Current Account Switches rise as the economic climate shifts

Issue 402 | 31 October 2022

Simple, reliable and stress-free

The Current Account Switch Service (CASS) operated by Pay.UK makes switching your current account simple, reliable and stress-free¹.

Every quarter Pay.UK release an update on both the service performance of the Current Account Switching Service it operates and of the participants that subscribe to the service.

This newsletter focusses on which UK banks (and building societies) are winning and losing in the race to bank the UK’s population.

We’ll be back later this week with news on the service performance by Pay.UK and the CASS participants.

Current Account Switches rise as the economic climate shifts

Amidst a rapidly changing financial environment, the latest Current Account Switch Service (CASS) dashboard reveals switching volumes increased across the last quarter, rising every month from July (57,204) to August (74,459) and then reaching a 2022 high in September (90,445).

Between July and September 2022 the Current Account Switch Service processed 222,108 switches, an increase on the 191,777 it facilitated in the previous quarter between April and June 2022. The growth in switching volumes coincides with a changing economic climate in the UK, which has led to many assessing their options and favouring current accounts that offer a switching incentive or a higher rate of interest.

Monthly switching volumes increased from July (57,204) to August (74,459) and reached a record level for 2022 in September (90,445).

Rolling 12-month totals also show an annual increase between Q2 2022 (850,243) and Q3 2022 (859,751).

In the third quarter of 2022 itself,  222,108 switches took place through the service, which is 26,794 more than in the same quarter in 2021.

Source: Pay.UK

Looking for a new current account provider?

Amidst rising living costs, people are increasingly looking for a current account that works best for them; offering a positive on and offline experience as well as quality customer service. This is continuing to lead many to consider different providers.

Those looking for a new current account can switch with confidence, safe in the knowledge that switching to an account that suits them better is a quick, free, and easy process through the Current Account Switch Service.

David Piper, Head of Service Lines at Pay.UK, owner and operator of the Current Account Switch Service

Winners and losers

We’ll be back later in the week with a CASS service performance update but this newsletter focusses on which UK banks (and building society) are winning and losing in the race to bank the UK’s population.

Q2 2022: Participant performance

Pay.UK publish participant CASS data a quarter in arrears so the latest data provides an insight to switches completed in Q2 2022:

Source: Pay.UK

Of the 47 brand participants 9 brands recorded a net gain of accounts (note: a number of brands are included in a catch all ‘low value participant’ category which recorded 613 gains and 1235 losses so it is possible that an individual brand or two made a small net gain).