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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.
- 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|
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.
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|
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|
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.
|Online or mobile app banking||41|
|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|
|Bank of Ireland||-322|
|AIB Group (UK) p.l.c||-866|
|Bank of Scotland||-2,458|
|Monzo Bank Limited||-7,635|
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