You are here: Home - Saving & Banking - News -

Halifax leads the current account switching battle

0
Written by: Paloma Kubiak
25/04/2018
More than a quarter of a million current accounts were switched in the first three months of 2018, with Halifax netting the most new customers while NatWest customers left in droves.

A total of 273,470 current accounts were switched between 1 January and 31 March 2018, according to Bacs.

This is the highest quarterly total for two years and a 10% increase from the figures recorded a year earlier.

In the past 12 months (1 April 2017 to 31 March 2018) there were 957,124 switches, reoresenting a 1% increase compared to the previous 12 months when 949,047 switches took place.

Since the Current Account Switch Service (CASS) was launched in September 2013, more than 4.7 million switches have been processed.

A total of 46 banking brands are now under the switch scheme and 99.2% of switches were completed within the seven working day timescale.

Where are savers moving to?

The latest data available from Q3 2017 (published six months in arrears) revealed that Halifax was a winner in the switching battle.

For switches completing 1 July and 30 September 2017, Halifax gained 53,422 accounts but it lost 24,214, leaving it with a net gain of 29,208.

In second place was Nationwide which reported 37,101 gains, but 11,098 losses, meaning a net gain of 26,003 accounts.

At the other end of the spectrum, NatWest gained 9,584 accounts in the quarter but it lost 26,167, leaving it with a net loss of 16,583.

Following closely behind is Barclays which reported a net loss of 15,252, after gaining 7,268 but it lost 22,520 accounts.

Of note is HSBC which gained an impressive 29,504 accounts, but saw 29,974, leaving it with a net loss of 470.

Cass25Apr18

Sally Francis, money expert at MoneySuperMarket, said: “With current account offers of up to £200 to switch, 2018 started with some strong incentives from some of the leading high street banks. The latest current account switching stats from Bacs show more consumers are starting to take heed of these offers and the switching service.

“It could well be an indication that attitudes are changing for the better. People are realising that loyalty doesn’t pay and are taking action to move to better offers that give something back.”

Francis said for those looking to switch now, M&S Bank is one for consideration. It’s offering £185 in vouchers if you switch and stay for a year. First Direct has also just launched a raft of new switching incentives, including a £150 Expedia voucher.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

Which ISA is right for you? A round up of the six products available in 2017

From cash to innovative finance to lifetime, here's our guide to the ISA products available to savers this yea...

Guide to buy-to-let tax changes

In late 2015, former Chancellor George Osborne announced a range of  tax measures aimed at landlords, which t...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Five fund tips for a 0.25% interest rate environment

With interest rates stuck at a record low 0.25% and expectations rates could fall to close to zero, here are ...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Investing your money

Alliance Trust Plc gives you smart insight into how to invest your money

Money Tips of the Week