A Total of 222,805 Current Account Switches Were Completed BetWeen Januly and March This Year, Down from the 320,364 switches recorded in the same period Earlier
The banks with the most People switching to say at the end of Last year have been revealed. Nationwide Had the Highest Net Gains with 51,254 switches, followed by Lloyds Bank (50,061), Natwest (7,279) and the Co-operative Bank (3,812).
Nationwide and Lloyds Bank Had Offered Cash Switching Incentives of £ 175 and £ 200 Respectively, During the Final Quarter of Last Year. These latest figures from the current account Switch Service (CASS) Cover from October 1 to December 31, 2024.
Cass is an online service that Handles the Entire Bank Switch Process, Including Moving Payments Across to Your New Account and Handling of your Old Account. A Total of 222,805 Current Account Switches were Completed BetWeen Januy and March This Year by Customers Using Cass, Down from the 320,364 Switches recorded in the Same period Aar Earlier.
Some 1,093,117 Current Account Switches were made in total between april 1, 2024 and March 31, 2025. This does not include customers who did not use to move their current account. March was the business month of the year so far for switching, with 79,680 switches, followed by February (76,007) and Janary (67,119).
Cass Said Customers Claim Digital Functionality and Account Benefits are the Biggest Reasons for Switching. Online or Mobile App Banking is the Top Reason for Preference a New Account, Followed by Interest Earned, Customer Service and Speaking Benefits. Cass has facilitated more than 11.6 million switches and redirected more than 163.6 million payments.
John Dentry, Product Owner at Pay.uk, Owner and Operator of Cass Said: “The past Quarter has provided a turbulent Economic Backdrop, No Doubt Encourage Increasingly Money-Conscious to Take Action. been able to capitalise on more compatitive rates, incentives, or improked features. ”
Alastair Douglas, Chief Executive of Totalmoney, Said: “Today’s Figures Highlight That while Current Account Switching Remains Popular, IT Drive by the Sign-Up on Offer. £ 175 and £ 200 to Switch, Plus Extras Such as High Savings Rates, Cashback, and Other Perks.
“And and while Natwest was offering up to £ 180, there are numerous hoops to Jump Through, and the Account Carriad A Monthly Fee. The Offer was Also Open to Existing Natwest Customers, which Could Be Why A High Number of People SWEST CRENT CENTS, AND Why net gains were relatively low.
“Loyalty doesn’t pay, but switching banks can. SO, if you’re look to bag a bonus now, first direct is offering £ 175, and natwest £ 150 – you will have to tick a few boxes have. The Bigger Picture.
“JUST DON’T BE PUT OFF, BECAUSE switching is easy, and data shows that 9 in 10 People are happy with the process. Thats the Current Account Switch Service Automatically Transfer Direct Debits and Regular Income to Your New Provider with Seven Days.
Banks with the Bigger Number of People Switching to IT – and Ones With The Biggest Losses
Here are the net switching gains or losses made between october 1 and december 31, 2024. The figure Include People, Small Businesses and Small Charities that have switched uss.
- AIB Group (UK): -463
- Bank of Ireland: -357
- Bank of Scotland: -2,176
- Barclays: -37,128
- The Co-operative Bank (Includes Smile Brand): 3,812
- Danske: – 431
- Halifax: -20,508
- HSBC UK (Includes First Direct Brand): -5,935
- JP Morgan Chase: -7,352
- Lloyds Bank: 50,061
- Monzo: 1,678
- Nationwide Building Society: 51,254
- Natwest: 7,279
- RBS (Includes Coutts and Isle of Man Brand): -5,765
- Santander: -2,799
- Starling Bank: -3,405
- Triodos Bank: -23
- TSB: -17,798
- Ulster Bank: -780
- Virgin Money: -4,809
اترك تعليقاً