You are here: Home - Saving-Banking - News -

September’s current account switch figures hit low

Written by: Paloma Kubiak
The number of people switching current account in September fell to a new 2017 low, data reveals.

The Current Account Switch Service (CASS) launched four years ago in September 2013 and since then, more than 4.2 million switches have taken place.

However, the latest figures from Bacs reveal that September’s figures are at their lowest point in the year. The anniversary month saw 57,779 switches through the guarantee, while in total, 60,299 switches were made.

By contrast, the start of the year saw 59,193 switchers via CASS, and in March, the numbers peaked at 92,831.

Since the start of the year, a total of 684,256 switches have taken place, with 217,816 completing in the last quarter (July to September). In the last year (Oct 2016 to 30 Sep 2017), there were 892,643 switches. This is much lower than the 1,059,674 switches in the previous 12 months.

However, CASS reported a 95% satisfaction with the service which it called an “undoubted operational success”.

Where are savers switching to/from?

The latest data available from Q1 2017 (six months in arrears) revealed that Nationwide Building Society was a winner in the switching league.

For switches completing 1 January and 31 March 2017, Nationwide lost 9,620 customers, but gained 48,303 customers.

Barclays saw the largest number of net outflows; having acquired 8,219 customers, it lost 24,275 customers in the three month period.

Overall, HSBC saw the largest number of losses at 36,451, but it gained 45,137.

The table below shows the full number of switches:


There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Everything you wanted to know about ISAs…but were afraid to ask

The new tax year is less than a fortnight away and for ISA savers or investors, it’s hugely important. If yo...

Your right to a refund if travel is affected by train strikes

There have been a wave of train strikes in the past six months, and for anyone travelling today Friday 3 Febru...

Could you save money with a social broadband tariff?

Two-thirds of low-income households are unaware they could be saving on broadband, according to Uswitch.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Five tips for surviving a bear market mauling

The S&P 500 has slipped into bear market territory and for UK investors, the FTSE 250 is also on the edge. Her...

Money Tips of the Week