Bacs publishes latest Current Account Switch Service figures
The latest figures for the Current Account Switch Service were published by Bacs on 20th July 2016, which show that over three million accounts have now been switched since the service launched in 2013.
- Over 3 million switches since launch of Current Account Switch Service
- 4% increase in switches during first half of 2016 compared to the first six months of 2015
- 75% of public aware of the improved switch service* (up 17 percentage points since launch)
- Participant movement data for Q4 2015 also published.
During the first six months of this year 567,677 switches took place – a four per cent increase compared to the first half of 2015.
And, by the end of last month, 75 per cent of people in the UK were aware of the Current
Account Switch Service – up by 17 percentage points since launch.
A total of 1.05 million switches took place in the last 12 months (1 July 2015-30 June 2016),
with 257,999 switches completed in the last quarter alone (April-June 2016).
While this year has already seen the roll-out of awareness-raising activity targeting
consumers and SMES, the third quarter of 2016 will see the launch of another high-profile
campaign. This will encompass prominent TV, radio, print, and digital advertising to mark the
third anniversary of the service.
Full switching details are available in the latest edition of the Current Account Switch Service
Dashboard (no.11), along with the latest participant movement data for Q4 2015. Information for customers on the service and
links to participating banks and building societies are available at www.simplerworld.co.uk.