News

Which banks are people switching to in 2022?

NatWest, Nationwide and Starling Bank have attracted the most current account customers so far in 2022, according to Pay UK’s latest data. 

TSB, Barclays and Halifax saw the biggest overall losses, with thousands more customers leaving them than joining. 

Here, we reveal the banks and building societies people are moving to in the first three months of 2022.

This newsletter delivers free money-related content, along with other information about Which? Group products and services. Unsubscribe whenever you want. Your data will be processed in accordance with our Privacy policy

Which banks and building societies are people switching to?

Pay UK’s latest data shows the number of current account switches between 1 January and 31 March (Q1) this year. 

The graph below reveals how customer numbers changed over these three months. Click the tabs to see gains, losses and overall net gains. 

Current account switches Q1 2022

NatWest gained the most customers from switching during this period, with net gains of 19,464 moving to its current accounts. New customers could have been encouraged by the bank’s £150 switching offer, which ran at the start of the year.

Nationwide also did well, with 12,503 net gains over the period. Its had a relatively long-standing switching bonus of up to £125 that could be tempting people to switch. 

Other big winners include Starling Bank, HSBC and Monzo, who all had positive gains in the thousands. 

At the other end of the scale, TSB saw the largest net losses at -13,120. Barclays (-12,851) and Halifax (-11,939) round out the bottom three.

What switching offers are available now? 

If you’re thinking of switching, you could make some money in the process by taking advantage of one of several bank switching offers available at the moment when you use the Current Account Switching Service (CASS).

£160 to switch to Santander

Santander was down 3,052 customers between January and March, which might be why it launched the biggest cash switching offer on the market at the moment. 

New and existing customers can get £160 for switching to a 123, 123 Lite, Everyday, Select or Private Santander current account. 

You’ll also get double cashback on gas and electricity bills for two months from September if you switch to the bank’s 123, 123 Lite, Select and Private accounts – but note that some of these accounts come with added caveats and monthly fees. 

First Direct’s £150 switching bonus

Coming in just below Santander in the free cash stakes, First Direct is offering £150 to new customers. You can’t get it if you’ve had a First Direct or HSBC current account since January 2019. 

Earn £150 to switch to Halifax

Opening a Halifax Reward or Ultimate Reward current account will net you £150, but only if you haven’t had a switching bonus from the bank since April 2020. Note that your switch must include at least two direct debits.

Nationwide’s £100 or £125 offer

New customers switching to Nationwide can earn a £100 bonus, while existing customers – say, with savings accounts or credit cards – will get £125 for switching their current accounts to a FlexDirect, FlexPlus or FlexAccount.

How to switch your current account

You can easily change your current account from one bank to another using the Current Account Switch Service (CASS). 

It’s free to use, and it will move all your incoming and outgoing payments along with it. Your new bank will handle moving these payments and redirecting anything accidentally paid to your old account for 36 months. 

You’ll also be protected by the Current Account Switch Guarantee if you run into any problems. 

Source link
[the_ad id=”1767″]

Leave a Reply

Your email address will not be published.