Jump in bank account customers ditching and switching
In total, 10.9 million switches have taken place since September 2013
![Several banks have recently ended offers of cash to switch (PA)](https://static.independent.co.uk/2024/04/23/14/753a4a91034c38a1fdcabe30a72c8d1cY29udGVudHNlYXJjaGFwaSwxNzEzOTYzMDA3-2.38487481.jpg)
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Andrew Feinberg
White House Correspondent
The number of bank account switches taking place has jumped by 10% over the past year, new figures show.
Some 313,293 switches facilitated by the Current Account Switch Service (Cass) took place between April and June.
Over the past 12 months, the service has enabled 1,411,553 switches, marking a 10% increase compared with the previous year.
The latest switching data indicates that NatWest, Royal Bank of Scotland (RBS), TSB and Lloyds Bank made the highest net switching gains between January and March this year among customers using the service.
NatWest had the highest net switching gains with 60,497, followed by RBS (13,210), TSB (11,640) and Lloyds (11,076).
In total, 10.9 million switches have taken place since Cass launched in September 2013.
The service aims to take the hassle out of switching banks, by automatically moving payments to the new account.
So far, the service has redirected 152.7 million payments.
John Dentry, product owner at Pay.UK, owner and operator of Cass, said: “The continued upward trend in current account switching underscores the importance that consumers and businesses place on finding the right banking partner.
“This quarter’s switching data reflects not only a robust and competitive market but also the trust and confidence that end users have in the Current Account Switch Service.
“As the UK economy shows signs of recovery, it’s encouraging to see that the service remains a critical tool for those looking to switch their current account.
“Whether for individuals or small businesses, the ability to switch accounts through a process that is quick, free and easy ensures that everyone can find a current account that best serves their needs, whatever they may be.”
![The number of current account switches taking place has jumped by 10% over the past year, the Current Account Switch Service said (Tim Goode/PA)](https://static.independent.co.uk/2024/07/25/00/c1431c31f13851d48f44c778db4415d3Y29udGVudHNlYXJjaGFwaSwxNzIxODk3NDk0-2.53247940.jpg)
Here are the net switching gains or losses made by banks and building societies between January 1 and March 31 2024. The figures do not include switches made outside Cass:
AIB Group (includes includes Allied Irish Bank Britain and Northern Ireland brand switches) -minus 556
Bank of Ireland – minus 439
Bank of Scotland – minus 1,361
Barclays – minus 38,779
Co-operative (includes Smile brand switches) – 2,923
Danske – 65
Halifax – minus 21,174
HSBC (includes First Direct brand switches) – minus 186
JP Morgan Chase – minus 7,273
Lloyds Bank – 11,076
Monzo – minus 1,838
Nationwide – minus 7,301
NatWest – 60,497
RBS (includes Coutts and Isle of Man brand switches) – 13,210
Santander – minus 11,621
Starling Bank – 1,813
Triodos Bank – 161
TSB – 11,640
Ulster Bank – 2,632
Virgin Money – minus 5,796
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