{"id":219173,"date":"2019-07-19T09:24:56","date_gmt":"2019-07-19T08:24:56","guid":{"rendered":"https:\/\/www.finder.com\/uk\/?p=219173"},"modified":"2026-02-10T15:26:59","modified_gmt":"2026-02-10T15:26:59","slug":"current-account-statistics","status":"publish","type":"post","link":"https:\/\/www.finder.com\/uk\/banking\/current-account-statistics","title":{"rendered":"Current account switching statistics"},"content":{"rendered":"<script type=\"text\/javascript\">\n    function addLink() {\n    var body_element = document.getElementsByTagName('body')[0];\n    var selection;\n    selection = window.getSelection();\n    var k = document.location.href\n    var pagelink = \"<br><br> Source: \";\n    var finder = \"finder.com\"\n    var ke = (finder.link(\"https:\/\/www.finder.com\/uk\/\"));\n    var pagelink2 = \"<br> Analysis conducted by finder.com\";\n    var copytext = selection + pagelink + (k.link(document.location.href)) + pagelink2;\n    var newdiv = document.createElement('div');\n    newdiv.style.position='absolute';\n    newdiv.style.left='-99999px';\n    body_element.appendChild(newdiv);\n    newdiv.innerHTML = copytext;\n    selection.selectAllChildren(newdiv);\n    window.setTimeout(function() {\n    body_element.removeChild(newdiv);\n    },0);\n    }\n    document.oncopy = addLink;\n    <\/script>\n  <p>Current accounts can offer a number of different perks, including better interest rates, <a href=\"https:\/\/www.finder.com\/uk\/current-accounts\/best-bank-switching-deals\">switching offers<\/a> and overdrafts. We look at the latest current account statistics, including how many people are switching and the top reasons for doing so.<\/p><article class=\"luna-card luna-card--shadow\"><div class=\"luna-card__block\"><h3 class=\"luna-sectionTitle\">Current account switching statistics: Highlights<\/h3><ul><li>In the year to June 2024, there were nearly 1.4 million current account switches.<\/li><li>Current account switching rates were up by 48% in 2023 compared to 2022.<\/li><li>43% of people switch current accounts to get better online or mobile app banking.<\/li><li>In Q1 2024, NatWest gained 83,000 new customers through CASS, while Barclays lost almost 44,000 customers.<\/li><li>Less than a quarter of Brits (24%) have ever moved current accounts to take advantage of a switch offer.<\/li><\/ul><\/div><\/article><h3>How many current account switches are there each year?<\/h3><p>In the year to June 2024, there were 1.41 million current account switches using the switching service. In 2023, there were 1.46 million current account switches in total, up 48% from around 987,000 in 2023.<\/p><p>The number of current account switches was down by 7% in April-June 2024 compared to the same period in 2023, going from 338,000 to 313,000. <\/p><p>The quarterly number of current account switches over the past 2 years peaked in the last 3 months of 2024, with a total of over 376,000 switches. The end of the year has tended to be the most popular time for switching over the past few years.<\/p><ul class=\"nav nav-tabs pb-tabs\"><li class=\"active\"><a href=\"#tab1364\" data-toggle=\"tab\">Graph<\/a><\/li><li class=\"\"><a href=\"#tab6066\" data-toggle=\"tab\">Table<\/a><\/li><\/ul><div class=\"tab-content \"><div id=\"tab1364\" class=\"tab-pane active \"><style> .flourish-iframe-0 {height: 600px;} .flourish-credit-0 { display: flex; justify-content: flex-end; text-decoration: none; margin-bottom: 4px;} @media (max-width: 600px){.flourish-iframe-0 {height: 400px;}}<\/style><iframe class=\"flourish-iframe-0\" src=\"https:\/\/flo.uri.sh\/visualisation\/14553153\/embed?auto=1\" width=\"100%\" scrolling=\"0\" frameborder=\"0\" loading=\"lazy\"><\/iframe>\n            <a class=\"flourish-credit\" href=\"https:\/\/public.flourish.studio\/visualisation\/14553153\/?utm_source=embed&amp;utm_campaign=visualisation\/14553153\" target=\"_blank\" ref=\"sponsored\"><img decoding=\"async\" alt=\"Made with Flourish\" src=\"https:\/\/public.flourish.studio\/resources\/made_with_flourish.svg\" loading=\"lazy\"><\/a><\/div><div id=\"tab6066\" class=\"tab-pane \"><table class=\"luna-table\n     luna-table--responsiveList\n     js-tablesorter\">\n            <thead class=\"luna-table__header\">\n        <tr>\n                            <th scope=\"col\">Quarter<\/th>\n                            <th