Surge in current account customers ditching and switching their bank

14 days ago Yahoo News UK

A record number of current account holders ditched and switched their bank using the seven-day switching service in the last three months of 2022, figures show. The Current Account Switch Service (Cass) processed 376,107 switches between October and December. Cass said the high switching totals align with a number of strong incentives and offers from current account providers at the time. Under the initiative, current account switches are usually completed in seven working days and payments are automatically moved from the old account to the new one. The figures do not cover switches made outside the scheme:AIB Group UK (includes Allied Irish Bank NI and Allied Irish Bank GB brand switches), minus 788Bank of Ireland, minus 395Bank of Scotland, minus 1,366Barclays, minus 18,646Co-operative Bank (includes Smile brand switches), minus 4,533Danske, minus 278Halifax, minus 3,677HSBC (includes First Direct brand switches), 13,119Lloyds Bank, minus 4,928Monzo, 6,038Nationwide Building Society, 3,248NatWest, minus 11,525RBS (includes NatWest International, Coutts and Isle of Man brand switches), minus 4,831Santander, 29,105Starling Bank, 9,070Triodos Bank, 285TSB, minus 10,400Ulster Bank, minus 509Virgin Money, 2,503
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