Current account bank switches reach a record high - should you move banks?

The end of last year saw a record 443,701 bank switches take place - we look at why people are moving current accounts, which banks are the most popular, and how to switch

Smiling woman doing online shopping on laptop at home
(Image credit: Getty Images)

Would you move your current account for free money? The cash bonuses on offer from banks when you switch accounts are certainly proving lucrative as new data reveals a record 433,701 switches took place in the last quarter of 2023. 

The last time the service recorded a high was in November, when it saw 162,637 switches.

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Vaishali has a background in personal finance and a passion for helping people manage their finances. As a former staff writer for MoneyWeek, Vaishali covered the latest news, trends and insights on property, savings and ISAs.

She also has bylines for the U.S. personal finance site Kiplinger.com and Ideal Home, GoodTo, inews, The Week and the Leicester Mercury.