Current account switching: which banks are winning and losing?

More than 1.14million of us switched current accounts in the last 12 months, following the introduction of the 7-day switching service to make moving accounts easier and faster.

Year on year, it represents a 7% increase and takes the overall number of switches since the 7-Day Switch was introduced to 1.75m.

Winners and losers

So which banks are we ditching and which are we moving to?

The list below shows how many current account customers banks and building societies gained and lost in the third full quarter of 2014 (so for switches between July 1 and September 30 last year).

Brand

Gains

Losses

Net gains

AIB Group (UK) p.l.c

175

899

-724

Bank of Ireland

369

1,080

-711

Bank of Scotland

3,704

4,272

-568

Barclays

8,010

39,341

-31,331

Clydesdale Bank

1,001

9,192

-8,191

Co-operative

3,318

12,312

-8,994

Danske

513

1,019

-506

Halifax

78,878

25,254

53,624

HSBC

25,873

36,520

-10,647

Lloyds Bank

27,690

38,092

-10,402

Nationwide

20,722

14,114

6,608

NatWest

12,363

34,106

-21,743

RBS

2,526

12,160

-9,634

Santander

69,935

26,623

43,312

Tesco Bank

2,503

36

2,467

TSB

14,443

18,593

-4,150

Ulster Bank

234

1,664

-1,430

Low volume participants

525

550

-25

The biggest losers

tbc

If you look at just losses alone, Barclays tops the tables with 39,341 lost customers. Following it are Lloyds Bank (38,092), HSBC (36,520) and then NatWest (34,106).

However, when you balance the losses against the gains, some of these banks' losses aren't quite so severe.

For example, Lloyds Bank actually gained 27,690 new customers, resulting in net losses of just 10,402. Similarly, HSBC gained 25,873 new current account customers, making its net losses 10,647.

The biggest winners

tbc

Again, based on gains alone, Halifax storms the charts with 78,878 new customers. Santander is not far behind with a respectable 69,935 new current account customers. Both banks far outstrip their rivals when it comes to attracting new business, with the next nearest competitor, TSB, attracting just 14,443 new customers.

However, when you offset the gains against the losses, the picture is once again slightly changed.

Halifax's huge gains are balanced by a loss of 25,254 customers. Likewise, Santander's success is tempered by a loss of 26,623 customers.Even still, the two are looking at net gains of 53,624 and 43,312 customers, respectively.

Also noteworthy is Nationwide, gaining more customers than it lost and resulting in net gains of 6,608.

 Please note: any rates or deals mentioned in this article were available at the time of writing. Click on a highlighted product and apply direct.

Did you enjoy that? Why not share this article

SAVE MONEY NOW

Other articles you might like

Popular guides