Santander, Nationwide and Starling attracted more customers compared to rival banks in the first three months of this year, according to the latest switch data.
Almost 200,000 current accounts were switched between January and March 2022.
Santander had the highest net switching gains (36,494), followed by Nationwide (33,691) and Starling Bank (10,364), according to Pay.UK, the firm overseeing the Current Account Switch Service (CASS).
Monzo (3,068) and Triodos (642) were in fourth and fifth place.
At the opposite end of the table, Tesco Bank saw the most net switching losses (-20,278) after it closed all its current accounts in November 2021.
This was followed by HSBC (-14,875) in second-to-last place, then TSB (-13,911), Barclays (-11,669) and Virgin Money (-8,367).
The top reasons customers gave for preferring their new current accounts included better online banking facilities (53%), mobile banking/banking app ease (42%), customer service (40%) and location of branches (22%).
One in six (15%) current account holders are actively thinking about switching. Switching takes seven days through CASS and this transfers over all your regular payments.
Have you had trouble switching over bank accounts? Let us know: mirror.money.saving@mirror.co.uk
This includes your salary and direct debits. Your old account will also be shut for you in the process.
David Piper, head of service lines at Pay.UK, owner and operator of the CASS, said: “We have seen positive levels of engagement and satisfaction with the Current Account Switch Service at the start of this year, with a higher number of switches taking place compared to this quarter in 2021, when pandemic disruption was more front of mind for many.
“Of course, with cost-of-living rises continuing to put pressure on many households it’s more important than ever that people assess whether their existing current account is best suited to their needs.
“It may be that an alternative provider could offer something preferable and we would encourage those considering a switch to remember that the Current Account Switch Service is free to use, easy and guaranteed.”
Martin Lewis' MoneySavingExpert has explained how you can get a free £175 by switching banks - but you only have hours left to do it.
Best and worst banks for current account switches - January to March 2022
- Santander - 36,494
- Nationwide: 33,691
- Starling Bank: 10,364
- Monzo: 3,068
- Triodos: 642
- Danske: 98
- Ulster: -133
- Bank of Scotland: -140
- Halifax: -342
- Bank of Ireland: -562
- RBS: -1,435
- NatWest: -1,804
- AIB Group: -2,181
- Lloyds Bank: -2,677
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Co-Operative: -4,235
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Virgin Money: -8,367
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Barclays: -11,669
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TSB: -13,911
- HSBC: -14,875
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Tesco Bank: -20,278
