Latest figures provided by the Current Account Switching Service (CASS) show that over 1.4 million current account switches occurred between 1st January 2023 and 31st December 2023 which is a 48% increase when compared to the same period the year before. The latest report also shows that 433,701 people switched current accounts between October and December 2023, the highest total ever.
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. Additionally, a number of banks are offering cashback deals as an incentive for new customers to switch bank accounts and we summarise the best of these deals in our article, 'Best current account switching offers'.
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 10 million switches have occurred since its launch in 2013, with more people than ever opting for a new banking experience through fintech banks such as Starling* and Monzo. 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 to September 2023
Below we have summarised the switch figures for some of the top banks between July and September 2023. The end user switching data provided by CASS is three months in arrears, which means that switching data for Q4 (1st October - 31st December 2023) will be released in the next quarterly update. For the period between July and September 2023, NatWest saw the biggest increase in switches, followed by HSBC, TSB, Lloyds Bank and Halifax. A complete summary of the banks switching data can be found on the pay.uk website.
The app-only banks Starling* and Monzo have consistently seen a generous number of 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 have had fewer switches in the last few quarters compared to some high street banks.
| Bank | New Customers | Lost Customers | Overall |
| Barclays | 4,927 | 29,030 | -24,103 |
| Co-operative | 4,853 | 6,881 | -2,028 |
| Halifax | 27,732 | 44,066 | -16,334 |
| HSBC | 68,360 | 43,323 | 25,037 |
| Lloyds | 27,762 | 30,888 | -3,126 |
| Monzo | 13,531 | 16,728 | -3,197 |
| Nationwide | 12,995 | 29,498 | -16,503 |
| NatWest | 94,796 | 35,638 | 59,158 |
| RBS | 18,151 | 11,769 | 6,382 |
| Santander | 9,371 | 36,975 | -27,604 |
| Starling Bank | 9,705 | 11,704 | -1,999 |
| Triodos Bank | 361 | 267 | 94 |
| TSB | 28,769 | 13,015 | 15,754 |
| Ulster Bank | 4,195 | 2,310 | 1,885 |
| Virgin Money | 2,153 | 9,161 | -7,008 |
(Source: pay.uk)
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.
If a link has an * beside it this means that it is an affiliated link. If you go via the link, Money to the Masses may receive a small fee which helps keep Money to the Masses free to use. The following link can be used if you do not wish to help Money to the Masses or take advantage of any exclusive offers - Starling Bank
