Current account transactions on track to eclipse 2012
23 August 2013
- New Halifax figures show year-to-date current account transaction levels noticeably higher as economic data continues to improve
2013 is shaping up to see a significant increase in current account transactions both in terms of the volume of transactions and the amounts involved, according to new data from Halifax.
Compared to the same period in 2012 the volume of transactions is currently 9% higher than the same time last year, with the amounts being transacted now 7% higher.
With official data from the ONS for Q2 showing the economy has continued to improve, these figures from Halifax show this is being reflected in current account transaction levels.
Banking on bank holidays
Last year, the busiest time of year in terms of current account transactions was not the festive season but during the Queen's Jubilee celebrations in the first week of June; with 6 June the busiest day of the year in terms of the volume of transactions. Similarly, the day when transaction amounts were greatest was 1 June, with the quietest day of the year for both occurring, perhaps unsurprisingly, on 25 December.
In terms of internet banking activity, in 2012 the busiest day for people logging on to their current account was 21 December (the Friday before Christmas) with the quietest day again 25 December.
To date, the busiest day of 2013 in terms of volume of transactions was 2 April (just after the Easter Bank Holiday) with 31 March the quietest. The day when the highest level of transaction amounts took place was just before the following Bank Holiday weekend on 1 May, with 26 May the day with the lowest average transaction amount.
Anthony Warrington, director of Halifax Current Accounts, said:
"The health of the economy has a definite impact on transaction levels, but at the same time the latest industry data shows that transaction habits are changing. Increasingly, people are relying on plastic cards, paying bills by direct debit, and making payments from mobile devices rather than paying by cash.
"As one of the UK's largest current account providers, it's up to us to make sure we provide the service people demand. Keeping track of all these payments is very important, so a bank account that helps you to do this and even rewards you for using it is something being demanded by increasing numbers of customers.
"At Halifax we will reward new current account customers with £100 and six months free overdraft when they switch to us. And from 16 September it will only take 7 days to switch your bank account to Halifax. With benefits like this it's no wonder we're now seeing a new customer switching to Halifax every two minutes."