- Latest Current Account Switch Service figures published
- 2 million switches since launch of Current Account Switch Service
- Satisfaction rate of 95% during last quarter
The latest figures for the Current Account Switch Service are published today (25 October), showing that in excess of four million (4,204,446) successful switches have taken place since the service launched in 2013.
Over 27 million payments have been redirected by the service, which reports a seven day switching success rate of 99.4 per cent, while 95 per cent of those surveyed during Q3 who have switched their current account in the last three years said that they were satisfied with the process.
Since the start of the year, a total of 684,256 switches have taken place, with 217,816 switches completing in the last quarter alone (July – September 2017). And, by the end of last month, 78 per cent of people in the UK were aware of the Current Account Switch Service.
To mark the fourth anniversary of the service, a new national campaign, including TV, radio, and national print and online advertising, was launched last month (September 2017), with messaging drawn from the findings of the various studies carried out for CASS, including those completed in conjunction with the University of Bristol and the Social Market Foundation.
The last quarter also saw two new independent directors appointed to the CASS Executive Committee. The arrival of Former MP and Work and Pensions Minister, Chris Pond, and independent consumer finance expert, Faith Reynolds, further strengthens governance of the switching service and ensures wider representation in the decision-making process from consumer groups and small businesses - meeting the requirement set out in the CMA’s investigation into the personal current account market last year.
Full details are available in the latest edition of the Current Account Switch Service Dashboard (no.16), [downloadable here – www.bacs.co.uk/factsandfigures]; this includes the latest participant movement data for Q1 2017.
Notes to editors:
For further press information, please contact:
Daniel Scaife, PR and Social Media Manager, Bacs
M: 07961 496825 E: [email protected]
Kerris Macauley, Head of PR, Bacs
M: 07974 326373 E: [email protected]
Bacs has been maintaining the integrity of payment related services since 1968, with responsibility for the schemes behind the clearing and settlement of UK automated payment methods, Direct Debit and Bacs Direct Credit, as well as the provision of managed services for third parties, such as the Cash ISA Transfer Service, and the development, management and subsequent ownership of the Current Account Switch Service.
More than 120 billion transactions have been debited or credited to British bank accounts via Bacs since its inception; in 2016, nearly 6.25 billion UK payments were made this way, while a new record was set on 30 June 2017 with the number of transactions processed by Bacs in a single day reaching a high of 111.7million.
A not-for-profit entity which has maintained carbon neutral status since 2012, Bacs is a membership company limited by Guarantee.
For further information please visit www.bacs.co.uk
About the Current Account Switch Service:
Key features of the Current Account Switch Service include:
- The service is free to use.
- The switch will be completed in seven working days – a substantial improvement on the previous process that could take between 18 and 30 working days.
- The customer can choose and agree the switch date with their new current account provider.
- All payments going out (e.g. Direct Debits) and those coming in (e.g. salary) will be moved from the old account to the new account.
- Payments accidentally made to or requested from the old account will be automatically redirected to the new account for as long as the facility is required.
- The Current Account Switch Guarantee means that the customer will receive a refund of interest and charges on their old and new current accounts if anything goes wrong with the switch.
As of 1 April 2015, the eligibility criteria for businesses, charities and trusts was extended. SMEs with a turnover of up to £6.5 million, small charities with an annual income of less than £6.5 million, and small trusts with a net asset value of less than £6.5 million can switch their current account provider using the Current Account Switch Service.
The service was previously available for small businesses with a turnover of 2 million euros (or sterling equivalent); and this extension increases the reach of the service to 99% of the UK’s SME market.
Bacs is responsible for all aspects of the service including working on the recommendations in the Financial Conduct Authority’s ‘Making Current Account Switching Easier’ report, and the findings from the CMA’s market investigation into retail banking.