Current account switching statistics

Get updated on how often Brits are switching their current account and why.

Current accounts can offer a number of different perks, including better interest rates, switching offers and overdrafts. We look at the latest current account statistics, including how many people are switching and the top reasons for doing so.

Quick overview

  • In the first half of 2023, there were nearly 700,000 current account switches.
  • The number of current account switches was up by 76% in April-June 2023 compared to the same period in 2022.
  • Current account switching rates were up by 26% in 2022 compared to 2021.
  • 41% of people switch current accounts to get better online or mobile app banking.
  • In Q1 2023, Natwest gained nearly 50,000 customers through CASS, while Nationwide lost over 30,000 customers.

Current account switching highlights

In the first half of 2023, there were nearly 700,000 current account switches. In 2022, nearly 1 million people switched their current account.

The number of current account switches was up by 76% in April-June 2023 compared to the same period in 2022. There were less than 200,000 current account switches in the second quarter of 2022, but there were almost 340,000 in the same quarter of 2023.

The quarterly number of current account switches over the past 2 years peaked in the last 3 months of 2022, with a total of over 376,000 switches.

Quarter Number of switches
Q1 2021 137,976
Q2 2021 182,745
Q3 2021 212,600
Q4 2021 248,902
Q1 2022 196,964
Q2 2022 191,777
Q3 2022 222,108
Q4 2022 376,107
Q1 2023 341,075
Q2 2023 338,194

Monthly current account switches

There were 114,139 current account switches in June 2023, an 81.9% increase from June 2022, when there were just 62,736 switches. March 2023 has seen the most current account switches so far in 2023, with over 150,000 switches happening in just one month.

Month Total switches
Jan 2023 65,976
Feb 2023 119,983
March 2023 155,116
April 2023 118,755
May 2023 105,300
June 2023 114,139

Personal vs business accounts

Most switches are for personal current accounts. In June 2023, for example, 98.4% of the current accounts that switched were personal ones, and just 1.6% were charity or small business accounts. In every month from June 2022 to June 2023, over 96% of current accounts that switched were personal accounts.

Month % personal % small business/charity
Jan 2023 97.2 2.8
Feb 2023 98.3 1.7
March 2023 98.4 1.6
April 2023 98.3 1.7
May 2023 98.1 1.9
June 2023 98.4 1.6

How many current account switches have a guarantee?

Whilst the majority of current account switches are with a guarantee, in June 2023, nearly 2,000 people switched their current accounts without a guarantee.

Switching with a guarantee means that your new bank account switches over your current account, payments and balance, and your old bank closes your old account for you. If you switch without a guarantee, your new bank doesn’t do this for you.

The number of people switching without a guarantee in June 2023 increased by 51.6% from June 2022. Switching with a guarantee is still far more common, though, as in June 2023, over 100,000 current accounts switched with a guarantee.

Month Switches with Guarantee Switches without Guarantee
June 2022 61,635 1,101
July 2022 56,060 1,144
Aug 2022 73,189 1,270
Sep 2022 89,257 1,188
Oct 2022 115,721 2,706
Nov 2022 154,647 2,729
Dec 2022 99,300 1,004
Jan 2023 64,879 1,097
Feb 2023 118,759 1,224
March 2023 153,377 1,739
April 2023 117,193 1,562
May 2023 103,626 1,674
June 2023 112,470 1,669

Yearly current account switching rates

Switching rates were up by 26% in 2022 compared to 2021, going from around 782,000 to almost 1 million. The switching rates for 2023 are looking strong, too, with over 800,000 switches happening between January and July, already beating the total for 2021.

Why do people switch their current account?

The most common reason for switching bank accounts was for better online or mobile app banking, with 41% of people switching for that reason.

Other common reasons for people switching current accounts are to get the better interest earned on their new current account and improved customer service, with 29% of people switching because of each of these reasons.

Another popular reason for switching current accounts is dissatisfaction with account fees or charges, with 25% of people switching for this reason.

Reason Percentage
Online or mobile app banking 41
Customer service 29
Interest earned 29
Account fees or charges 25

Banks gains and losses through switching

In the first quarter of 2023, Natwest gained nearly 50,000 customers through CASS (the current account switch service), while Nationwide lost over 30,000 customers.

HSBC came in second place in the switching wars, gaining over 28,000 customers through CASS, while Lloyds took third place with over 10,000 current account switches.

Meanwhile, Halifax lost a significant number of customers through CASS, at over 21,000, closely followed by Barclays, which lost 18,655.

Bank Customers gained Customers lost
Natwest 45,651
HSBC 28,486
Lloyds 10,959
RBS 4,165
Santander 4,092
TSB 3,269
Starling Bank 299
Triodos Bank 93
Ulster Bank 77
Bank of Ireland -322
Danske -366
AIB Group (UK) p.l.c -866
Co-operative -1,359
Bank of Scotland -2,458
Virgin Money -6,240
Monzo Bank Limited -7,635
Barclays -18,655
Halifax -21,322
Nationwide -34,259

How different are UK account providers’ terms and conditions?

UK account providers will ask you to read and sign a terms and conditions document before opening an account with them. This is a legal agreement so it’s important to understand what you are agreeing to. Terms and conditions documents can vary in length and content, so we analysed the account terms for 16 of the most popular providers to find out how long they take to read and how easy they are to understand.

How complex are each account provider's terms and conditions?

ResponseComplexity score (higher means more complex)
TSB4.4
Starling4
Santander6.8
Revolut5
RBS7
Natwest6.6
Nationwide5
Monzo6.5
Lloyds8
Kroo6.5
Halifax7.5
HSBC7.5
First Direct5
Co-op7
Chase6
Barclays7
Source: Finder survey by Finder of Account providers

Based on factors including length, structure, clarity of content and accessibility, the average complexity score for a UK account was 6.2 out of 10. You can see the account providers with the most and least complex terms and conditions in the table above.

How long does it take to read each account provider's terms and conditions?

ResponseTime in minutes
TSB67
Starling34
Santander116
Revolut46
RBS49
Natwest83
Nationwide87
Monzo18
Lloyds92
Kroo53
Halifax97
HSBC75
First Direct69
Co-op49
Chase35
Barclays69
Source: Finder survey by Finder of Account providers

We also calculated the average time to read the terms and conditions for each UK account provider. The reading time for these terms and conditions based on the reading speed of a typical person comes in at an impressive 65 minutes – that’s the time it takes to read the document from start to finish. That’s a decent chunk of your day!

Terms and conditions research: Methodology

    We assessed the terms and conditions across 16 of the most popular UK account providers.

    The complexity score of the terms and conditions for each UK account was calculated by looking at the following criteria: length and structure, language and clarity, technical terms and legal jargon, content coverage and detail, accessibility and user-friendliness. These were then combined to give an overall complexity score out of 10.

    The reading time of the terms and conditions for each UK account was calculated by dividing the word count of the document by the number of words that the average person reads per minute.

Sources

pay.uk

Click here for more research. For all media enquiries, please contact

Matt Mckenna
UK communications manager
T: +44 20 8191 8806
matt.mckenna@finder.com@MichHutchison/in/matthewmckenna2

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Written by

Matthew Boyle

Matthew Boyle is a banking and mortgages publisher at Finder. He has a 7-year history of publishing helpful guides to assist consumers in making better decisions. In his spare time, you will find him walking in the Norfolk countryside admiring the local wildlife. See full profile

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