The Current Account Switch Service (CASS) reveals that a million bank users switched banks in 2024, with Nationwide emerging as the most popular choice. Experts attribute Nationwide's success to its competitive offers, including a £200 switch bonus and a 5.5% savings rate.
Over a million bank users switched to a new bank in 2024 for the second consecutive year, and one establishment emerged as the top choice. The Current Account Switch Service (CASS), designed to facilitate current account transfers, revealed that a significant number of bank users are altering their financial practices. The CEO of TotallyMoney, Alastair Douglas, attributes Nationwide 's position as the most popular choice to its attractive offerings.
He stated, 'More often than not, the most compelling offers in the market attract the most customers. Nationwide likely experienced the largest net gains during this period due to a market-leading £200 switch bonus and a 5.5% savings rate on up to £10,000 for 18 months.' Bank customers utilize CASS because it automatically transfers payments and guarantees protection in case of any complications during the switching process. Since its inception over a decade ago, it has assisted in switching 160.5 million payments. Research conducted for CASS indicates that the primary reason customers switch accounts is due to online or mobile banking services. The second most common reason is interest rates and customer service. Furthermore, the majority of bank customers who switch through CASS express satisfaction with their choice. Of those who switched last year, 72 percent reported being happier with their new current account compared to their previous one, according to CASS.John Dentry, product owner at Pay.UK, the owner and operator of CASS, commented, '2024 was another busy year for the service, and these figures are ultimately driven by increasingly financially conscious consumers.' Banking institutions, encompassing both neobank innovators and traditional high street banks, continue to introduce diverse, innovative, and increasingly generous offers to attract new customers. We are pleased to witness such high satisfaction and completion rates, solidifying the service's role as critical infrastructure that fosters a healthy and competitive banking marketplace.
Bank Switching Nationwide Current Account Switch Service (CASS) Financial Offers Customer Satisfaction
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