Business account switches double in a year

Business bank account switching has more than doubled in a year, according to the latest figures from the Current Account Switch Service (CASS).

The data collected shows that 246,974 switches were completed in the second quarter of 2019, with 17,687 business account switches using the CASS service – up from 8,000 in the same period last year.

The increase comes after the Banking Competition Remedies confirmed the banks, FinTechs and building societies to benefit from the RBS Alternative Remedies Package.

Matthew Hunt, chief operating officer of Pay.UK, owner and operator of CASS, said: “It’s encouraging to see a rise in business accounts being switched using the Current Account Switch Service – it is very important to us that businesses know they can switch their accounts too, so we’re pleased to see the sizable increase in the number of SME’s making use of this.”

Over 5.9 million switches have been made since the launch of the CASS in 2013.

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