scope=\"col\">Number of switches<\/th>\n                    <\/tr>\n        <\/thead>\n        <tbody class=\"luna-table__body\">\n            <tr>\n                            <td>Q1 2021<\/td>\n                            <td>137,976<\/td>\n                    <\/tr>\n            <tr>\n                            <td>Q2 2021<\/td>\n                            <td>182,745<\/td>\n                    <\/tr>\n            <tr>\n                            <td>Q3 2021<\/td>\n                            <td>212,600<\/td>\n                    <\/tr>\n            <tr>\n                            <td>Q4 2021<\/td>\n                            <td>248,902<\/td>\n                    <\/tr>\n            <tr>\n                            <td>Q1 2022<\/td>\n                            <td>196,964<\/td>\n                    <\/tr>\n            <tr>\n                            <td>Q2 2022<\/td>\n                            <td>191,777<\/td>\n                    <\/tr>\n            <tr>\n                            <td>Q3 2022<\/td>\n                            <td>222,108<\/td>\n                    <\/tr>\n            <tr>\n                            <td>Q4 2022<\/td>\n                            <td>376,107<\/td>\n                    <\/tr>\n            <tr>\n                            <td>Q1 2023<\/td>\n                            <td>341,075<\/td>\n                    <\/tr>\n            <tr>\n                            <td>Q2 2023<\/td>\n                            <td>338,194<\/td>\n                    <\/tr>\n        <\/tbody>\n<\/table><\/div><\/div>\n\n \n\n\n<style>\n#newsletter-signup { overflow-x: clip; 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Thanks for signing up.\";\nb.setAttribute(\"disabled\", \"\");\nreturn true;\n\n};\n\nfunction sendJoinWaitlistGAEvent() {\nif (window.ga === undefined) {\nreturn;\n}\n\nwindow.ga('send', 'event', 'ukfin email signup', 'signed up', null, undefined, { nonInteraction: false });\n}\n<\/script>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n<h3>What do people look for when they switch current accounts?<\/h3><p>The most common reason for preferring their new bank account was for better online or mobile app banking, with 43% of people giving that reason. Earning a better rate of interest was the second most popular reason, with 37% citing this reason.<\/p><p>Other common reasons switchers preferred their new account were better customer service (29%) and the location of branches (24%).<\/p><ul class=\"nav nav-tabs pb-tabs\"><li class=\"active\"><a href=\"#tab1364-1\" data-toggle=\"tab\">Graph<\/a><\/li><li class=\"\"><a href=\"#tab6066-1\" data-toggle=\"tab\">Table<\/a><\/li><\/ul><div class=\"tab-content \"><div id=\"tab1364-1\" class=\"tab-pane active \"><style> .flourish-iframe-1 {height: 400px;} .flourish-credit-1 { display: flex; justify-content: flex-end; text-decoration: none; margin-bottom: 4px;} @media (max-width: 600px){.flourish-iframe-1 {height: 400px;}}<\/style><iframe class=\"flourish-iframe-1\" src=\"https:\/\/flo.uri.sh\/visualisation\/14553277\/embed?auto=1\" width=\"100%\" scrolling=\"0\" frameborder=\"0\" loading=\"lazy\"><\/iframe>\n            <a class=\"flourish-credit\" href=\"https:\/\/public.flourish.studio\/visualisation\/14553277\/?utm_source=embed&amp;utm_campaign=visualisation\/14553277\" target=\"_blank\" ref=\"sponsored\"><img decoding=\"async\" alt=\"Made with Flourish\" src=\"https:\/\/public.flourish.studio\/resources\/made_with_flourish.svg\" loading=\"lazy\"><\/a><\/div><div id=\"tab6066-1\" class=\"tab-pane \"><table class=\"luna-table\n     luna-table--responsiveList\n     js-tablesorter\">\n            <thead class=\"luna-table__header\">\n        <tr>\n                            <th scope=\"col\">Reason<\/th>\n                            <th scope=\"col\">Percentage<\/th>\n                    <\/tr>\n        <\/thead>\n        <tbody class=\"luna-table__body\">\n            <tr>\n                            <td>Online or mobile app banking<\/td>\n                            <td>41<\/td>\n                    <\/tr>\n            <tr>\n                            <td>Customer service<\/td>\n                            <td>29<\/td>\n                    <\/tr>\n            <tr>\n                            <td>Interest earned<\/td>\n                            <td>29<\/td>\n                    <\/tr>\n            <tr>\n                            <td>Account fees or charges<\/td>\n                            <td>25<\/td>\n                    <\/tr>\n        <\/tbody>\n<\/table><\/div><\/div><h3>Banks gains and losses through switching<\/h3><p>In the first three months of 2024, NatWest gained 83,000 new customers through CASS (the current account switch service) and lost over 22,000 meaning they had net gains of over 60,000, while Barclays lost almost 44,000 customers and gained just over 5,000, giving them a net customer loss of almost 39,000. Banks tend to gain a lot of customers when they are running offers.