Current account switching: more than 1 million ditch their bank in a year
Total of 3.25 million current account switches since process was simplified three years ago.
More than one million people switched current accounts in the last 12 months, new figures have revealed.
Today (September 16) marks the third anniversary of the Current Account Switch Service, which was introduced to simplify bank switching and ensure it takes no longer than seven days.
You can read more about how it works here.
More people switching current accounts
A total of 3.25 million people have switched since the service was launched in 2013, with 1.15 million of those coming in the last 12 months.
That’s the biggest annual figure we’ve seen so far, suggesting more bank customers are buying into the idea, albeit gradually.
An increase in switching is good news for everyone, as it boosts competition in the sector and sends a clear message to banks that customers won’t put up with a poor product or service.
Simon Kirby MP, Economic Secretary to the Treasury, said of the latest switching data: “Increasing competition in banking is part of the Government’s plan to make sure that every customer can access the best deal for them.
“Three years on, I’m delighted that more than three million switches have taken place and more banks than ever are providing this service to customers.
“The seven day Current Account Switch Service allows customers to hold their banks to account by allowing them to vote with their feet and switch where they see a better deal – simply, quickly and reliably.”
Find the account that's right for you: compare deals
Why do people switch?
There are a number of reasons why someone would change accounts. It might be that they are simply fed up with the level of customer service they’re currently receiving, or they might feel they can get better perks elsewhere.
We repeatedly poll loveMONEY readers to find out what you most want from a current account.
As you can see from the results below, getting paid a decent rate on your in-credit balances is comfortably the biggest draw (even if that is becoming increasingly difficult).
Make sure you get the best deal
Of course, no single bank account is best for everyone, so think carefully about your own financial situation before switching.
If you want more info, had a read of our round-ups of the best in-credit accounts, the best accounts for switching bonuses, the accounts that still offer a fee-free overdraft and the top student current accounts.
Find the account that's right for you: compare deals
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