In total, 137,976 switches took place in the first quarter of 2021, this signified a 51,297 decline compared with the final quarter of 2020, which stood at 189,273.

Cass said that switches dipped in January and February this year, before picking up again in March.

Cass was launched in 2013 to make switching current accounts easier. Switches can now be made in seven working days, compared with up to 30 previously.
Cass figures revealed that more than 7.2 million bank switches have been completed since the launch of the service.

It said the latest quarterly switching total was nearly identical to total switches completed in the third quarter of 2020 (136,575) when social distancing measures were in place for many people.

Across Cass’s 50 participants, Lloyds Bank had the largest net switching gain in the last quarter of 2020 (29,556), followed by Starling Bank (15,960), Natwest (9,003), Clydesdale Bank (8,584) and Monzo (6,765).

TSB made a net loss of more than 20,000 switches and Santander made a net loss of more than 18,000. Halifax made a net loss over 11,000 switches.

David Piper, head of service lines at Pay.UK, owner and operator of the Current Account Switch Service, said: “As we moved into 2021, many of the trends from a difficult and unusual 2020 followed as the pandemic developed and the financial ecosystem continued to adapt.

“Through a fast-changing market The Current Account Switch Service remained focussed on its priority objectives, to ensure that the service is available to those who wish to move their current account in a simple, reliable and stress-free manner.

“Into 2021 and beyond, we’re dedicated to ensuring that the service remains reliable and available to anyone who wishes to move their current account to one that suits them better.”