Unpacking the surge in current account switching: What’s driving consumers to change banks?
The Payments Association
OCTOBER 14, 2024
Traditionally, consumers stuck with familiar banks, but there’s now a growing trend of current account switching. According to data from Pay.UK, the Current Account Switch Service (CASS) has completed 10.9 million switches since its launch and successfully redirected 152.7 million payments, with motivations for switching including higher interest rates, lower account fees and fewer charges.
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