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Halifax and Nationwide lead the current account switching battle

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Written by: Paloma Kubiak
25/07/2018
Halifax and Nationwide gained the most new current account customers in the first three months of this year, while Barclays and Lloyds Bank lost the most, according to the latest switching figures. 

Halifax gained 33,942 new customers in quarter one, Nationwide took on 28,763 new account holders and HSBC took on 20,885 switchers.

During this three month period, Barclays recorded a net loss of 17,628 customer accounts, Lloyds Bank lost 14,114, the Co-operative Bank saw a net loss of 14,108, while Clydesdale Bank reversed its fortune from the previous three month period as it made a net loss of 11,831 accounts.

In total, 273,470 people switched account in the first quarter of 2018, and 226,331 in quarter two.

According to Bacs, switching levels between 1 July 2017 and 30 June 2018 stood at 965,317, 6% up on the previous 12 months.

Overall, since the current account switching service (CASS) launched in September 2013, 4.9 million switches have been processed.

A total of 47 banking brands are now under the switch scheme and 98.7% of switches were completed within the seven working day timescale.

Related: see Current account battle heats up as another bank offers cash-to-switch deal for more information.

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