Latest figures released by Bacs show that 257,638 current account customers moved their bank account via the current account switching service in the last three months of 2015.
That’s an increase of 11% on the previous quarter, whilst looking at the year as a whole, some 1,033,939 people moved their bank account to a new provider.
Bacs report reveals that 99% of the 2.5 million switches carried out to date have been carried out within the seven working day timescale.
It’s good to see people voting with their feet to find a more suitable bank account, however there are still many customers who have so far decided to stick with their existing provider.
There are currently plenty of up front cash incentives from the banks trying to encourage you to sign up, however although the cash lump sum may appear attractive, it’s worth checking the credit interest and overdraft details to ensure it will work for you in the longer term.
Santander and Halifax continue to be the biggest winners in the bank account transfer war with Barclays and NatWest at the foot of the table for the final quarter of 2015, both losing more customers than they are gaining.
If you’re thinking of moving your account but perhaps feeling a little apprehensive about making the switch, it’s all fairly straightforward and the process is managed for you – and importantly you are in control and can specify the date you’d like the transfer to take place.
You can find more details of the current account switching service (CASS) and guarantee and how it all works here.