Nationwide was the biggest net winner of current account switches in the first three months of this year, according to new data.
A total of 48,303 customers used the Current Account Switching Service (CASS) to move to the bank, while 9,620 customers left the bank, which equates to a net gain of 38,683.
In contrast, the biggest loser was Barclays, losing 24,275 current accounts to other providers and only gaining 8,219 customers – resulting in a net loss of 16,056.
Since the beginning of the year, the service has transferred 684,256 accounts.
See the table below for the current account switching winners and losers in the first three months of 2017:
Bank of Scotland
Low volume participants
Bank of Ireland
AIB Group (UK) p.l.c.
Source: Bacs, October 2017. Note: Data from Handelsbanken and Metro Bank has not been provided for Q1 2017.
Four million accounts switched
The CASS celebrated its fourth anniversary in September with four million accounts and 27 million consumer payments transferred to date, and a success rate of 99.4%
Bacs, which tracks the CASS figures, says 46 different current account providers now participate in the service, which is aimed at streamlining current account switching for consumers.
The best switching deals
Banks now often provide significant incentives to switch. The Clydesdale Bank and Yorkshire Bank £250 switching offer is by far the best incentive on the market today.
Elsewhere, switch your current account to HSBC and you'll earn £150 plus a further £50 if you stay as a customer for a year. You must register for mobile or online banking within 60 days of the account opening and pay in a minimum of £1,750 each month. This offer runs until 26 November 2017.
Halifax pays anyone who switches to its current account a £125 bonus, plus a £3 reward each month you pay in £750 or more, pay out at least two different direct debits and stay in credit. The same reward is also available on its Ultimate Reward Account. That charges a £12 monthly fee, or £15 if you pay in less than £750 per month. The offer runs until 13 November 2017.
First Direct pays £100 cash if you switch to one of its current accounts. It will also pay another £100 if you are unhappy with the service and leave after the first six months. To qualify, you need to transfer via the CASS and deposit at least £1,000 in the first three months.
Finally, M&S Bank pays a £125 voucher to new current account switchers, plus a £5 voucher each month for a year, providing you pay in at least £1,000 a month. There’s no expiry date on both the First Direct and M&S Bank offers.