Latest figures provided by the current account switching service (CASS) show that over 227,754 people switched current accounts between July and September 2019.
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 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 - July and September 2019
Below we have summarised the switch figures for the top banks between July and September 2019. HSBC has seen a big increase in customer switches, largely down to the fact that it owns First Direct, an online-only bank that not only regularly wins awards for best customer service but also due to the fact that it currently has one of the best deals for switching.
There has also been a huge increase in customers switching to app-only banks such as Monzo and Starling. It shows that customers are embracing technology and are being won over by the additional features and functionality on offer. 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 reviews of both Monzo and Starling.
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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 to 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.
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