Over 38 million payments have now been redirected by the service, which reports a seven day switching success rate of 99.3 per cent, while 93 per cent of those surveyed during Q4 2017, who have switched their current account in the last three years, said that they were satisfied with the process.
Following the launch of public awareness campaigns during Q3 and Q4, awareness levels hit a new high in October of 84 per cent. Also, during the last quarter, and possibly driven by broader bank market activity, November 2017 saw the most monthly switches (110,774) since March 2016.
This figure represents the fourth highest number of switches completed in a single month since the service launched. Across the year (1 January to 31 December 2017), there were a total of 931,956 switches recorded, with 247,700 of these coming in the last quarter (October – December 2017).
More/…
– 2 –
Full details are available in the latest edition of the Current Account Switch Service Dashboard (no.17), [downloadable here – www.bacs.co.uk/factsandfigures]; this includes the latest participant movement data for Q2 2017.
Notes to editors:
For further press information, please contact:
Damion Clark or Steve Greenhalgh at Real Public Relations.
Tel: 01353 667934
M: 07789 911314 (Damion) E: damion@realpublicrelations.com
M: 07779 129193 (Steve) E: steve@realpublicrelations.com
Daniel Scaife, PR and Social Media Manager, Bacs
M: 07961 496825 E: d.scaife@bacsservices.co.uk
Kerris Macauley, Head of PR, Bacs
M: 07974 326373 E: k.macauley@bacsservices.co.uk
About Bacs:
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 125 billion transactions have been debited or credited to British bank accounts via Bacs since its inception; in 2017, nearly 6.35 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:
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.
Log in to access complimentary passes or discounts and access exclusive content as part of your membership. An auto-login link will be sent directly to your email.
We use an auto-login link to ensure optimum security for your members hub. Simply enter your professional work e-mail address into the input area and you’ll receive a link to directly access your account.
Instead of using passwords, we e-mail you a link to log in to the site. This allows us to automatically verify you and apply member benefits based on your e-mail domain name.
Please click the button below which relates to the issue you’re having.
Sometimes our e-mails end up in spam. Make sure to check your spam folder for e-mails from The Payments Association
Most modern e-mail clients now separate e-mails into different tabs. For example, Outlook has an “Other” tab, and Gmail has tabs for different types of e-mails, such as promotional.
For security reasons the link will expire after 60 minutes. Try submitting the login form again and wait a few seconds for the e-mail to arrive.
The link will only work one time – once it’s been clicked, the link won’t log you in again. Instead, you’ll need to go back to the login screen and generate a new link.
Make sure you’re clicking the link on the most recent e-mail that’s been sent to you. We recommend deleting the e-mail once you’ve clicked the link.
Some security systems will automatically click on links in e-mails to check for phishing, malware, viruses and other malicious threats. If these have been clicked, it won’t work when you try to click on the link.
For security reasons, e-mail address changes can only be complete by your Member Engagement Manager. Please contact the team directly for further help.
