Over a million Brits changed their bank account provider last year, according to data from the Current Account Switch Service (Cass).
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The service facilitated 1,054,521 switches in the last 12 months, the third consecutive year it has surpassed one million.
In the third quarter, Nationwide recorded the highest net gains (41,450), boosted in part by its £175 switching offer and yearly payments as part of its profit-sharing scheme. This was followed by Monzo (9,934) and NatWest (8,731).
At the other end of the table, Santander lost more than 19,900 accounts, Halifax more than 17,300, and JPMorgan Chase 7,600.
Of those who switched in the third quarter, a vast majority (72%) said they preferred their new account, and only two per cent said that it was worse. Online or mobile app banking (44%) remains the top reason why consumers preferred their new accounts, followed by customer service (36%), interest earned (34%), spending benefits (28%), and attached benefits or features (28%).
Introduced in September 2013, the £750 million Cass was designed to make it easier and quicker for Brits to move their bank provider, boosting competition. It has now facilitated more than 12 and a half million switches.
John Dentry, product manager at Pay.UK, Cass’s owner and operator, says the level of usage “is a clear sign of a healthy, competitive banking market, where people feel empowered to shop around and move to an account that better meets their needs”.
He adds: “What’s equally important is that people continue to rate the experience highly. With satisfaction and recommendation levels remaining consistently high, the service is proving it can deliver fast, reliable switching at scale.”