The Current Account Switch Service has hit 10 million total switches after the busiest quarter since its launch.

Pay.UK's free-to-use service enables consumers to easily switch their personal or business account between banks and building societies.

The organisation revealed that between October and December, 433,701 switches took place, the highest quarterly figure on record.

End user switching data, which is three months in arrears, showed that NatWest, HSBC, TSB and RBS had the highest net switching gains between July and September 2023.

November saw the highest total number of monthly switches since the service was launched over ten years ago, with 162,637 switches taking place.

“Once again, the run-up to the Christmas period proves itself to be an important time for switching current accounts," said John Dentry, product owner at Pay.UK, owner and operator of the Current Account Switch Service. "It’s encouraging to see more consumers and businesses utilising the Service to take advantage of a healthy banking market and ultimately find a current account that best serves their needs."

Dentry added: “As interest rates appear to be stabilising, it will be interesting to see how the market develops. Despite higher interest rates, cash incentives and other financial benefits, online and mobile banking still continues to be the most significant reason that consumers prefer their new current account."

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