Nationwide Building Society (22,622) had the highest net switching gains between July 1, 2024 and September 30, 2024, followed by Barclays (18,053), TSB (12,282) and Lloyds (10,018)
The bank accounts where most people are switching to have been revealed.
Nationwide Building Society (22,622) had the highest net switching gains between July 1, 2024 and September 30, 2024, followed by Barclays (18,053), TSB (12,282) and Lloyds (10,018). Nearly three-quarters (72%) of people said they prefer their new current account to their old one, with just 2% saying it is worse.
Some of the top reasons for people switching include online and mobile banking services, followed by interest earned and customer service. Some 1,190,676 switches were processed by the Current Account Switch Service (Cass) in 2024.
CASS automatically switches payments and transfers balances to your new current account, and closes your old account for you. The service has redirected 160.5 million payments during more than a decade of being in operation.
John Dentry, product owner at Pay.UK, owner and operator of Cass, said: “2024 was yet another busy year for the service, and these figures are ultimately being driven by increasingly money-conscious consumers. Banking institutions, whether they be neobank disruptors or traditional high street banks, continue to present diverse, innovative and increasingly generous offers to win over hot-footed switchers.
“We’re pleased to see such high satisfaction and completion rates, cementing the service’s position as critical infrastructure which enables a healthy and competitive banking marketplace.”
Alastair Douglas, CEO of TotallyMoney, said: “More often than not, the best offers on the market lure the most customers. And this could be why Nationwide saw the biggest net gains during the summer months. Back then, they had a market-leading £200 switch bonus and a 5.5% savings rate on up to £10,000 for 18 months. Following Nationwide were Barclays, TSB and Lloyds who were offering £175, £190, and £175 respectively.”
Andrew Hagger, a personal finance expert at Moneycomms, said: “The latest switching numbers provide further evidence that attractive cash handouts do drive new current account business. However, you have to question how many of these switchers are there for the medium to long-term or simply switch away to another bank with a new cash incentive a month or two down the line.”
Current account switches ranked
- AIB Group (UK) minus 431
- Bank of Ireland, minus 350
- Bank of Scotland, minus 1,606
- Barclays, 18,053
- Co-operative, 1,100
- Danske, minus 193
- Halifax, minus 14,898
- HSBC, 2,445
- JP Morgan Chase, minus 1,883
- Lloyds Bank, 10,018
- Monzo, 5,256
- Nationwide Building Society, 22,622
- NatWest, minus 18,322
- RBS, minus 5,352
- Santander, minus 19,274
- Starling Bank, 801
- Triodos Bank, 25
- TSB, 12,282
- Ulster Bank, minus 807
- Virgin Money, minus 4,832
