Current account switching – the winners, the losers, and the best deals

25 October 2017
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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:

 

 

Provider

 

 

Gains

 

 

Losses

 

 

Net gains/losses

 

Nationwide

48303

9620

38683

TSB

23931

12181

11750

HSBC

45137

36451

8686

Halifax

39489

34510

4979

Bank of Scotland

5672

3569

2103

Tesco Bank

1681

575

1106

Low volume participants

1074

835

239

Danske

504

856

-352

Ulster Bank

436

1029

-566

Bank of Ireland

329

930

-601

AIB Group (UK) p.l.c.

140

1302

-1162

Santander

24019

26305

-2286

RBS

2601

10117

-7516

Lloyds Bank

14253

23018

-8765

Co-operative

4994

14906

-9912

NatWest

13116

23380

-10264

Clydesdale Bank

1784

14641

-12857

Barclays

8219

24275

-16056

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.

Comments

In reply to by anonymous_stub (not verified)

Before grabbing the very generous £250 for switching to Clydesdale i would want to know why so many customers left - it looks like a mass exodus!

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