End user data, which is three months in arrears, shows that from July to September 2024, Nationwide had the highest net switching gains with 22,622, followed by Barclays (18,053), TSB (12,282) and Lloyds (10,018).
All four banks had enticing switching offers at some point last year, with Nationwide offering £200 to switchers, Barclays £175, TSB £190 and Lloyds £175.
November was the busiest month in the final quarter of last year, with 121,545 switches taking place as consumers geared up for Christmas. In contrast, small business and charity switches peaked in October at 2,057, totalling 5,383 across the quarter.
The busiest week CASS has ever experienced took place in the week commencing 12 April 2024, when 57,874 switches occurred.
Why are people switching bank accounts?
Online or mobile banking (46%) remained the top reason people preferred their new account, as has consistently been the case for consecutive quarters, according to CASS.
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This was followed by interest earned (37%) and customer service (32%). Spending benefits, such as cashback and account fees or charges, secured the fourth spot at 27%.
Alastair Douglas, CEO of TotallyMoney, said: “The most recent figures show that current account switching is as popular as ever, with 25% more than the previous quarter, taking the total up to more than 300,000. And with almost every switch taking place within seven working days, 91% of customers were happy with the service.
“But the big question looms that if people are happy to move for the money, what happens when another offer comes along? We often see the banks and building societies with the biggest net gains see losses over the following months — so does it really work?
“Whatever the case, our data shows just one in five people have opened a new current account in the past 12 months, and half have been with the same bank for more than four years. So if you’re not one of the savvy switchers, remember that loyalty doesn’t pay, but moving banks can. Not only might you get a cash bonus, but also better savings rates, an interest free overdraft, access to a local branch, and better service. That’s because the big four banks – HSBC, Lloyds Banking Group, NatWest Group, and Barclays – dominate three quarters of the current account market, but none are rated in the top five for service.”
