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Home Uncategorized Santander had the highest net switching gains between January and March 2022

Santander had the highest net switching gains between January and March 2022

The latest current account switch data from Pay.UK shows who has been doing good in net switches and who has not.

Read also: Starling raises £130.5 million at £2.5 billion valuation

Santander, Nationwide and Starling managed to attract more customers compared to rival banks in the first three months of this year, according to the latest switch data.

Almost 200,000 current accounts were switched between January and March 2022. Between January and March 2021, there were 138,964 switches.

As mentioned, Santander had the highest net switching gains (36,494), followed by Nationwide (33,691) and Starling Bank (10,364), according to Pay.UK, the firm overseeing the Current Account Switch Service (CASS).

Monzo (3,068) and Triodos (642) were in fourth and fifth place.

However, there are also losers at the opposite end of the table, Tesco Bank saw the most net switching losses (-20,278) after it closed all its current accounts in November 2021.

This was followed by HSBC (-14,875) in second-to-last place, then TSB (-13,911), Barclays (-11,669) and Virgin Money (-8,367).

The reasons why customers preferred their new current accounts included better online banking facilities (53%), mobile banking/banking app ease (42%), customer service (40%) and location of branches (22%).

David Piper, head of service lines at Pay.UK, owner and operator of the CASS, said: “We have seen positive levels of engagement and satisfaction with the Current Account Switch Service at the start of this year, with a higher number of switches taking place compared to this quarter in 2021, when pandemic disruption was more front of mind for many.

“Of course, with cost-of-living rises continuing to put pressure on many households it’s more important than ever that people assess whether their existing current account is best suited to their needs.

“It may be that an alternative provider could offer something preferable and we would encourage those considering a switch to remember that the Current Account Switch Service is free to use, easy and guaranteed.”

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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