Only 98,192 account switches took place in Q2 2020, down 65 percent from Q1 when more than 280,000 switches took place; banks increased their support for customers during the pandemic which is one of the main reasons switches were so low; HSBC and Nationwide were the top two banks in Q1, with Monzo coming in third place and Starling Bank coming in fifth; “We realise that the impact of COVID-19 on individuals and businesses is high, in particular for those classed as financially vulnerable,” said Matthew Hunt, COO of Pay.UK which operates the Current Account Switch Service, to the FT. “The pandemic clearly impacts people way beyond payments, but we are nevertheless doing our part to try and help, and ensuring that the Current Account Switch Service is always available to those who wish to manage their finances more flexibly by switching their current account in a stress-free way.” AltFi.
