More than a million current account switches in year as bank apps attract savers
Santander, Barclays and Halifax lose out as a million people switch current accounts
- Over one million current account switches have taken place in the past year, with consumers seeking improved banking apps and better interest rates.
- The busiest quarter for switches was between July and September, recording approximately 265,100 movements, including over 111,000 in July alone.
- Nationwide Building Society gained the highest number of customers, attracting over 54,000, followed by Co-op Bank, Monzo and HSBC.
- Santander lost around 23,000 accounts, Barclays lost about 18,300, and Halifax saw a reduction of 14,750 customers during the same quarter.
- The main reasons for preferring new accounts were online or mobile app banking (44%), customer service (35%), and the interest earned (a third).