Time to break up with your current bank? Falling in love with a new bank? Let CASS help you

Issue 366 | 3 August 2022

Trouble and strife

In a week that we have seen trouble in the IT room for a UK building society and strife in the boardroom for a global bank it’s useful that the UK’s Current Account Switching Service (CASS) offers a simple, effortless and trustworthy way to switch our bank account to a new provider.

With CASS, no longer do we have to risk disrupting our finances when moving from an ‘old’ bank to a ‘new’ bank.

Falling in love with a new bank?

Time to break up with your current bank?

The let the Current Account Switching Service mediate a transfer to a new banking provider in just seven days - guaranteed¹.

Each quarter Pay.UK, the operators of the UK’s CASS scheme, publish service performance data for the last quarter and participant data for a quarter in arrears.

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Winners and losers

We’ll be back with a 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.

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Q1 2022: Participant performance

For competitive reasons Pay.UK publish participant CASS data a quarter in arrears so the latest data provides an insight to switches completed in Q1 2022:

Source: Pay.UK

Of the 47 brand participants 8 brands recorded a net gain of accounts.²

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Winners and losers by brand