Starling top bank for current account switchovers

Starling Bank had the highest net gains for current account switchovers in the first quarter of the year.

According to the latest Current Account Switch Service (CASS) Dashboard, 17,769 people switched to the challenger bank over the period.

Starling was closely followed by Virgin Money, who saw 17,495 people switch over to its current account. This number includes Clydesdale and Yorkshire Bank brand switches as a result of the 2020 merger.

“Starling is once again the most popular bank for switches, despite offering no signing-on bonuses,” said Anne Boden, chief executive, Starling Bank. “Customers are attracted to the value Starling brings through its banking app, which allows them to track spending in real-time and do their banking on the go, and our better customer service. In a few short years, we’ve become a trusted mainstream bank.”

7,744 people switched over to Monzo, while 1,474 moved to Nationwide, and a further 1,448 decided to join the Bank of Scotland.

The most commonly cited reasons for favouring a new current account remain ‘non-financial’, as has been the case throughout the pandemic.

In the second quarter of 2021, consumers favoured better online banking facilities (47 per cent), stronger customer service (39 per cent), ease of mobile or app-based banking systems (39 per cent) and location of branches (25 per cent) in their new current account.

Of those who completed a switch using the Current Account Switch Service, 70 per cent say they prefer their new current account, with only 2 per cent stating that their new account was worse.

Overall, 93 per cent of CASS switchers were satisfied with the switching process.

“As the roadmap to the COVID-19 recovery was outlined and clarity around timings increased, we saw a rise in current account switches through the Current Account Switch Service through Q2,” said David Piper, head of service lines, Pay.UK, owner and operator of CASS. “It’s too early to tell whether this trend will continue as we head further into 2021, but as a service we remain focused on ensuring those who wish to move their current account can do so in a reliable, simple and stress-free manner.”

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