How 5,600 high rollers switched current accounts with £100,000 in the bank

Thousands of current account switchers have transferred with more than £100,000 in the bank, exclusive data shows.

Since the start of 2024, 5,600 people have used the official Current Account Switching Service (Cass) to swap bank with six-figure sums.

Many banks offer cash incentives of up to £200 to entice new customers to switch primary bank account.

The process of switching accounts became smoother with the arrival of Cass in 2013 which is operated by Pay UK. It has facilitated more than 11m bank switches.

In the first three months of 2025, 228,805 bank switches took place, according to bank-specific data from Cass.

Of these, 995 switched their current account with balances of more than £100,000, the data reveals, representing 0.4 per cent of bank switchers.

In the same period, 13,259 people moved balances between £10,000 and £99,999.99.

There are some 8.3m current accounts in Britain with balances of £10,000 or more and 80pc of these accounts pay no interest, according to savings app Spring.

The average current account balance is around £2,000.

For those earning 0pc on £100,000, they would get £4,500 annual interest with the top paying easy-access rate from Coventry Building Society.

Individuals who transfer six figure sums will also breach Financial Services Compensation Scheme (FSCS) protection.

This guarantees sums of up to £85,000 per individual if a bank goes bust.

John Dentry, of Pay UK, said the fact people feel safe enough to move across large sums is because it provides a secure service, guarantees completion within seven days and carries all direct debits across.

If something goes wrong, Cass promises to refund interest lost and any charges. It says 99.8pc of switches complete without a problem.

The Cass data also shows 50,000 people switched between £1,000 and £9,999.99 to a new bank account in the first three months of the year.

But most switchers transferred between 1p and £999, with 130,824 switching this amount.

Birmingham was the hotspot for switching, with just shy of 6,000 customers taking the leap. This was followed by Sheffield, Manchester and Nottingham.