The number of current account switches has dropped to a new low, according to figures released today.
Just 57,779 switches were completed using the Current Account Switch Service's seven-day switching service in September - the lowest number since the scheme was launched four years ago.
The number is also a drop of over 13,000 since August, when 70,861 switches were recorded.
The low figures come despite the fact that switching your current account is a relatively easy process and several banks offer hefty cash incentives.
How does switching bank work?
The Current Account Switch Service (CASS) was launched in 2013 to simplify the process of switching between banks. Over 99% of UK current accounts are covered by the service.
It's completely free - you simply contact the new bank or building society you want to switch to and ask it to move your old account using the CASS.
You can choose a switch date to suit you as long as you allow seven working days.
The bank will do all the hard work such as transferring your direct debits and standing orders to your new account.
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What rewards can I get from switching?
Currently, switchers to Clydesdale Bank's new app-based B Account* get a massive £250 bonus - the biggest upfront offer we've ever seen.
It's likely to be mega popular, and could be pulled with little or no notice, so if it's right for you, go quick.
The app-based B Account is new-ish, and gives additional spending and budgeting insights. As it's part of the same group you can use Clydesdale or Yorkshire Bank branches.
To get the £250 bonus, all you have to do is switch to the account online and as long as you've a couple of direct debits, and pay in £1,000/mth for two months (so £13,000+ salary) you'll get the bonus within 70 days. Here are a few technicals:
- Existing Yorkshire/Clydesdale customers can only get the bonus if you haven't got one from them before.
- You must log in to online or mobile banking within 62 days.
- Direct debits must pay out within 62 days.
Our Best Bank Accounts guide has a full round-up of other current account switching incentives.
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