Nationwide, Lloyds and Barclays customers have been told their banks have been the "big winners". The three made the biggest gains through customers using the Current Account Switch Service (Cass) in the final quarter of 2023, industry figures indicate.
Between October 1 and December 31, Nationwide made 163,363 net gains in terms of full account switches. Barclays made 12,823 net gains, while Lloyds made 5,800, according to the figures published by Cass. NatWest made 43,182 net switching losses, RBS lost 11,621, Halifax lost 41,144 and Santander lost 34,581.
Andrew Hagger, a personal finance expert and founder of Moneycomms.co.uk, said:"Nationwide blew the competition away" in the fourth quarter of last year. Mr Hagger added in a statement today: "Consumers are happy to jump ship for the next freebie - particularly as people are still feeling the squeeze from higher bills."
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Alastair Douglas, CEO of TotallyMoney, said of the findings: "If, and when cash bonuses return to market, let's just hope they're simple and easy to understand. Recently, we've seen some banks ask customers to jump through multiple hoops to secure the headline offer, including minimum transaction numbers, app logins, and even setting up a separate savings account.
"But whatever does happen, it's probably worth checking to see if you can secure improved rates, cheaper overdrafts and a better service elsewhere." John Dentry, product owner at Pay.UK - owner and operator of Cass, said: "Cash incentives continue to be a highly effective way for banks to attract customers, but as we repeatedly see through our data, online or mobile app banking remains the top reason why people prefer their new account.
"The end of the financial year may have contributed to a spike in switching from businesses, as many spring clean their finances and set themselves up for a successful year ahead."
