Over 3.5 million people have switched banks since launch of Current Account Switch Service

26 Jan, 2017

The latest figures for the Current Account Switch Service published this week show that over 3.5m (3,520,190) successful switches have taken place since the service launched in 2013.

During the last 12 months (1 January 2016 to 31 December 2016), a total of 1.01 million switches were completed, with 208,387 switches recorded in the last quarter alone (October – December 2016)

And, following the launch of a new multi-million pound media campaign, November 2016 saw awareness levels of the Current Account Switch Service reach a record high of 78 per cent –representing an increase of 20 percentage points since launch.

The final quarter of 2016 also saw Bacs appoint Jo Kenrick as the first independent chair of the Current Account Switch Service Executive Committee. The move fulfilled one of the undertakings set out by the Competition and Markets Authority (CMA), following its investigation into the personal current account market.