The UK retail banking unit of JPMorgan Chase has joined the Current Account Switch Service (CASS) service.
Chase becomes the 48th participating brand in the CASS initiative. CASS is owned and operated by Pay UK, the recognised operator and standards body for UK interbank retail payment systems.
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CASS has facilitated over 9 million current account switches since it began operating in 2013 and redirected 134.4 million payments. Last year, 99% of switches were completed within 7 working days and customer satisfaction averaged 91% across the year. CASS continues to play a key role in supporting the Competition and Market Authority’s measures to increase current account competition.
Shaun Port, Managing Director for Everyday Banking at Chase, said: “We want to make it simpler, quicker and easier for consumers to do more of their banking with Chase. It’s important to make the process of switching current account provider reliable and stress-free so consumers feel empowered to make the choices that best suits their needs.”
John Dentry, Product Owner at Pay.UK, added: “The emergence of new banks is exciting in itself. But it is really encouraging to see these providers join to offer a quick, free, and guaranteed way of switching. It is testament to the success of the Service since launch, almost ten years and over 9 million switches ago, that providers continue to join the service.
UK 7-day account switching hits quarterly record high
The most recent quarterly figures from Pay UK revealed that 7-day switching had hit a quarterly record high.
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By GlobalDataThe numbers cover the three-month period to end March with 341,075 switches in Q1 2023. The total number of switches since the service launched in 2013 now stands at 9.1 million. In the 12 months period 1 April 2023 to 31 March 2023 there were 1,131,067 switches. For comparison, for calendar year 2022, there was a total of 986,959 current account switches.
A running total of 1.1 million switches for the past 12 months represents progress. But the latest running 12-month total is still less than the annual figure when seven-day switching was rolled out in 2013. Specifically, in 2012 there were 1.2 million switches.
Current account switching peaked in 2014
The annual figure peaked in 2014 at 1.16 million. The annual total dipped then in each of the next four years, to 1,033,939 in 2015 and to 1,010,423 in 2016. By 2017 (931,956) the figure was back below the one million total and fell again to 929,070 in 2018. By 2021, the annual number had fallen even further to 782,223. The latest quarterly numbers will give PayUk optimism that 2023 is on target for a record year.
Chase UK launched with a current account that offers 1% cashback on everyday debit card spending for a year. It pays 1% AER interest on credit balance and also provides 5% AER interest on its round-up account which is used for small change round-ups. The Chase saver account linked to the current account offers a saver account with a 3.3% interest rate.
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