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3.7m people switched current account since 2013

3.7m people switched current account since 2013

Category: Banking

Updated: 26/04/2017
First Published: 26/04/2017

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 It is now over 6 months old so the content may be out of date.

Switching current account has been easier than ever since the Current Account Switch Service was introduced in September 2013, and millions have taken the plunge to do just that. If you're not one of them, is it worth joining in?

Current account competition

Competition in the current account sector is fierce at the moment, and has been since the switching scheme came into force – providers knew they needed to work harder in order to attract and retain their customers, and happily, it's paying off.

These days you can find everything from high interest current accounts to those that offer cashback and added rewards, and many boast a package of extras such as insurance, commission-free travel money and even preferential mortgage rates and savings deals. It's little wonder that so many people are taking the opportunity to switch, because if you're not getting the service you want from your present account, you could easily find it elsewhere!

Switching success

Figures from the service show that over 3.7 million (3,768,492) successful switches have taken place since its launch in 2013, including 949,047 in the last year, and 248,302 occurring in the last three months alone. Awareness levels have hit a new record high, largely thanks to the latest round of advertising activity, with 79% of respondents now aware of the service – an increase of 21 percentage points since its launch.

The rise in challenger banks means there's now more opportunity than ever to switch to a better account. One of the newest names to grace the sector – mobile-only Starling Bank –joined the service in March, which means 47 current account providers are now part of it, covering almost 100% of the UK's current account market.

So what are you waiting for? There's never been a better time to see if you can benefit from a new current account, with there being plenty of options available to suit everyone's day-to-day banking needs. Check out the best current accounts on the market by heading to our Best Buys, and see if it's time to switch.

What next?

Use our search tool to find the best bank account to meet your needs

Find out how to switch current accounts

Current accounts could be a viable home for your savings as well as being an essential tool to manage your day-to-day finances – check out the best high interest current accounts to get started

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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