Personal current account switching: Why don’t more people switch and what could encourage them to do so?

Authors: Yvette Hartfree, Jamie Evans, Elaine Kempson and Andrea Finney
Funded by: Yorkshire Building Society
Published by: University of Bristol
Publication date: April 2016

Why do only four to six per cent of people switch their personal current account (PCA) each year? This research explores why the great majority of account holders – perhaps as many as eight in ten – are unlikely to consider switching, despite the introduction of the Current Account Switching Service (CASS) in 2013 which has streamlined the switching process.

The overall aims of this study were to:

  • understand the barriers to switching personal current accounts from the consumer perspective;
  • to recommend potential solutions that would increase switching rates; and 
  • assess the likely impact of the provisional remedies put forward by the Competitions and Markets Authority in 2015.

The research comprised a targeted evidence review of empirical studies covering both UK and international evidence. To provide a wider context to understanding the barriers to PCA switching and potential solutions the scope of the review also included relevant evidence on PCA switching in other countries, consumer switching behaviour in other markets and a review of the wider behavioural change literature.


Personal current account switching (Full Report) (PDF, 928kB)
Personal current account switching (Executive Summary) (PDF, 337kB)

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