The service received a total of 119,517 requests in 2023. The previous record (more than 107,000) dates from 2021; in 2022 there were more than 93,000 switching requests, according to figures on the bankswitching.be website.
Customers can use bank switching to move a current account (and associated direct debits and recurring payments) or a savings account to another bank. All they have to do is contact their new bank, which will then arrange everything with the old bank.
Febelfin believes that the record is partly due to the increased brand awareness of the bank switching service. But rising interest rates probably also play a role. “Interest rates have been low for years and will start to rise again in 2023,” the banking federation explains. “That may also have caused people to compare the different savings formulas at the banks more and then choose to change banks.”
Two-thirds of the applications related to a current account. For example, almost 44,000 customers asked to close their old current account and transfer payments such as direct debits to the new current account. Others only wanted to close the old current account or transfer payments to a new bank. In addition, almost 35,000 customers opted for a bank switch with closure of their savings account.