Historically, people, especially older people, have been reluctant to move banks and this inertia has allowed banks to pay little or no attention to existing customers. However, according to data from CASS (the Customer Account Switch Service) this may be changing with customers moving current accounts at an ever-increasing rate, without the catalyst of Consumer Duty.
More than 1.2 million accounts moved in the year to June 2023, a 50% increase on the previous 12 months. Data for the first quarter of this year suggests Nat West was the biggest net gainer with 45,651 new accounts while Nationwide was the biggest loser at 34,259.