A record number of current account holders switched their bank using the seven-day switching service in the last three months of 2022, figures show. The Current Account Switch Service (Cass) processed 376,107 switches between October and December - the highest quarterly total since the service was launched in September 2013.
The highest total number of monthly switches ever using Cass was recorded in November, at 157,376. Cass said the high switching totals align with a number of strong incentives and offers from current account providers at the time.
Several current account providers have been offering cash to switch, which may give people a welcome boost at a time when budgets are under strain. The high switching totals may signal that consumers and businesses across the UK are reassessing their current account options during the challenging economic climate and looking to accounts that offer services that suit them better or provide switching incentives, Cass suggested.
