best budgeting apps in the UK - how to budget without trying. A budgeting app can help you to work out where you are spending your money, help you to close down wasteful subscriptions and understand your bank charges; it is a great first step before making the leap to switch bank accounts.