Seven performance facts about the UK's current account switching service
Issue 479 | 5 May 2023
Account Switching winners and losers
The latest Current Account Switch Service (CASS) dashboard published by Pay.UK reveals that between January and March 2023 (Q1 2023) 341,075 switches took place, a figure that is over 70% higher than the same period last year.
Underlying switching service performance
Issue 479 of Payments:Unpacked detailed who the switching winners and losers by bank brand and group were in Q4 2022 and here we explore the underlying performance of the CASS service operated by Pay.UK.
Seven performance facts about the UK's current account switching service
Checkout seven performance facts about the UK’s current account switching service (CASS1):
1: In Q1 23, 99.4% of switches were completed within the seven working day switch timescale.
2: Service related issues cause people to switch their bank account
The top two reasons people rate their new account as better than their old account continue to be service related:
Online banking (41%) - down from 46% in Q4 2022
Customer Service (29%) - down from 42% in Q4 2022
However, perhaps reflecting the current economic climate the third and fourth most important factors were:
Financial benefits including interest earned (29%)
Spending benefits (25%)
3: 69% of those that switched their current account say their new current account is better than their old one and only 2% say it is worse.
4: Satisfaction with the switching service has dipped below target
In Q4 22, 93% of those that had used the Current Account Switch Service in the last five years said they were satisfied with the overall process:
In Q1, 2023 86% of those that had used the Current Account Switch Service in the last five years said they were satisfied with the overall process:
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