The latest current account switching dates have arrived from Pay.UK – but where are people switching and which banks are they leaving? Check out the full list below and let us know what you think
Image: Bloomberg via Getty Images)
Santander, Nationwide and Starling added more customers than rival banks in the first three months of this year, according to the latest Switch data.
Almost 200,000 checking accounts were switched between January and March 2022.
According to Pay.UK, the firm that oversees the Current Account Switch Service (CASS), Santander had the highest net switching profits (36,494), followed by Nationwide (33,691) and Starling Bank (10,364).
Monzo (3,068) and Triodos (642) finished fourth and fifth respectively.
At the other end of the table, Tesco Bank recorded the most net bill losses (-20,278) after closing all of its current accounts in November 2021.
Next to last was HSBC (-14,875), then TSB (-13,911), Barclays (-11,669) and Virgin Money (-8,367).
The top reasons customers gave for preferring their new checking account included better online banking facilities (53%), ease of use of mobile banking/banking apps (42%), customer service (40%) and location of branches (22%).
One in six (15%) current account holders is actively considering a change. The switch via CASS takes seven days and will carry over to all your regular payments.
Have you had trouble switching bank accounts? Let us know: firstname.lastname@example.org
This includes your salary and direct debits. Your old account will also be blocked for you.
David Piper, Head of Service Lines at Pay.UK, owner and operator of the CASS, said: “We have seen positive levels of engagement and satisfaction with the current account switching service earlier this year, with a higher number of switches compared to this one Quarter of 2021 took place when the pandemic disruptions were on the forefront for many more.
“Obviously, with the rising cost of living continuing to put pressure on many households, it’s more important than ever for people to assess whether their existing checking account best suits their needs.
“It may be that an alternative provider could offer something better, and we encourage those considering a switch to remember that the current account switching service is free, easy and guaranteed.”
Martin Lewis’ MoneySavingExpert has explained how to get £175 free by switching banks – but you’ve only got a few hours to do it.
Best and worst banks for switching current accounts – January to March 2022
- Santander – 36,494
- Nationwide: 33,691
- Starling Bank: 10,364
- Monzo: 3,068
- Triodos: 642
- Thanks: 98
- Ulster: -133
- Bank of Scotland: -140
- Halifax: -342
- Bank of Ireland: -562
- RBS: -1,435
- NatWest: -1,804
- AIB Group: -2,181
- Lloyds Bank: -2,677
Virgo money: -8,367
- HSBC: -14,875
Tesco Bank: -20,278
https://www.mirror.co.uk/money/best-worst-banks-based-switches-26834777 Best and worst banks based on moves this year from Santander to HSBC and Barclays