The amount of people switching their current accounts in the UK hit the highest number ever in the last quarter of 2022, with 157,376 users switching current accounts in November 2022.
According Pay.UK’s Current Account Switch Service, 376,107 people switched their current accounts between October and December last year, which was the highest number since they started keeping records a decade ago.
Over 985,000 users switched current accounts in 2022, an increase of around 20 per cent compared to the previous year.
Users were encouraged by the service to switch current accounts due to the rising cost of living.
Figures from the Current Account Switch Service backed trends which show that the number of people who use digital banking has increased significantly since the start of the pandemic. Almost a quarter of people have reduced their use of bank branches and around 32 per cent have increased the amount of banking they do online, according to the service.
Commenting on the news Kate Frankish, chief business development officer of Pay.UK which runs the service, said: “We are delighted that the Service has continued to serve customers quickly and effectively, enabled by a deep understanding of the changing market for current accounts, both in terms of what banks and building societies are offering and what customers value.”
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