27 April 2023 , 10:10
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More banking customers switched to Nationwide Building Society in the final part of last year compared to other banks, according to the latest data.
The UK's largest building society saw a net gain of 111,941 customer switches between October and December 2022.
The figure for this period coincides with the generous £200 switching offer Nationwide launched in October - which is suspected as being the driving force behind the 100,000 switches.
It was pulled only two months later at the end of November
Natwest followed Nationwide seeing 5,646 switches between October and December.
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Starling Bank took third place seeing 1,810 switches in the last three months of 2022 and Triodos Bank came fourth with 151.
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At the opposite end of the table, Santander saw the most net switching losses with of -35,046.
Overall the bank lost 47,997 customers whilst only gaining 12,951.
This was followed by Barclays which saw a net loss of -22,945, then Halifax with -20,287, and then TSB with -9,642.
More people are deciding to switch up their bank accounts with e 341,075 switches made through the Current Account Switch Service (CASS) in the first three months of this year.
This is over 100,000 more then in the same period in 2022.
Pay.UK says the high numbers seen so far this year align with the fact that many banks are reintroducing switching incentives for customers.
The top reasons customers gave for preferring their new current accounts were online or mobile app banking (41%), customer service and interest rates (both 29%), and spending benefits (25%.)
Euan Ballantyne, head of product at Pay.UK, owner and operator of the Current Account Switch Service, said: “It is encouraging to see Q1 2023 switching figures surpass Q1 2022’s figures by over 70%, demonstrating the continued relevance of the Service to consumers and businesses across the UK.
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"It is also positive to see another uptake in small business and charity account switches, once again showcasing that the value of the Current Account Switch Service extends beyond personal accounts.
“Those considering a new current account, for whatever reason, can be assured that the Current Account Switch Service, with its 9 million switches and 134.4 million successfully-redirected payments, is a quick, free and easy process.”
Full list of bank net gains:
- Nationwide 111,941
- NatWest 5,646
- Starling Bank 1,810
- Triodos Bank 151
- Lloyds Bank -403
- Bank Of Ireland -441
- Danske -515
- Ulster Bank -697
- Low Volume Customers -1,009
- AIB Group UK -1,065
- HSBC -1,518
- Monzo Bank -2,079
- Bank of Scotland -4,270
- RBS -4,518
- Co-operative -5,104
- Virgin Money -7,474
- TSB -9,642
- Halifax -20,287
- Barclays -22,945
- Santander -35,046