More than 6 million current accounts have been switched since 2013
The Current Account Switch Service has completed more than 6 million bank account switches since it launched in 2013. The figure includes nearly 230,000 switches completed between July and September this year.
When you switch accounts with the Current Account Switch Service, all your outgoing payments, such as direct debits and standing orders, are transferred automatically within seven working days. So too are your incoming payments such as your salary or pension.
Age continues to be a key indicator of switching behaviour. More than two-thirds (37 per cent) of under 25s are likely to “multi-bank” and leave their old account open when getting a new one with a different provider, compared to 17 per cent of over 35s.
Pay.UK, which runs the Current Account Switch Service, found that those aged over 35 are more likely (65 per cent) to complete a switch using the Current Account Switch Service than those aged under 25 (42 per cent).
Of those who left their old account open, nine in 10 (90 per cent) moved at least some of their regular payments to their new account. One in four (26 per cent) had their bank transfer these payments across, with two-thirds (64 per cent) making the changes manually.
Amongst those who completed a switch using the Current Account Switch Service, three quarters (74 per cent) say their new current account is better than their old one, with online banking (45 per cent) and customer service (42 per cent) identified as the main improvements.
Increasing numbers of switchers said that mobile banking was also important with nearly four in 10 (38 per cent) saying provision of this service was better from their new account.
Matthew Hunt, COO of Pay.UK, said: “Exceeding six million switches is a substantial landmark, and it’s great to see that so many people have made use of the Current Account Switch Service to find a bank account that suits them better.
“There are still plenty of people who could be taking advantage of the opportunities associated with switching, particularly amongst the young and those considered financially vulnerable. Our work brings the benefits of switching to everyone by making it simple and stress free, allowing people to switch to an account which better suits their needs, whatever their financial situation.”