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September’s current account switch figures hit low

Paloma Kubiak
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: