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Young people keep switching

Cherry Reynard
Written By:
Cherry Reynard

Over 265,000 people switched their current accounts in the first quarter of 2019, according to the latest figures from the Current Account Switch Service

The brings the total number of switches since the service launched in 2013 to over 5.6 million.

Young people continue to be more inclined to switch than older people. Those under 35 are 3x more likely to think about switching than those over 55. The switching service has tried to address this problem with a new awareness-raising campaign, targeted at the financially vulnerable.

People are also more likely to switch when they face a major life event, such as buying a property or starting a new job.

The group said that awareness of, and satisfaction in, the service – which sees the new bank take care of closing the old account, moving the balance and switching payments – remained consistently high at 80% and 93% respectively in the first quarter of 2019.

Over 75.5 million payments have now been redirected by the service since its launch in 2013, which reports a seven-day switching success rate of 99.4%.