Between October and December 2023, Cass facilitated 433,701 switches, the highest quarterly total recorded since the service launched over a decade ago
The number of current account customers shelving and switching their bank or building society hit a record high in the last quarter of 2023, according to the Current Account Switch Service (Cass).
Between October and December 2023, Cass facilitated 433,701 switches, the highest quarterly total recorded since the service started over a decade ago.
The recent figures take the total number of switches since the service launched in September 2013 to 10.2mln.
Account holders may be attracted by switching incentives and promotional offers as well as specific services that more suit their requirements, the service proposed.
Cass was launched to help take the inconvenience out of switching current accounts. Payments are automatically moved to the new account and a guarantee means that if something goes wrong with the shift, the account holder is not left out of pocket.
In November 2023, 162,637 personal, small business and charity accounts were shifted – the highest monthly figures ever logged.
Data also showed that from July to September 2023, NatWest had the highest net switching gains from those using Cass to switch, at 59,158. This was followed by HSBC UK (25,037), TSB (15,754) and RBS (6,382).
At the other end of the scale, Santander made 27,604 net switching losses between July and September, while Barclays made net switching losses of 24,103. The figures do not include current accounts switched outside the scheme.
Andrew Hagger, a personal finance expert from Moneycomms.co.uk noted: The latest Cass figures once again confirm that offering cash incentive drives new business.
He said: HSBC and NatWest offered £200 (to switch) for much of last year and is reflected in their strong performance last year.
Alastair Douglas, chief executive of TotallyMoney noted: The number of switching offers has tailed off in 2024, whether this is simply a lull or maybe the beginning of the end for cash incentives, time will tell, but without the incentives it is highly likely that switching numbers will decline.