<\/p><ul class=\"nav nav-tabs pb-tabs\"><li class=\"active\"><a href=\"#tab1364-2\" data-toggle=\"tab\">Graph<\/a><\/li><li class=\"\"><a href=\"#tab6066-2\" data-toggle=\"tab\">Table<\/a><\/li><\/ul><div class=\"tab-content \"><div id=\"tab1364-2\" class=\"tab-pane active \"><style> .flourish-iframe-2 {height: 800px;} .flourish-credit-2 { display: flex; justify-content: flex-end; text-decoration: none; margin-bottom: 4px;} @media (max-width: 600px){.flourish-iframe-2 {height: 400px;}}<\/style><iframe class=\"flourish-iframe-2\" src=\"https:\/\/flo.uri.sh\/visualisation\/14729014\/embed?auto=1\" width=\"100%\" scrolling=\"0\" frameborder=\"0\" loading=\"lazy\"><\/iframe>\n            <a class=\"flourish-credit\" href=\"https:\/\/public.flourish.studio\/visualisation\/14729014\/?utm_source=embed&amp;utm_campaign=visualisation\/14729014\" target=\"_blank\" ref=\"sponsored\"><img decoding=\"async\" alt=\"Made with Flourish\" src=\"https:\/\/public.flourish.studio\/resources\/made_with_flourish.svg\" loading=\"lazy\"><\/a><\/div><div id=\"tab6066-2\" class=\"tab-pane \"><table class=\"luna-table\n     luna-table--responsiveList\n     js-tablesorter\">\n            <thead class=\"luna-table__header\">\n        <tr>\n                            <th scope=\"col\">Bank<\/th>\n                            <th scope=\"col\">Customers gained<\/th>\n                            <th scope=\"col\">Customers lost<\/th>\n                    <\/tr>\n        <\/thead>\n        <tbody class=\"luna-table__body\">\n            <tr>\n                            <td>Natwest<\/td>\n                            <td>45,651<\/td>\n                    <\/tr>\n            <tr>\n                            <td>HSBC<\/td>\n                            <td>28,486<\/td>\n                    <\/tr>\n            <tr>\n                            <td>Lloyds<\/td>\n                            <td>10,959<\/td>\n                    <\/tr>\n            <tr>\n                            <td>RBS<\/td>\n                            <td>4,165<\/td>\n                    <\/tr>\n            <tr>\n                            <td>Santander<\/td>\n                            <td>4,092<\/td>\n                    <\/tr>\n            <tr>\n                            <td>TSB<\/td>\n                            <td>3,269<\/td>\n                    <\/tr>\n            <tr>\n                            <td>Starling Bank<\/td>\n                            <td>299<\/td>\n                    <\/tr>\n            <tr>\n                            <td>Triodos Bank<\/td>\n                            <td>93<\/td>\n                    <\/tr>\n            <tr>\n                            <td>Ulster Bank<\/td>\n                            <td>77<\/td>\n                    <\/tr>\n            <tr>\n                            <td>Bank of Ireland<\/td>\n                            <td><\/td>\n                            <td>-322<\/td>\n                    <\/tr>\n            <tr>\n                            <td>Danske<\/td>\n                            <td><\/td>\n                            <td>-366<\/td>\n                    <\/tr>\n            <tr>\n                            <td>AIB Group (UK) p.l.c<\/td>\n                            <td><\/td>\n                            <td>-866<\/td>\n                    <\/tr>\n            <tr>\n                            <td>Co-operative<\/td>\n                            <td><\/td>\n                            <td>-1,359<\/td>\n                    <\/tr>\n            <tr>\n                            <td>Bank of Scotland<\/td>\n                            <td><\/td>\n                            <td>-2,458<\/td>\n                    <\/tr>\n            <tr>\n                            <td>Virgin Money<\/td>\n                            <td><\/td>\n                            <td>-6,240<\/td>\n                    <\/tr>\n            <tr>\n                            <td>Monzo Bank Limited<\/td>\n                            <td><\/td>\n                            <td>-7,635<\/td>\n                    <\/tr>\n            <tr>\n                            <td>Barclays<\/td>\n                            <td><\/td>\n                            <td>-18,655<\/td>\n                    <\/tr>\n            <tr>\n                            <td>Halifax<\/td>\n                            <td><\/td>\n                            <td>-21,322<\/td>\n                    <\/tr>\n            <tr>\n                            <td>Nationwide<\/td>\n                            <td><\/td>\n                            <td>-34,259<\/td>\n                    <\/tr>\n        <\/tbody>\n<\/table><\/div><\/div><h3 id=\"research\">What are the requirements for current account switching deals?<\/h3><p>Research from Finder has revealed that consumers are facing an increasing number of hurdles to qualify for a bank switch deal. <\/p><p>Finder analysed bank switching deals on the market in the 4-year period* to determine how many unique requirements** consumers would have to meet before getting their cash reward. The deal with the most criteria in 2020 had a total of 2 steps, however, by 2024, this has risen substantially to 6. The researchers also found that the average number of requirements across all bank switching deals in a year had increased in the same period, almost doubling from 1.6 to 2.9. <\/p><iframe id=\"datawrapper-chart-RT5go\" title=\"The number of requirements for a bank switch offer has almost doubled since 2020\" width=\"100%\" height=\"473\" scrolling=\"yes\" aria-label=\"Column Chart\" src=\"https:\/\/datawrapper.dwcdn.net\/RT5go\/2\/\" style=\"width: 0; min-width: 100% !important; border: none;\" loading=\"lazy\"><\/iframe><h4>Example criteria for bank switching deals in 2024<\/h4><ul><li>Deposit a minimum of \u00a3X into your account<\/li><li>Make a certain number of debit card payments<\/li><li>Register for online banking or mobile app and login<\/li><li>Move over or set up a certain number of active direct debits or standing orders<\/li><li>Sign up to the adjacent rewards scheme<\/li><li>Open an adjacent savings account<\/li><li>Deposit money into an adjacent savings account<\/li><\/ul><h3>How many Brits have switched current accounts?<\/h3><p>We surveyed Brits and discovered that less than half (46%) have ever switched their current account, while less than a quarter of Brits (24%) have switched banks to take advantage of a switching offer. <\/p><iframe id=\"datawrapper-chart-ii7zx\" title=\"Over half of Brits have never switched a current account\" width=\"100%\" height=\"273\" scrolling=\"yes\" aria-label=\"Bar Chart\" src=\"https:\/\/datawrapper.dwcdn.net\/ii7zx\/1\/\" style=\"width: 0; min-width: 100% !important; border: none;\" loading=\"lazy\"><\/iframe><article class=\"luna-card luna-card--primary\"><div class=\"luna-card__block\"><h3 class=\"luna-sectionTitle\">Bank switch requirements: Methodology<\/h3><p>* Researchers combed through archives of bank switching deals that had been advertised between January 2020 and August 2024. They pulled the requirements from the terms and conditions of the deal. It is not guaranteed that every single bank switch deal has been included, but care has been taken to include as many as could be found and analysed. <\/p><p>** Reference to requirements in this research include only those considered unique or not present in every offer. Universal requirements were not counted \u2013 these included being a UK resident, opening the eligible account, closing the old account, and submitting the switching request using the Current Account Switch Service (CASS).