The number of Brits switching current accounts decreased last year despite continued attempts to promote awareness of the Current Account Switch Service (CASS). There were just over a million switches in 2016, about 23,500 fewer than in 2015, according to payments body Bacs.
CASS launched in 2013 and aims to make the process easier and cut the length of time taken from 30 working days to seven. Since then, 3,520,190 people have made the jump away from their banks. The Competition and Markets Authority (CMA) recently said it had accepted undertakings from Bacs to make improvements to the service within a year.
Banks and building societies, meanwhile, have released figures showing the number of account switches using the service between April and June 2016. Santander, Nationwide Building Society and Halifax continued to make gains, with challengers Tesco Bank and TSB also seeing net increases. Barclays, HSBC, Lloyds Bank, NatWest and RBS all made net losses during the period.
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