UK current account switching rates seem to be unable to stop their fall, according to BACS. Between 1 April 2018 and 31 March 2019, there were 921,065 current account switches in the UK. In comparison, in the whole of 2018, there were 929,070 switches.
Furthermore, in 2017 switches totalled 931,956. The days of over one million current account switches in the UK, such as in 2016, seem to be long gone.
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The rate of decline has at least slowed. In 2016 current account switching totalled 1,010,423, down from 1,033,939 in 2015.
In 2014, there were 1,156,838 switches.
Awareness of the UK Current Account Switch Service is high at 80% and satisfaction is even higher at 93%.
In addition, the switching engine has now processed over 5.6 million switches.
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By GlobalDataWho won the UK current account switching rates battle?
Between 1 October 2018 and 31 December 2018, there are some clear winners and losers in the UK current account switching rates battle.
Building society Nationwide has the largest net gains in switches with 36,327. In second place was HSBC with 31,389. Both of these firms were offering incentives for switching current accounts in the region of £200 ($259) in that quarter.
The biggest net losers were, predictably due to their IT issues, TSB (-17,492) and Halifax (-17,367).
RBS also lost over 11,000 current accounts in the switching process and Lloyds Bank was not far behind and lost 10,459.
NatWest gained 6,467 accounts and Santander lost 3,969.
The mobile-only digital challengers continue to do well in these statistics. Monzo made net gains of 5,953 in the time period while Starling saw a net gain of 3,726.
The service is still trying to raise awareness and gain attention, with little to no success considering the falls in switching.
On Boxing Day 2018, the Current Account Switch Service launched another awareness campaign which ran until the end of February 2019.
The campaign targeted the financially disadvantaged and reached 92.3% of this audience. The campaign ran on TV and digital channels, raising awareness of the smooth process and benefits of switching.
