The bank that everyone’s switching to revealed as 1.2million moved accounts last year
OVER a million bank users switched to a new bank in 2024 for the second year in a row and one establishment came out on top.
The Current Account Switch Service (CASS) which helps people switch their current accounts, revealed that huge swathes of bank users are changing their financial habits.
A whopping 1,190,676 switches were made in 2024 with CASS handling the process.
The bank to come out on top as the most popular choice for bankers to switch to was the Nationwide Building Society.
Data collected between July and September 2024 revealed that Nationwide had the highest net switching gains.
Barclays was second followed by TSB and Lloyds.
It should be noted that these figures do not include switches conducted outside of the switch service.
The CEO of TotallyMoney, Alastair Douglas believes he knows why Nationwide was the top chosen bank.
He said: “More often than not, the best offers on the market lure the most customers. And this could be why Nationwide saw the biggest net gains during the summer months.
“Back then, they had a market-leading £200 switch bonus and a 5.5% savings rate on up to £10,000 for 18 months.
“Following Nationwide were Barclays, TSB and Lloyds who were offering £175, £190, and £175 respectively.”
Bank customers use CASS because the service automatically transfers payments and guarantee protection in case of any issue during the switch.
Since it launched over a decade ago, it has helped switch 160.5 million payments.
According to research for CASS, the main reason bank customers switch accounts is due to online or mobile banking.
The switch service has said this has been true for several consecutive quarters.
The second top reason for the switch was interest rates and customer service.
Which banks did most bank users switch to?
- Nationwide Building Society
- Barclays
- TSB
- Lloyds
Even better for users of the service, the majority of bank customers who switch are happy with their choice,
Of those who switched last year, 72 per cent said they were happier with their new current account compared to their old one, CASS revealed.
Just 2 per cent of customers were not happy with the switch.
John Dentry, product owner at Pay.UK, owner and operator of CASS, said: “2024 was yet another busy year for the service, and these figures are ultimately being driven by increasingly money-conscious consumers.
“Banking institutions, whether they be neobank disruptors or traditional high street banks, continue to present diverse, innovative and increasingly generous offers to win over hot-footed switchers.
“We’re pleased to see such high satisfaction and completion rates, cementing the service’s position as critical infrastructure which enables a healthy and competitive banking marketplace.”