New data has been released showing where people in the UK are switching their money to – and it’s bad news for HSBC, Santander and TSB.
All three lenders lost more customers compared to their rivals, according to the Current Account Switch Service (CASS).
Halifax, Starling Bank and Virgin Money came out on top with Halifax reporting net gains of 16,684 accounts.
Second-placed Starling Bank rose to second place with 13,720 while Virgin Money was in third with 6,915.
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Completing the top five were Monzo Bank in fourth place with 5,707 and Lloyds Bank in fifth with 3,875.
At the opposite end of the table, HSBC recorded a net loss of 16,564 accounts, Santander was down 11,176 and TSB had a net loss of 9,491.
Some 212,600 switches took place in the third quarter of this year, up 29,855 compared to April to June, the Mirror reports.
The top reasons customers gave for preferring their new current accounts included: online banking facilities (52%), stronger customer service (42%) and ease of mobile or app-based banking systems (39%).
Favourable interest rates (23%) overtook location of branches (22%) as the fourth most cited reason in comparison with April to June this year.
Nearly three-quarters (73%) said they prefer their new current account, while only 2% said their new account is worse.
David Piper, head of service lines at Pay.UK, owner and operator of the Current Account Switch Service, said: “The number of Current Account Switch Service users rose in Q3 as consumers continued to explore digital options and switching offers.
“The return of competitive incentives being offered by participating banks and building societies is a strong sign of confidence returning to the market.
“This growth is encouraging and as we look to the end of the year our focus remains on ensuring our service is widely available to those looking to switch accounts in a simple, reliable, and stress-free manner.”
Bank switch winners and losers
The following numbers take into account the total gains minus the total accounts lost to give an overall net gain, or net loss, figure.
- Halifax: 16,684
- Starling Bank: 13,720
- Virgin Money: 6,915
- Monzo Bank: 5,707
- Lloyds Bank: 3,875
- Nationwide: 3,601
- Bank of Scotland: 2,946
- Triodos Bank: 1,128
- The Co-operative Bank: 787
- Danske Bank: 190
- Ulster Bank: -140
- AIB Group (UK): -152
- Bank of Ireland: -501
- Tesco Bank: -1,043
- Barclays: -3,596
- RBS: -6,188
- NatWest: -7,451
- TSB: -9,491
- Santander: -11,176
- HSBC: -16,564
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