Halifax, Santander and Nationwide gain the most current account switchers

Published by Adam Williams on 26 April 2017.
Last updated on 26 April 2017

bank accounts

Almost a quarter of a million people switched their current account provider in the first three months of 2017.

Data published by Bacs shows that 248,302 switches were made using the Current Account Switch Service (CASS) between 1 January and 31 March 2017. This means a total of 949,047 switches were completed in the year to 31 March 2017.

The number of movers is also broken down on a bank-by-bank basis, although this is published six months in arrears. The latest data shows Halifax welcomed more switchers than any other provider in the third quarter of 2016, boasting a net (gains minus losses) gain of 28,116 accounts.

 

Santander (26,196 net gains) and Nationwide (25,939) were the other providers to see a large increase in current account customers.

At the other end of the scale, Barclays was the biggest loser with a net loss of 21,008 accounts between July and September 2016.

Bacs says that more than 3.7 million successful switches have taken place since the launch of the Current Account Switch Service in 2013. Almost 100% of the UK current account market is covered by the scheme, with 47 providers taking part. Mobile-only Starling Bank became the latest brand to join at the end of March.

However, despite the switching service, only 3% of people switch to a different bank in any year, even though users could typically save £92 per year, according to figures published by the Competition and Markets Authority earlier this year. 

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