Pay.UK’s Current Account Switch Service experienced a 50% increase in switches compared to the previous year, with 1,277,484 account switches in the UK between July 2022 and June 2023. The service is becoming more popular, with a 76% year-on-year jump in switches between April and June 2023 alone.
Facts
- Pay.UK’s Current Account Switch Service saw a 50% rise in switches compared to the previous year.
- 1,277,484 account switches occurred in the UK between July 2022 and June 2023.
- The service experienced a 76% year-on-year increase in switches from April to June 2023, with a total of 338,194 switches.
- During Q1 2023, NatWest had the highest number of switching gains (45,651), followed by HSBC (28,486), Lloyds Bank (10,959), and RBS (4,165).
- 71% of switchers in Q2 2023 preferred their newly chosen current account provider.
- 41% of users cited a better online/mobile banking experience, and 29% mentioned improved customer service as the main reason for switching.
- 29% benefited from increased interest earned, and 25% experienced lower account fees and charges after switching.
- The service has hosted a total of 9.5 million account switches and redirected 137.8 million payments since its launch in 2013.
- John Dentry, product owner at Pay.UK, emphasizes that the service offers flexibility and suits the changing needs of people and businesses during uncertain economic times with high inflationary pressures.
