Apparently plenty of you agree. According to statistics from BACS, over 680,000 customers have used the Current Account Switch Service to switch banks since January this year. That’s 4.2 million since 2013 – almost 7% of the UK’s entire population. It’s clear that people are regularly defecting from their original banks in search of pastures new – but why?
The relationship between customer and bank often mirrors the trajectory of most high-school sweethearts. It starts when you’re young – when you’re not really sure what else is out there – but as the years roll by, alluring new options (with rather attractive features) may start to turn your head.
In any case, it’s becoming clear that the traditional loyalties are no longer binding us as banking consumers – and that’s in part due to the introduction of the Current Account Switch Service (CASS). Its main appeal is that it removes the major obstacle that has prevented people from switching in the past – the paperwork. In short? CASS does all the boring admin for you, within seven working days, no fuss, no fees, no hassle.
Which is great news for everyone. But there’s more to this mass movement than sheer simplicity – so read on to explore the major reasons people are joining the switching revolution…