UK current account switches reach record levels

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.”

    Share Story:

Recent Stories


Safeguarding economies: DNFBPs' role in AML and CTF compliance explained
Join FStech editor Jonathan Easton, NICE Actimize's Adam McLaughlin and Graham Mackenzie of the Law Society of Scotland as they look at the role Designated Non-Financial Businesses and Professions (DNFBPs) play in the financial sector, and the challenges they face in complying with anti-money laundering and counter-terrorist financing regulations.

Ransomware and beyond: Enhancing cyber threat awareness in the financial sector
Join FStech editor Jonathan Easton and Proofpoint cybersecurity strategist Matt Cooke as they discuss the findings of the State of the Phish 2023 report, diving into key topics such as awareness of cyber threats, the sophisticated techniques being used by criminals to target the financial sector, and how financial institutions can take a proactive approach to educating both their employees and their customers.

Click here to read the 2023 State of the Phish report from Proofpoint.

Cracking down on fraud
In this webinar a panel of expert speakers explored the ways in which high-volume PSPs and FinTechs are preventing fraud while providing a seamless customer experience.

Future of Planning, Budgeting, Forecasting, and Reporting
Sage Intacct is excited to present FSN The Modern Finance Forum’s “Future of Planning, Budgeting, Forecasting, and Reporting Global Survey 2022” results. With participation from 450 companies around the globe, the survey results highlight how organisations are developing their core financial processes by 2030.