Current account switches steadily rose in Q3 as bank incentive offers returned

A couple of days ago (29 October 2020) Pay.UK published the Q3 2020 Current Account Switching Service (CASS) dashboard – click below to check out Northey Points ‘winners and losers’ blog.

Monthly Account Switching Stats

Pay.UK report that total 136,575 switches took place in the third quarter of 2020, a significant rise of 38,383 compared to switches in Q2.

Monthly data shows that switching figures increased consistently from July (29,895) to September (62,511) as some participants offered cash incentives for switching again.

Maha El Dimachki, Chief Payments Officer of Pay.UK, owner and operator of the Current Account Switch Service said:

The market changes we’ve seen this year are like nothing anyone anticipated a few short months ago and we’re now looking at a very different financial ecosystem. After a dip in switching figures earlier in the year it’s encouraging to see month-on-month rises in switching numbers through the most recent quarter. Our focus is to ensure the Current Account Switch Service is available to those who wish to manage their finances more flexibly by switching their current account in a stress-free manner.

We recognise that many consumers and businesses could be at more risk of financial vulnerability due to the spread of COVID-19. We recently launched a new advertising campaign designed to raise awareness of the service among those who may benefit from it most

Maha El Dimachki, Chief Payments Officer of Pay.UK, owner and operator of the Current Account Switch Service