Could you be better off by switching to another bank?
With September marking 10 years since the launch of the Current Account Switch Service, here’s what to consider when moving accounts. By Vicky Shaw.
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Your support makes all the difference.A service which allows current account customers to “ditch and switch” their bank or building society celebrates its 10-year milestone in September.
The Current Account Switch Service (CASS) was launched back on September 16 2013 – and the most recent figures show it has , it has supported 9.5 million switches over the past decade.
There are also signs that the popularity of the service is growing, which could be due to the rates on deposits improving as interest rates rise, as well as people being aware of the service.
Between April and June 2023, the service recorded a huge 76% increase in the number of switches on the same period last year.
The service takes the hassle out of switching. There could be a range of reasons why switching might benefit some customers.
They may want to get better customer service, better interest rates, lower overdraft fees, or perks such as cashback on spending, for example.
Customers just need to pick which bank account they want and decide which date they want to switch. Payments will be automatically moved over to the new account and a guarantee means customers should not be left out of pocket if anything goes wrong with the switch.
Remember, if you hold a joint account, the permission of both parties will be needed.
There may also be some things you’ll want to check and agree with the new account provider before switching, such as an overdraft facility. Some current accounts also have requirements around minimum amounts being paid in each month, or direct debits.
John Dentry, product owner, Pay.UK, the owner and operator of CASS, says: “Even after 10 years, we are still seeing the Current Account Switch Service go from strength to strength, with 2023 on track to become one of the biggest ever for current account switching.
“Momentum continues to build as consumers find themselves re-evaluating their position in what is a very exciting and dynamic switching market – all made possible through the service.”
He adds: “The recent uptake in switching figures highlights the need for the service, giving consumers the option to have flexibility and security when reconsidering banking partners in a time of economic upheaval.
“We’re proud to work in partnership with our banking customers, building societies and consumers, working towards a stronger banking ecosystem.
“We look forward to the next 10 years of the Current Account Switch Service.”