Mortgage holders are switching banks just to access a better deal and save money.
Of those who have a home loan, 41% switched banks to get a cheaper rate and 30% did it to receive an incentive related to their mortgage.
The Current Account Switch Service (CASS) says consumers have been motivated by ways to save money during the cost of living crisis. Mortgage rates have risen again this year following the start of the Iran war.
Only 15% of people moving home switched their bank account during the move. This is compared to 46% who changed broadband provider, 38% moved their energy to a new firm, and 35% switched mobile providers.
The research also reveals that just 22% look into current accounts or banking options compared with around 50% who researched local property prices (50%).
CASS is an online service that handles the entire bank switch process, including moving payments across to your new account and handling the closure of your old account.
It recorded 288,999 completed bank switches between April and June 2026, bringing the total for the first half of the year to 608,528.
However, you may want to hold off on doing multiple switches in a short period of time – for example, if you are planning on taking advantage of cash switch incentives – if you’re going to be putting in a big credit application soon, such as a mortgage. This is because each application to switch will show on your credit file.
Ultimately, you should make sure any new bank account you are considering switching to has all the features that you need.
You should also ensure you download or print off account statements from your old bank, as you may lose access to them after you switch.
John Dentry, Product Manager at Pay.UK, owner and operator of the Current Account Switch Service, said: “Moving home is one of life’s more stressful milestones, and at a time when every pound counts, consumers need to be unlocking all the help they can get.
“With rates well above the low figures of a few years ago, taking time to compare current account options alongside mortgage arrangements can make a real difference, as could extra interest on your deposit, improved financial planning tools and tailored mortgage advice.“
