Results for: Current account switching

Nationwide Building Society led the industry in current account switching gains during the final quarter of 2023, according to data from the Current Account Switch Service (Cass). The society secured a net increase of 163,363 full account switches, followed by Barclays with 12,823 and Lloyds Bank with 5,800. Conversely, NatWest experienced the most significant losses at 43,182, while RBS lost 11,621 and Halifax lost 41,144 accounts. Industry experts attribute Nationwide’s success to its £200 switching incentive offered in the autumn of 2023. Despite a recent decline in cash-to-switch offers, Cass reported a total of 10.6 million account switches since its inception in 2013.

Nationwide Building Society emerged as the clear winner in the final quarter of 2023, leading the pack with 163,363 net gains from current account switches. Barclays and Lloyds Bank followed with 12,823 and 5,800 net gains, respectively. Notably, NatWest faced a significant exodus of 43,182 customers, while other major banks such as RBS, Halifax, and Santander also saw net losses. The allure of cash incentives for account switching seems to be waning, with banks withdrawing such offers. However, improved rates, cheaper overdrafts, and better services remain important factors in customer decisions. Overall, the number of account switches in Q4 of 2023 was lower compared to the previous quarter, but the Current Account Switch Service (Cass) has facilitated over 10.6 million switches since its inception in 2013.

Despite the availability of free cash offers for current account switching, many banks, including First Direct, HSBC, NatWest, Lloyds Bank, and Santander, have recently discontinued such deals. This news may disappoint those expecting a financial incentive to switch providers. However, experts advise that individuals should not be deterred from comparing accounts and seeking better deals based solely on the absence of cash incentives.