The Current Account Switch Service today publishes the Q3 2019 Dashboard reporting the latest switching figures and trends. The service has now completed over six million switches since launch. Nearly 230,000 switches were completed between July and September.
Age continues to be a key indicator of switching behaviour. Younger people (37 per cent of under 25s) are more likely to choose to multi-bank and leave their old account open when getting a new one with a different provider, compared to 17 per cent of over 35s.
Through this period, those aged over 35 are more likely (65 per cent) to complete a switch using the Current Account Switch Service than those aged under 25 (42 per cent).
Of those who left their old account open, nine in ten (90 per cent) moved at least some of their regular payments to their new account. One in four (26 per cent) had their bank transfer these payments across, with two thirds (64 per cent) making the changes manually.
Amongst those who completed a switch using the Current Account Switch Service, three quarters (74 per cent) say their new current account is better than their old one, with online banking (45 per cent) and customer service (42 per cent) identified as the main improvements. Increasing numbers of switchers said that mobile banking was also important with over a third (38 per cent) saying provision of this service was better from their new account, up from 32 per cent in Q2.
The Current Account Switch Service is currently running an advertising campaign focussed on the financially vulnerable and young people aged 18-24. It was developed to: raise awareness of the Current Account Switch Service; familiarise each group with their eligibility to use the service; and show the benefits of switching.
The campaign will run on TV, digital video, audio and social media until the end of October.
Matthew Hunt, COO of Pay.UK, owner and operator of the Current Account Switch Service, said: “Exceeding six million switches is a substantial landmark, and it’s great to see that so many people have made use of the Current Account Switch Service to find a bank account that suits them better.
“There are still plenty of people who could be taking advantage of the opportunities associated with switching, particularly amongst the young and those considered financially vulnerable. Our work brings the benefits of switching to everyone by making it simple and stress free, allowing people to switch to an account which better suits their needs, whatever their financial situation.”
The Q3 2019 Dashboard shows that awareness of, and satisfaction in, the Current Account Switch Service remained consistently high at 81 per cent and 91 per cent respectively through July, August and September 2019. Additionally, awareness of the Current Account Switch Guarantee maintained the high level reached in the first quarter of the year, remaining at 71 per cent.
Since the Current Account Switch Service launched in 2013, it has carried out over six million switches, and more than 85.5 million payments have been successfully redirected by the service. The Current Account Switch Service also reports a seven-day switching success rate of 99 per cent.