- Satisfaction rate of 94% during the last quarter
- Q1 2018 saw the highest number of switches since the corresponding quarter of 2016
- Participant movement data for Q3 2017 also published
The latest figures for the Current Account Switch Service (CASS) are published today (25 April), showing that over 4.7 million (4,725,616) successful switches have taken place since the service launched in 2013.
Over 49 million payments have now been redirected by the service, which reports a seven day switching success rate of 99.2 per cent, while 94 per cent of those surveyed during Q1 2018, who have switched their current account in the last three years, said that they were satisfied with the process.
During the first three months of 2018, over 273,000 switches were recorded, representing the highest quarterly total for two years (Q1 2016), and a 10 per cent increase on the corresponding period in 2017.
These high levels of switching are likely to have been driven by broader bank market activity, such as the advertising of switching incentives, supported by a central high-profile CASS advertising campaign, launched in January.
Full details are available in the latest edition of the Current Account Switch Service Dashboard (no.18), [downloadable here – www.bacs.co.uk/factsandfigures
]; this includes the latest participant movement data for Q3 2017.