In the last quarter of 2022, the Current Account Switch Service saw its highest number of switches
In Brief:
- Santander and HSBC were the most switched to banks in the third quarter of 2022, according to the latest figures from the Current Account Switch Service
- Starling and Monzo, two digital challenger banks, had the highest net switching gains after these two high street incumbent banks during the July and September 2022 period
- In addition, in the fourth quarter, between October and December 2022, 376,107 overall switches took place; the highest quarterly figure on record in the 10 years since it launched. The number represents a 73 per cent uplift on the same period in 2021.
What does this mean?
“It is encouraging to see the highest level of switches ever this quarter, demonstrating the continued relevance of the service to consumers and businesses across the UK. It’s also positive to see an uptake in small business and charity account switches, showing that the value of the Current Account Switch Service extends beyond personal accounts” said David Piper, Head of Payments Operations at Pay.UK.
