Time for a switch?

Issue 569: 30 January 2024

Ten Million Current Account Switches

Since the launch in September 2013 the UK’s Current Account Switch Service (CASS) has facilitated 10.2 million switches and successfully redirected 145.7 million payments.

In the latest Current Account Switch Service (CASS) dashboard, published by Pay.UK, we find out how many of us transferred our bank account in Q4 2023 and who the switching winners and losers were in Q3 2023.

November 2023 saw the highest total number of monthly switches since the Service was launched over ten years ago, with 162,637 switches taking place. In total 1,457,165 switches have taken place over the twelve months covering 1 January 2023 to 31 December 2023.

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Q3 2023: Participant performance

Pay.UK publish participant CASS data a quarter in arrears so the latest data provides an insight into switches completed in Q3 2023.

Here’s the winners and losers broken down by participant:

Source: Pay.UK

Of the 48 brand participants in this quarter, six brands recorded a net gain of accounts (last quarter it was 5). 

Note: A number of brands are included in a “catch all” low volume participant category which recorded a net gain of -933 (580 wins and 1,513 losses) so it is possible that an individual brand or two made a small net gain.

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Q3 2023: CASS winners and losers by brand

Pay.UK publish the winners and losers information in alphabetical order but sorting based on net gains and losses provides an interesting picture:

Winners

1: Nat West +59,158

2: HSBC +25,037

3: TSB +15,754

4: RBS +6,382

5: Ulster Bank: +1,885

6: Triodos Bank: +94

Losers

7: J.P.Morgan CHASE: -140

8: Danske: -340

9: Bank of Ireland: -419

10: AIB Group (UK) p.l.c: -590

11: Bank of Scotland: -1,473

12: Starling Bank Ltd: – 1,999

13: Co-operative: – 2028

14: Lloyds: -3,126

15: Monzo Bank Limited -3,197

16: Virgin Money -7,008

17: Halifax: -16,334

18: Nationwide: -16,503

19: Barclays: -24,103

20: Santander: -27,604

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Q3 2023: CASS winners and losers by banking group

Pay.UK publish the winners and losers information in alphabetical order by brand but sorting based on net gains / losses by banking group often provides a different picture.

Winners

For Q3 2023 the top three by group is:

1: Nat West +65,540

2: HSBC +25,037

3: TSB +15,754

Losers

At the other end of the table the picture is a follows when shown by group:

18: Lloyds: -20,933

19: Barclays: -24,103

20: Santander: -27604

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2023 current account switching numbers

The historic performance of the switching service was severely disrupted by the COVID pandemic, however a clear recovery has taken place.

2023 has seen monthly switch volumes in six figures for ten of the twelve months to date – a feat only achieved three times in the period January 2020 to December 2022.

John Dentry, Product Owner at Pay.UK, owner and operator of the Current Account Switch Service, said: 

Once again, the run-up to the Christmas period proves itself to be an important time for switching current accounts. It’s encouraging to see more consumers and businesses utilising the Service to take advantage of a healthy banking market and ultimately find a current account that best serves their needs.

As interest rates appear to be stabilising, it will be interesting to see how the market develops. Despite higher interest rates, cash incentives and other financial benefits, online and mobile banking still continues to be the most significant reason that consumers prefer their new current account.

Following another year of high switching volumes, those considering a new current account should be comforted by the fact that the Service has facilitated over 10 million switches through a quick, free and easy process.

Since the launch in September 2013 CASS has facilitated 10.2 million switches and successfully redirected 145.7 million payments.

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Q4 2023: CASS performance

The CASS insights published by Pay.UK (the operator of the switching service) show us the following monthly switching volumes in Q3 2023 and Q4 2023.