1.2m current accounts moved using switching service in 2024

1.2m current accounts moved using switching service in 2024
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1.2m current accounts moved using switching service in 2024
Author: Vicky Shaw
Published: Jan, 30 2025 00:01

Summary at a Glance

1.2m current accounts moved using switching service in 2024 Around 1.2 million current accounts were ditched and switched by customers in 2024, marking the second year in a row that the total was more than one million, according to a service set up to take the hassle out of moving banks.

Of those who switched their account, nearly three-quarters (72%) said they prefer their new current account to their old one, with just 2% saying it is in some respects worse.

Research for the service indicates that, in general, online or mobile banking remains the top reason people prefer their new account.

Some 1,190,676 switches were processed by the Current Account Switch Service (Cass) in 2024.

Figures for July to September 2024 also showed that Nationwide Building Society had the highest net switching gains during the period, followed by Barclays, TSB and Lloyds.

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