The Current Account Switch Service (CASS) will mark 13 years next month since its introduction, enabling customers to switch bank accounts in as little as seven days. This service has simplified the process, removing the need for customers to manually transfer direct debits and salaries.
Before CASS, switching bank accounts could take up to 30 days and involved significant manual administration. Now, the service handles these changes seamlessly, with banks often providing notifications throughout the process.
Approximately 100,000 people switch bank accounts each month. Banks are offering incentives, with current deals reaching up to £220 for new customers. These monetary incentives are a significant draw for many consumers, alongside other factors like app functionality and fee-free spending abroad.