16 September 2016
1 min read
The Co-operative Bank comments on the third anniversary of the UK’s Current Account Switch Service (CASS), through which more than 3.2 million successful switches have taken place.
Matthew Carter, Products and Marketing Director at The Co-operative Bank, said: “The launch of the Current Account Switching Service three years ago has made switching accounts easier than ever before. With more than three million successful switches taking place, today’s figures highlight just how many customers have benefited from the service.
“Our own research shows that three-quarters (77 per cent) of overdraft holders who have switched in the past three years have not only taken the opportunity to shop around for a better deal once - but would consider moving to a different provider again in the future. This is exactly the sort of confidence and competition the service is intended to inspire.
“We would urge prospective current account switchers to think carefully about their everyday financial needs when weighing up the different options available to them; it is important to think beyond switching incentives alone, and consider the other features of the account to ensure they are better off in the long-term.”
The Co-operative Bank offers up to £216 cash reward for switching to its current account - £150 incentive for new customers using the full Current Account Switching Service to take out a current account and customers who opt in ‘Everyday Rewards’ can earn up to a £5.50 cash reward into their account each month.
Notes to Editors:
About the Co-operative Bank
the Co-operative Bank plc provide a full range of banking products and services to almost 5 million retail and SME (Small and Medium Sizes Enterprises) customers. The Bank is fully committed to values and ethics in line with the principles of the co-operative movement.
For further information please contact
Nicki Parry, Head of Media Relations
The Co-operative Bank Press Office
Tel: 07734 002 983
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