The Current Account Switch Service (Cass), which eases account transfers between banks while safeguarding customers from financial setbacks, has released statistics revealing the banks that have benefited the most from customer switches in the final quarter of 2023.
Nationwide Building Society emerged as the frontrunner, gaining a remarkable 163,363 net switches. Barclays and Lloyds Bank also performed exceptionally well, adding 12,823 and 5,800 net switches, respectively.
In contrast, NatWest faced significant switching losses, totaling 43,182. RBS, Halifax, and Santander also experienced setbacks, losing 11,621, 41,144, and 34,581 net switches, respectively.
Cash incentives remain a powerful tool for banks to attract customers. However, research indicates that the convenience of online and mobile banking remains the primary reason for account switching.
In the first quarter of 2023, Cass facilitated 320,364 switches, bringing the total number of switches since its inception in 2013 to 10.6 million. Notably, small business and charity account switching witnessed a 10% increase compared to the first quarter of 2022, with 7,075 switches occurring through Cass during the quarter.
John Dentry, product owner at Pay.UK, the owner and operator of Cass, emphasized that while cash incentives are effective in attracting customers, online and mobile banking remains the primary driver for account preferences.
The following table presents the net switching gains or losses experienced by banks in the fourth quarter of 2023, as reported by Cass. These figures do not include switches made outside the service and are provided voluntarily by banks:
| Bank | Net Switching Gains/Losses |
|—|—|
| AIB Group | -807 |
| Bank of Ireland | -563 |
| Bank of Scotland | -3,024 |
| Barclays | 12,823 |
| Co-operative Bank | -4,238 |
| Danske | -236 |
| Halifax | -41,144 |
| HSBC | -3,263 |
| J.P. Morgan Chase | -3,055 |
| Lloyds Bank | 5,800 |
| Monzo | -5,336 |
| Nationwide | 163,363 |
| NatWest | -43,182 |
| RBS | -11,621 |
| Santander | -34,581 |
| Starling Bank | -1,712 |
| Triodos Bank | -25 |
| TSB | -10,917 |
| Ulster Bank | -2,587 |
| Virgin Money | -8,592 |
