Nationwide gains most current account switchovers

Nationwide had the largest net switching gain in the third quarter of last year, picking up 33,828 customers during the period.

Starling Bank followed, with 15,371 people switching over to the challenger’s current account. Digital-first Monzo Bank gained 6,498 customers, closely followed by Santander – 4,372 – and Virgin Money, which added 3,377 people to its customer pool.

The figures come from the latest Current Account Switch Service (CASS) dashboard.

The organisation reported overall switches of 248,902 in the final quarter of the year, between October and December 2021.

Over the full 12-months of the year, a total of 782,223 switches were completed using the CASS. This brings the overall number of switches since its launch in 2013 to more than 7.8 million.

“Performance and usage of the Current Account Switch Service remained strong in the final months of 2021, with thousands continuing to benefit even in the face of the growing challenges presented by the emergence of the Covid-19 Omicron variant,” said David Piper, head of service lines at Pay.UK.

“We also saw digital-first participants continuing to attract new customers as many seek current account providers with high-quality online tools, such as mobile apps.

“Throughout 2022 and beyond, our focus will continue to be on ensuring CASS is available to anyone wanting to switch current accounts simply and reliably.”

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