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Current Account Switch Service stats revealed

Current Account Switch Service stats revealed

Category: Banking

Updated: 17/01/2014
First Published: 17/01/2014

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

The Payments Council has just released its first quarterly report which shows that the new current account switch service, which was launched in September, has got off to an "encouraging start".

So far there have been some 306,240 successful switches, a 17% rise on the same quarter in 2012. These figures are even more impressive when looking at December's switching numbers – there were 83,729 successful switches in the last month of 2013, up 54% on December 2012's figure of 54,329, perhaps in response to an advertising campaign launched in the previous few months.

As well as improved switching levels there's also been an increase in the number of people aware of the service, again perhaps achieved through the campaign (59% of those surveyed knew about the service), while customer confidence has also increased, with 58% of respondents confident in how the service works.

This is backed up by an impressive success rate, with 99.6% of switches successfully taking place within seven working days once the process has started. All in all, it paints a positive picture of the first three months of the service, as Adrian Kamellard, CEO of the Payments Council, says:

"Even though the Current Account Switch Service only launched a few months ago most people are already aware of it and are confident in it. More than 300,000 switches in three months is an encouraging start and we hope this will be further boosted by the second wave of our national advertising campaign that kicked off this January."

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