Current account switching on the rise
Issue 193 | 29 October 2021
In this premium edition of Payments:Unpacked we take an in depth look at the latest data released about the UK’s Current Account Switching Service (CASS).
Current account switches increase by 29,855 in Q3 compared to Q2
In this latest dashboard, we find out how many of us transferred our bank account in Q3 2021 and who the switching winners and losers were in the three months of the year following Lockdown 3.0.
The number of switches during 2021
As previously reported the steady state of Current Account Switches was disrupted by the emergence of the COVID pandemic in the first half of 2020. Although the number of switches began to rise during the Autumn, the December switching level had fallen to 41,357 (a mix of seasonal and lockdown factors being the probable cause).
While current account switches dipped again in January (31,854) and February (42,398) as Lockdown 3.0 took hold, there was a significant increase in March (63,724) as the roadmap for the COVID-19 recovery became clearer. This recovery has continued as restrictions have continued to ease. During Q2 2021 182745 current account switches were completed, 44769 more than in the previous quarter. The number of switches rose by a further 29855 in Q3 2021 with 212600 switches taking place between July and September.
Source: Pay.UK
A total of 7.6 million current accounts have now been switched since the service was launched in September 2013.
The number of Current Account Switch Service users rose in Q3 as consumers continued to explore digital options and switching offers.
The return of competitive incentives being offered by participating banks and building societies is a strong sign of confidence returning to the market. This growth is encouraging and as we look to the end of the year our focus remains on ensuring our service is widely available to those looking to switch accounts in a simple, reliable, and stress-free manner.
David Piper, Head of Service Lines at Pay.UK, owner and operator of the Current Account Switch Service
Q3 2021: CASS performance
The CASS insights published by Pay.UK (the operator of the switching service) show us that during Q3 2021:
A total of 212,600 switches took place between July and September 2021, 29,855 more than in the previous quarter.
In the past 12 months 722,594 switches in total have been processed through the service.
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