Current account switches peak in November
The Current Account Switch Service (CASS) launched in September 2013 and since then, more than 4.5 million switches have taken place.
The latest statistics from Bacs reveal that November 2017 saw the most number of monthly switches last year at 110,774. A total of 247,700 switches were completed in the last three months of the year.
Over the course of 2017, there were 931,956 switches, down on the 1.01 million switches in the previous 12 months.
A total of 46 banking brands are now under the switch scheme and 99.3% of switches completed within the seven working day timescale.
Where are savers switching to?
The latest data available from Q2 2017 (published six months in arrears) revealed that Nationwide Building Society was a winner in the switching league.
For switches completing 1 April and 30 June 2017, Nationwide lost 7,877 accounts, but gained 46,503 accounts, leaving it with a net gain of 38,626.
TSB recorded a net gain of 20,120, having lost 10,197 accounts but it gained a total of 30,317.
HSBC had the largest outflows with 29,823 but given its 34,750 gain, it was left with a net gain of 4,927.
Halifax lost 29,731 leaving it with -7,840 while NatWest had the largest net loss at -13,826, followed by the Co-operative with -12,710 and -10,164 for Barclays.
Tashema Jackson, money expert at uSwitch.com, said despite nearly a quarter of a million switches in the last three months of 2017, switching numbers remain “erratic” with the highs of November reverting to the reality of December (64,451).
“For consumers it’s important to remember the basics. If you aren’t happy with your bank, don’t feel you need to accept the poor customer service on offer. There are many different options available now, whether you prefer the high street presence of the more traditional banks to the raft of new online challengers. Finding the right bank for your needs will take a little research, but the benefits could be significant from extra cash in your pocket, some banks are offering £100 or more to switch to them, through to cheaper overdraft rates.
“For those worried about switching and the faff involved, using the Current Account Switch Service should alleviate most of your concerns as all your direct debits and standing orders will automatically be moved to your new bank and future payments to your old account will be forwarded as well, ensuring you don’t lose out.”