Almost 1 million people switch current accounts in 2018

Written by Oliver Wade

A total of 929,000 people switched to a different current account in 2018, with the Current Account Switch Service achieving its 5 millionth switch in 2018, the organisation revealed in its annual report, published today.

The Current Account Switch Service announced that it exceeded all key performance indicators in 2018, with 99.4 per cent of switches completed within seven days, and consumer satisfaction averaged at 93 per cent.

Commenting on the results, Current Account Switch Service chair Jo Kendrick said: “The Current Account Switch Service has a critical role to play in ensuring no-one is left behind or excluded, as financial services become more sophisticated.

“In 2018, we focused our efforts on highlighting the rewards available through switching to people who could potentially benefit most from these incentives. Now as we look forward, we aim to make more people aware of the Service and ensure those considered financially vulnerable, know that they too can benefit from switching.”

The firm’s chief executive Paul Horlock added: “With its rich knowledge base and research, the Current Account Switch Service has a clear role to play in the financial inclusion debate and its achievements over the past five years speak for themselves. As a Pay.UK service I look forward to seeing it continuing to deliver value for all consumers, especially the financially vulnerable, helping them to take full advantage of the emerging financial services that come to market.”

The purpose of the organisation is to raise awareness of the benefits that switching current account can have, especially among people experiencing difficulties with their finances.

Furthermore, the service reported that more banks joined the service last year, including Monzo, Starling Bank and Think Money, taking the total number of banks and building societies that offer switching to 47.

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