<\/p><\/div><\/article><div id=\"sources\" style=\"position: relative;\"><h3 style=\"position: absolute; width: 1px; height: 1px; padding: 0; margin: -1px; overflow: hidden; clip: rect(0,0,0,0); white-space: nowrap; border: 0;\">Sources<\/h3>\n<div id=\"lazy0000000000\"><\/div>\n<script type=\"application\/json\" id=\"lazyloaded-assets-json-lazy0000000000\" class=\"lazyloaded-assets-json\">{\"critical-scripts\":[],\"scripts\":[\"https:\\\/\\\/www.finder.com\\\/parent-theme\\\/shortcodes\\\/article-source\\\/prod\\\/article-source.de087a0da9824e407767.js\"],\"styles\":[\"https:\\\/\\\/www.finder.com\\\/parent-theme\\\/shortcodes\\\/article-source\\\/prod\\\/article-source.87684078d471e76125dd.css\"]}<\/script><\/div><div data-tags=\"scale-surveys product-data-insight\">\n<h4>Click <a href=\"https:\/\/www.finder.com\/uk\/stats-facts\">here<\/a> for more research. For all media enquiries, please contact \u2013<\/h4>\n\n<p><strong>Matt Mckenna<\/strong><br>\nUK Head of Communications<br>\n<strong>T:<\/strong> +44 20 8191 8806<\/p>\n\n<div class=\"has-margin-bottom\"><a title=\"email Matt\" href=\"mailto:matt.mckenna@finder.com\" class=\"has-margin-right-xsmall\"><svg class=\"luna-icon\"><use xlink:href=\"#mail-fill\" width=\"24\" height=\"24\"><\/use><\/svg><\/a><a title=\"Finder UK (@findercomUK) on X\" href=\"https:\/\/twitter.com\/findercomUK\" target=\"_blank\" class=\"has-margin-right-xsmall\" rel=\"noopener\"><svg class=\"luna-icon\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewbox=\"0 0 24 24\" width=\"24\" height=\"24\"><use xlink:href=\"#f1-x\"><\/use><\/svg><\/a><a title=\"Matt Mckenna on LinkedIn\" href=\"https:\/\/www.linkedin.com\/in\/matthewmckenna2\/\" target=\"_blank\" class=\"has-margin-right-xsmall\" rel=\"noopener\"><svg class=\"luna-icon\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewbox=\"0 0 24 24\" width=\"24\" height=\"24\"><use xlink:href=\"#f1-linkedin\"><\/use><\/svg><\/a><\/div>\n<\/div> \n\n\n<style>\n#newsletter-fltr-signup { display:none; 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Thanks for signing up.\";\nsetTimeout(fltrCloseNewsletterSignup, 1000);\nb.setAttribute(\"disabled\", \"\");\nreturn true;\n};\n\nfunction fltrSendJoinWaitlistGAEvent() {\nif (window.ga === undefined) {\nreturn;\n}\n\nwindow.ga('send', 'event', 'ukfin email signup floater', 'signed up', null, undefined, { nonInteraction: false });\n}\n\nfunction fltrCloseNewsletterSignup() {\ndocument.getElementById(\"newsletter-fltr-signup\").style.display = \"none\";\ndocument.getElementById(\"newsletter-fltr-signup\").classList.add(\"clsd\");\n}\n\ndocument.getElementById(\"newsletter-fltr-signup-close-btn\").onclick = fltrCloseNewsletterSignup;\n\nvar myScrollFunc = function() {\nvar fltremlsgnp = document.getElementById(\"newsletter-fltr-signup\");\nvar y = document.documentElement.scrollTop;\nif (y > 750 && !fltremlsgnp.classList.contains(\"clsd\")) {\nfltremlsgnp.style.display = \"block\";\nfltremlsgnp.classList.add(\"fadeIn\");\n}\n};\n\nwindow.addEventListener(\"scroll\", myScrollFunc);\n<\/script>","protected":false},"excerpt":{"rendered":"<p>We look at the latest current account statistics, including how many people are switching and the top reasons for doing so.<\/p>\n","protected":false},"author":1312,"featured_media":304086,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"apple_news_api_created_at":"","apple_news_api_id":"","apple_news_api_modified_at":"","apple_news_api_revision":"","apple_news_api_share_url":"","apple_news_cover_media_provider":"image","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_cover_video_id":0,"apple_news_cover_video_url":"","apple_news_cover_embedwebvideo_url":"","apple_news_is_hidden":"","apple_news_is_paid":"","apple_news_is_preview":"","apple_news_is_sponsored":"","apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":[],"apple_news_suppress_video_url":false,"apple_news_use_image_component":false,"footnotes":""},"categories":[1045],"tags":[],"asset_tag":[],"class_list":["post-219173","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking"],"apple_news_notices":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.9 (Yoast SEO v24.9) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Current account switching statistics<\/title>\n<meta name=\"description\" content=\"In the first half of 2023, there were nearly 700,000 current account switches. Find out the latest current account statistics.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.finder.com\/uk\/banking\/current-account-statistics\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Current account switching statistics\" \/>\n<meta property=\"og:description\" content=\"In the first half of 2023, there were nearly 700,000 current account switches. 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