Current Account Switch volumes impacted by COVID19

Pay.UK have just published the monthly Current Account Switch Service data for April 2020.

The Current Account Switch Service (CASS) has completed 6.6 million switches since launching in 2013, 280,520 of which took place between January and March 2020.

Despite the impact of COVID19, March saw the third highest number of Current Account Switches since the CASS service was launched in 2013.

With much talk of the rise of the challenger bank and the competitive current account market the dashboard information published by Pay.UK always provides an interesting insight into the current account switching marketplace.

Not surprisingly, the impact of COVID19 during April has made a significant dent in the monthly current account switch volumes.

From 113,037 switches in March, the number of switches in April fell to just 41,549 – with 92.5% being personal account switches and 7.5% small business and charity switches.

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