The excessive road financial institution that has attracted most present account switches this yr

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Your assist makes all of the distinction. Learn extra Greater than one million present accounts have been converted the previous yr, as customers sought slicker banking apps and higher rates of interest, new figures present.

The busiest quarter for exercise occurred between July and September, seeing roughly 265,100 transfers. Over 111,000 of those switches occurred in July alone, in response to information from the Present Account Swap Service (Cass).

The service allows people to routinely transfer their present account, transferring funds to a brand new supplier.

Some individuals transfer their cash outdoors of Cass and so the figures offered don't embody these switches.

Nationwide Constructing Society gained the best variety of clients switching to its present accounts, with greater than 54,000 throughout the third quarter.

This was adopted by Co-op Financial institution, with virtually 9,200, Monzo and HSBC, who each ganined round 8,200.

Alternatively, clients have been switching away from banks together with Santander, which misplaced some 23,000 accounts throughout the quarter.

Barclays additionally misplaced about 18,300 to switches, and Halifax misplaced some 14,750, the Cass information confirmed.

Of those that switched accounts within the third quarter, greater than two thirds stated they most popular their new account, in response to polling carried out by the service.

<img src="https://static.independent.co.uk/2025/10/31/10/18/iStock-1766860672.jpeg" srcset="https://static.independent.co.uk/2025/10/31/10/18/iStock-1766860672.jpeg?quality=75&width=320&auto=webp 320w, https://static.independent.co.uk/2025/10/31/10/18/iStock-1766860672.jpeg?quality=75&width=640&auto=webp 640w" loading="lazy" alt="Around 35% of people surveyed cited customer service as their reason for preferring their new current accounts." class="sc-1mc30lb-0 ggpMaE"/> Round 35% of individuals surveyed cited customer support as their motive for preferring their new present accounts. (Getty Photos) On-line or cellular app banking was the highest motive why customers most popular their new accounts, at 44%.

It comes amid a drive by many excessive road lenders to enhance and modernise their on-line banking, as they face staunch competitors from digital banks over customer support.

Some 35% cited customer support as their motive for preferring their new accounts, whereas a 3rd pointed to the curiosity earned.

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Whereas pursuits charges have been coming down this yr, some massive banks have been providing rewards and incentives for individuals to open a present account with them.

For instance, Barclays just lately launched a proposal which implies some individuals might obtain as much as £900 in the event that they swap each their present account and their Isa financial savings.

John Dentry, product proprietor at Pay.UK – proprietor and operator of Cass, stated: “We’re immensely proud to have facilitated over a million switches per yr since our launch.