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Home Challanger banks Starling Bank continues to attract switchers away from high street banks

Starling Bank continues to attract switchers away from high street banks

The current account switches up 56% compared to this time last year as Starling Bank continues to bolster its customer base.

The number of current account switchers between July and September using the official service rose by almost 30,000 on the previous three months, data shows.

Read also: Starling Bank is going to sponsor UEFA Women’s EURO tournament

The 212,600 switches that were recorded represent a rise of 56 percent compared to the same period last year.

This shows that account switching is returning to pre-pandemic levels, driven by a fresh batch of incentives.

Halifax managed to attract the highest influx of switchers, gaining 16,684 more than it lost during April and June. However, its £100 cash incentive back in April might be largely responsible for the gains.

Starling secured switcher net gains of almost 14,000 during the past months, but Starling did not have to offer any incentives..

This way Starling has remained the most consistent performer having raked in more than 10,000 customers every three months since the start of last year.

Andrew Hagger, the founder and director of MoneyComms said: “Halifax had a £100 switching offer in April which is probably why its figures perked up for that quarter – maybe a flash in the pan and there’s every chance that without it, it could turn net negative again next quarter.”

“It’s interesting that the big banks have to keep dipping in and out of switching bribe mode whereas new players Starling and Monzo consistently perform well in the switching stakes without having to resort to cash handouts,” he added.

Jan Cerny
Jan is an innovation enthusiast and Fintech news reporter. He specializes in news distribution, social media, and content analysis.

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