In just three months some 136,575 people decided they were better off with a new current account – with just five banks benefiting as a result of customers switching
More current account customers have been ditching and switching their bank as cash incentives have sweetened the deals available.
Some 136,575 switches took place between July and September – 38,383 more than in the second quarter of this year, figures from the Current Account Switch Service (Cass) show.
It said switching levels were consistent over the third quarter “as some participants offered cash incentives for switching again”.
There have recently been signs of competition ramping up to attract current account customers with cash offers.
These may be particularly attractive as many people have lost income due to the coronavirus pandemic, although people will need to weigh up all the elements of an account to see if it is worth switching rather than just focusing on the cash.
