Record number of current account switchers
Issue 445 | 30 January 2023
Record number of current account switchers
As the UK’s financial climate continues to shift, the latest data on the Current Account Switch Service (CASS) reveals that 376,107 current account switches took place between October and December 2022 - the highest quarterly figure on record.
The number of switches during 2022
The previously 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 of 2020, 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 2021 (31,854) and February 2021 (42,398) as Lockdown 3.0 took hold, there was a significant increase in March 2021 (63,724) as the roadmap for the COVID-19 recovery became clearer. This recovery continued throughout the remainder of 2021 as restrictions continued to ease – only falling back in December as variant restrictions increased together with the usual seasonal impact.
2022 has reverted to more normal CASS use, this has particularly been the case between October and December 2022 where the Current Account Switch Service processed 376,107 switches. This is an increase on the 222,108 it facilitated in the previous quarter (July and September 2022).
The figures from Q4 2022 represent the highest total volume of switches that the Current Account Switch Service has facilitated since its inception, almost a decade ago, in September 2013.
The high switching totals may signal that consumers and businesses across the UK are reassessing their current account options during the challenging economic climate, looking to accounts that offer services that suit them better, or provide switching incentives.
The high number of switches during the final quarter of 2022 align with a number of strong incentives and offers from current account providers, signalling a healthy and competitive switching environment for consumers and business alike.
Monthly switching volumes peaked in November at 157,376, the highest ever recorded and when compared to the same period in 2021 a volume increase of 73%. October and December had 118,427 and 100,304 switches respectively.
Small business and small charity accounts also saw a strong quarter, with 2,131 accounts being switched in November alone, the highest monthly level since May.
2022 CASS volumes
8.8 million CASS switches since launch
The Current Account Switch Service has now completed 8.8 million switches since launch and successfully redirected 130.9 million payments.
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