10 facts and figures to mark 10 years of the Current Account Switch Service
16 September 2023, 00:04
As the service celebrates 10 years since it launched back on September 16 2013, here are some key facts and trends that it has recorded.
Here are 10 facts and figures to mark the 10th birthday of the Current Account Switch Service (Cass):
1. The service has counted a total of 9,646,999 current account switches since launch on September 16 2013, up until September 5 this year.
2. The first quarter of the year tends to be the most popular time to switch.
3. Tuesday is the most popular day for switching.
4. March tends to be the most popular month for current account customers to switch to a new provider.
5. The biggest day for switching current accounts under the service so far was on November 8 2022 , when 13,566 switches were counted.
6. The biggest month for switching was in November 2022 , when there were 157,376 switches .
7. After the service launched on September 16 2013, 293,502 switches were recorded in the remainder of that year, under Cass.
8. More than a million current account switches were counted by Cass in the years 2014, 2015, 2016 and 2019 .
9. Digital banking is a strong pull for current account switchers, with this being the top reason for switching in 2023 , research by Cass indicates. Interest earned and customer service also tend to be popular reasons for people moving accounts.
10. With interest rates on the increase, pushing up returns on deposits, 2023 appears to be a bumper year for switches. Some 928,358 switches were recorded from the start of 2023 to September 5 this year. This compares with 986,956 switches across the whole of 2022 .
