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Between the beginning of October and the end of December over 376,000 people switched current accounts.
The Current Account Switch Service (CASS) recorded its most active quarter on record by helping over 376,000 people change current account providers. This is over 150,000 more switches than in the previous quarter, between July and September.
The CASS is an independent, free service which helps UK current account holders to switch providers. Customers tend to switch accounts for a variety of reasons, which range from poor service to gaining a cash switching incentive, according to Rachel Springall, Finance Expert at Moneyfacts.
“The record-breaking quarter for current account switching came at a time when several banking brands were offering a free cash sweetener amid a cost of living crisis,” she said.
During the four quarters of 2022 monthly switching statistics peaked in November, a time when both high street banks HSBC and Nationwide BS offered potential customers £200 to switch to their current accounts.
“It’s positive to see customers taking steps to ditch their existing account to find a better deal and potentially get a free cash incentive in the process,” said Springall.
Today, the number of current account switching incentives has waned. After launching the incentive this week, Santander is the only provider offering eligible customers £200 to switch to their Edge current account.
However, while there may not be much of a recent incentive to switch banks, Springall said new offers could return to the market in the coming months as banks begin to vie for business.
If you’re looking at changing current account providers make sure to keep updated with the best switching deals on the market to give yourself the ultimate cash boost. Simply visit our current account switching page to find some of the best deals on offer.
In 2021 the CASS facilitated over 782,000 current account switches. Last year this was surpassed as it facilitated up to 987,000 switches.
In addition, for the first nine months of 2022, high street banks saw some of the biggest customer gains. From January to March, NatWest enjoyed the biggest gain in current account holders. Meanwhile, from April to June, this achievement was enjoyed by HSBC.
While this provider continued to enjoy an influx of current account holders between July and September, Santander ultimately made the most switching gains in this period.
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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. Links to third parties on this page are paid for by the third party. You can find out more about the individual products by visiting their site. Moneyfacts.co.uk will receive a small payment if you use their services after you click through to their site. All information is subject to change without notice. Please check all terms before making any decisions. This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.
Consumers can now earn £200 by switching to Santander’s Edge Current Account.
Consumers can now earn £200 by switching to Santander’s Edge Current Account.
While clothing and footwear prices fell, rising food and restaurant prices made a partial offsetting upwards contribution.
While clothing and footwear prices fell, rising food and restaurant prices made a partial offsetting upwards contribution.
Average petrol prices have dropped below 150p a litre for the first time since Russia invaded Ukraine last February, according to the AA.
The AA labelled the drop as “a huge relief for drivers”.
Consumers can now earn £200 by switching to Santander’s Edge Current Account.
Consumers can now earn £200 by switching to Santander’s Edge Current Account.
While clothing and footwear prices fell, rising food and restaurant prices made a partial offsetting upwards contribution.
While clothing and footwear prices fell, rising food and restaurant prices made a partial offsetting upwards contribution.
Average petrol prices have dropped below 150p a litre for the first time since Russia invaded Ukraine last February, according to the AA.
The AA labelled the drop as “a huge relief for drivers”.
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© 2023 Moneyfacts.co.uk Limited. All Rights Reserved. Use of this Website constitutes acceptance of the Company’s General Terms of Use & Cookie and Privacy Policy. Moneyfacts.co.uk Limited is registered in England and Wales, company no. 6615303. Registered office: Moneyfacts House, 66-70 Thorpe Road, Norwich NR1 1BJ. Authorised and Regulated by the Financial Conduct Authority. Shown on the Financial Services Register (register.fca.org.uk) register number 486048. Moneyfacts and MONEY £ ACTS are Registered Trademarks.
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Moneyfacts.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfacts.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
Moneyfacts.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfacts.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
Moneyfacts.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfacts.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
Moneyfacts.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfacts.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
Moneyfacts.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfacts.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
Moneyfacts.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfacts.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
