Current Account Switch Service Performance Report Q1 2025

This report provides an overview of the Current Account Switch Service's performance for the first quarter of 2025, covering the period from January 1 to March 31, 2025. The service has successfully completed 11.6 million switches since its launch in 2013, with 222,805 switches occurring in Q1 2025 alone. The report details that 99.7% of these switches were completed within the promised seven working days. It also highlights consumer awareness and satisfaction levels, which stood at 77% and 89%, respectively, during this quarter. The report presents data on customer switching behavior, indicating that Nationwide had the highest net switching gains among banks, followed by Lloyds Bank and NatWest. Additionally, it discusses an ongoing advertising campaign aimed at increasing awareness of the service, which is expected to reach 98% of the population. The report concludes with insights into consumer preferences for new accounts, emphasizing the importance of online banking features and customer service.