27 July 2023 , 11:02
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More banking customers switched to Natwest in the first three months of this year compared to other banks, according to the latest data.
Natwest saw a net gain of 45,651 new customers between January to March 2023.
This was followed by HSBC with 28,486, Lloyds Bank with 10,959 and the Royal Bank of Scotland (RBS) with 4,165.
At the other end of the table, Nationwide saw the most net switching losses between January and March with -34,259.
Overall the bank lost 44,158 customers whilst only gaining 9,899.
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This was the complete opposite to the last release which revealed that Nationwide had taken first place with the most net gains for switching.
This was followed by Halifax which saw a net loss of -21,322 then Barclays with -18,655 and then the popular challenger bank Monzo with -7,635.
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More people are deciding to switch up their bank accounts with 338,194 switches made through the Current Account Switch Service (CASS) between April and June of this year - this is compared to 191,777 in the same period last year.
More and more banks are introducing switching offers as a way to bring in new customers with a handful offering bribes of up to £200.
Since its launch, CASS has now facilitated 9.5 million switches in total.
Pay.UK, the owner and operator of the Current Account Switch Service, found the top reasons customers gave for preferring their new current accounts were online or mobile app banking (41%) and customer service (29%).
Another 29% of switchers listed interest rates as an important factor for switching and a quarter listed account fees and charges.
John Dentry, product owner at Pay.UK said: “The Service continues to play a vital role in allowing people and businesses the flexibility to change accounts and find a banking partner that better suits their needs.
“This quarter’s switching figures demonstrate a healthy and competitive switching environment for consumers and businesses during a time of economic uncertainty with high inflationary pressures.
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“People can rest assured that if they decide to move to a new banking provider through the Current Account Switch Service, the process will be quick, free and easy.”
Full list of bank net gains:
- NatWest 45,651
- HSBC 28,486
- Lloyds Bank 10,959
- Royal Bank of Scotland (RBS) 4,165
- Santander 4,092
- TSB 3,269
- Starling Bank Ltd 299
- Triodos Bank 93
- Ulster Bank 77
- Bank Of Ireland -332
- Danske -366
- Low Volume Customers -970
- Co-operative -1,359
- Bank of Scotland -2,458
- Virgin Money -6,240
- Monzo Bank Limited -7,635
- Barclays -18,655
- Halifax -21,322
- Nationwide -34,259