A total of 134,343 customers applied to switch banks using the free Bankswitching service in 2024, according to sector federation Febelfin on Tuesday.
In 2023, the service received 119,517 applications. The Bankswitching service offers customers a quick switch for their payment and savings accounts without any interruption in payment orders.
Last year, slightly more than a third (37%) used the service to close their old current accounts and transfer payments, such as direct debits, to new ones.
About 16% of customers only transferred their payments to a new bank. For 11% of applications, it involved closing the old current account without transferring the payments.
Since its launch at the end of 2020, many customers have also used the service for their savings accounts. In 2024, 47,908 customers opted to switch banks and close their savings accounts through the service.
