26 October 2023 , 06:04
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The best and worst banks based on the number of people switching have been revealed.
NatWest saw the highest net switching gains (99,695) between July to September, followed by HSBC (25,769) and RBS (16,017). On the other end of the table, Santander recorded the highest net losses (-32,560) shortly after Barclays (-21,598) and Halifax (-22,014).
A total of 344,195 switches took place between July to September, according to the Current Account Switch Service (CASS). This is up from the 344,195 switches that took place during the same time last year.
From a yearly point of view, some 1,399,571 switches happened between October 1, 2022 and September 30, 2023. This figure represents a 63% year-on-year increase on the 859,751 switches that occurred during the previous 12 months.
Switching takes seven days through CASS and this transfers over all your regular payments, including your salary and direct debits. Your old account will also be shut for you in the process.
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Major banks including Nationwide, First Direct and Lloyds are offering up to £200 for you to switch current accounts. Nationwide is offering £200 for free, plus access to its 8% regular saver and a year's 0% overdraft.
Or with First Direct, you get£175 for switching, a 7% regular saver, fee-free overseas spending and a £250 0% overdraft. Lloyds is currently running a switch offer of£175, plus you can choose a reward from 12 months of Disney+, six cinema tickets, a Coffee Club & Gourmet Society membership or a magazine subscription.
You'll need to meet eligibility criteria to get a switch reward, for example, you normally can't have held an account with that bank for a certain number of years, and you may need to pay in a certain amount of money.
John Dentry, product owner at Pay.UK, owner and operator of CASS, said: “The Current Account Switch Service marked its ten year anniversary this quarter, and in that time the Service has upheld an important role in supporting consumers and businesses change their current account to better suit their needs. It is particularly noteworthy that three new customers, Citibank, Allica Bank, and Rothschild, have joined the Service this quarter, enabling greater choice for consumers and demonstrating the significance of the Service.”
Bank switch gains between July and September
- NatWest 99,695
- HSBC 25,769
- RBS 16,017
- Ulster Bank 2,330
- Triodos Bank 102
- Danske -268
- Bank Of Ireland -337
- AIB Group (UK) -664
- J.P. Morgan Chase -880
- Low Volume Customers -1,617
- Bank of Scotland -1,882
- Lloyds Bank -2,818
- Starling Bank Ltd -2,931
- Co-operative -5,822
- Virgin Money -6,162
- Monzo -9,080
- TSB -13,087
- Nationwide -20,594
- Barclays -21,598
- Halifax -22,014
- Santander -32,560